Gold, Silver Prices Rise as Tensions Ease Between US and Iran
Gold and silver prices rose on Monday in India as investors sought safer assets following the easing of tensions between the US and Iran.
The US dollar's weakness, triggered by a decline in crude oil prices, also contributed to the increase in precious metals. Spot gold gained around 1% to trade near $4,100 per ounce, while silver rose nearly 1% to about $59 per ounce.
Market experts attributed the rebound of gold from its nine-month low to reduced concerns over inflation following the suspension of hostilities between the US and Iran. Lower oil prices weakened the dollar, making bullion more attractive to investors.
The dollar index slipped to around 101.2 on Monday as easing geopolitical tensions reduced concerns over energy supply disruptions.