Gold Soars Rs 1,100 as Tensions in West Asia Ease and Oil Prices Fall
Gold prices surged over Rs 1,100 on July 27 as tensions in West Asia eased and crude oil prices fell. The yellow metal also benefited from a weaker dollar ahead of the US Federal Reserve's policy meeting this week.
The rally came after hostilities between Iran and the US showed signs of easing over the weekend, with Iran halting retaliatory attacks against Washington's allies. This led to a decline in Brent crude oil prices, which fell nearly 13 per cent to trade below $86 per barrel.
Manav Modi, commodities analyst at Motilal Oswal Financial Services, said softer crude prices eased near-term inflation concerns even as uncertainty over global trade remained after the US imposed fresh tariffs of 10 per cent to 12.5 per cent on imports from several trading partners.