Gold Surges to One-Month High as Optimism Over US-Iran Agreement Boosts Prices
Gold prices have surged to a one-month high in India, reaching Rs 1.5 lakh per 10 grams in New Delhi on Wednesday.
This marks the second consecutive session of gold price appreciation, with the metal rising by Rs 2,500 or 1.7% from Tuesday's closing level of Rs 1,47,500 per 10 grams.
According to the All India Sarafa Association, silver has also seen a significant increase, surging by Rs 6,200 to nearly a one-month high of Rs 2,32,700 per kilogram.
The white metal had last traded near these levels on July 9, when it settled at Rs 2,32,000 per kg.
Experts attribute the rise in gold prices to growing optimism over a potential US-Iran agreement to reopen the Strait of Hormuz, which has eased concerns over energy-driven inflation and reduced expectations of further monetary tightening by the Federal Reserve.