Commodities
Gold Prices Soar to Seven-Week High Amid Eased US-Iran Tensions
Gold prices surged to a seven-week high in both domestic and international markets on August 6, reaching ₹1,49,250 per 10 gm at the Multi Commodity Exchange (MCX) and $4,363.60/oz at the COMEX gold price today.
The uptick comes as US President Donald Trump vowed to ink an agreement with Iran, easing tensions in the Strait of Hormuz and putting pressure on US Treasury yields.
According to market experts, cooling crude oil prices and reduced expectations of aggressive monetary tightening are contributing to the decline in US Fed rate hike buzz.