Gold Prices Surge Amid Escalating US-Iran Conflict and Rising Crude Oil Prices
The escalating US-Iran conflict has sent gold prices surging by 1.31% on a weekly basis, with investors flocking to safe-haven assets amid rising crude oil prices.
Gains in gold futures were led by the MCX August contract, which rose 0.17%, while silver September futures advanced 1.33%. Gold futures settled at Rs 143,066 per kg, while silver futures reached Rs 222,301 per kg on the commodity exchange.
The price of 10 grams of 24-carat gold was at Rs 143,781 on Friday from Rs 141,915 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).
Risk premiums for precious metals rose as renewed US-Iran tensions sent crude prices sharply higher. However, gold and silver entered a range-bound pattern later in the week as energy shock rekindled inflation fears.