Gold Prices Spike Amid US-Iran Tensions and Inflation Data
Gold prices have surged to a three-month high in both domestic and global markets amid tensions in West Asia. This comes ahead of the release of US inflation data, which is set to be announced later this week. Spot gold has risen by 0.5% to $4,627.42 per ounce as of 0155 GMT, reaching its highest level since May 15th following a more than 5% gain last week.
The prices of yellow metal have also seen an increase in the domestic market due to uncertainty over the US-Iran war. The US Treasury Secretary Scott Bessent has announced new economic sanctions against Iran, which Tehran has warned it will retaliate against by restricting oil exports through the Strait of Hormuz and Persian Gulf.
In India, 24-karat gold rates have seen a marginal increase across major cities, while domestic silver prices have declined. On August 24th, MCX gold futures rose 0.65% to ₹163,870 per 10 grams, whereas MCX silver futures fell 0.13% to ₹247,230 per kg.