Gold Prices Surge on MCX Amid US-Iran Deal Speculation
Gold prices on MCX rose by 0.35% to Rs. 1,43,416 per 10 grams on August 4, driven by a potential US-Iran deal. This move was mirrored in global markets, where spot gold gained 0.2% to $4,059.81 per ounce.
The rise in gold prices comes as investors weigh mixed signals on potential US-Iran talks and await US labor market reports for clues on the Federal Reserve's interest-rate policy. According to Ajay Kedia, director at Mumbai-based Kedia Commodities, 'Gold is currently in a consolidation phase. If we see weakness in the job market, it could pressure the US dollar and as a result there will be gains in gold.'
Brent crude futures rose 1.42% to $84.96 per barrel, while US West Texas Intermediate (WTI) edged higher by 1.01% to $81.15 per barrel. September silver futures advanced 1.04% to Rs. 2,19,004.