Iran Diplomacy Fuels Rush to Safe-Haven Metals
U.S.-Iran diplomatic talks have sparked optimism, driving up demand for safe-haven assets like gold and silver. Gold on Comex has reached its highest point since mid-June, climbing $173 to $4,325 per troy ounce. Silver prices have also surged, rising $2.74 to hit $63 per troy ounce.
The weaker U.S. dollar has made these metals more attractive to investors seeking safe-haven assets. The excitement comes after Iran and Oman made real progress in talks about reopening the Strait of Hormuz, a key shipping route.
Iran's Foreign Ministry spokesperson Esmail Baqaei said they're working toward safer shipping while establishing safe shipping routes, while safeguarding the sovereign rights and security interests of both Iran and Oman. Even President Trump sounded hopeful for a deal soon.
The impact is being felt globally: gold futures on MCX have gained nearly ₹5,000 to ₹148,889 per 10gm, and silver surged ₹7,285 in the latest session to reach ₹228,900 per kilogram.