Gold Soars as US-Iran Conflict Escalates and Crude Prices Surge

Gold prices surged 1.31% on a weekly basis due to escalating conflict between the US and Iran, as well as rising crude oil prices.

The price of gold shot up to Rs 1,43,781 for 10 grams of 24-carat gold from Rs 1,41,915 seen on Monday's market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Risk premiums of 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.