Gold Soars as US-Iran Tensions Escalate, Crude Prices Surge

Gold prices surged 1.31% on a weekly basis as tensions between the US and Iran escalated, prompting investors to flock to safe-haven assets like gold.

The price of gold rose to Rs 143,066 per kg on the MCX exchange, while silver futures advanced 1.33% to Rs 222,301 per kg.

The renewed tensions between the US and Iran sent crude prices sharply higher, with Brent crude rallying nearly 9.8% during the week and briefly crossing $100 a barrel mark.

Investors also increased expectations that the Federal Reserve could maintain a more hawkish policy stance, as higher energy costs threaten to complicate the inflation outlook.