Gold Rallies as Diplomatic Tensions Ease on US-Iran Peace Talks
Gold and silver futures on the MCX rose as geopolitical tensions eased following renewed peace talks between the US and Iran. This shift in global sentiment led to a decline in crude oil prices, causing investors to reevaluate safe-haven assets like gold.
The price movement saw gold rise ₹202 per 10 grams to ₹1,43,578, while silver gained ₹797 per kilogram to ₹2,17,995. Historically, gold is viewed as a hedge during periods of intense international conflict; thus, news suggesting a decrease in such risks can temporarily alter price dynamics.
International prices on Comex tracked the domestic trend, with gold trading near $4,115 per ounce and silver at approximately $58.31 per ounce. However, both metals are still well below their yearly highs of $5,586.20 and $121.79 per ounce, respectively.