Gold Prices Surge as Crude Oil Falls Amid US-Iran Talks

Gold prices rose on MCX and US markets as crude oil prices fell sharply following comments from US President Donald Trump. The US dollar decline also contributed to the increase in gold prices. On August 3, August gold futures on MCX rose 0.28% to Rs. 1,43,780.

September silver futures advanced 0.89% to Rs. 2,19,124. Meanwhile, Brent crude futures declined 5.05% to $83.49 per barrel, and US West Texas Intermediate (WTI) fell by 5.76% to $79.79 per barrel.

Tim Waterer, chief market analyst at KCM Trade, said, 'Gold has made a relatively cheery start to the week, but gains remain limited given the uncertainty around the oil markets and the Middle East.' He also warned that any renewed escalation in the Middle East or a strong NFP print could cap the upside.

The spot gold price rose 0.4% to $4,055.76 per ounce, while US gold futures rose 0.9%. Spot silver gained 1.4% to $58.46, platinum climbed 0.5% to $1,650.63, and palladium firmed 1.6% to $1,293.50.