Trump Hints at Ongoing Peace Talks as Gold and Silver Prices Rise
US President Donald Trump has hinted at ongoing peace talks between Washington and Tehran despite Iran's claims of no direct negotiations. The uncertainty surrounding the Middle East conflict continues to support safe-haven demand, driving gold prices up in India's retail market on Tuesday.
The US West Texas Intermediate (WTI) crude oil price rebounded 0.7% to $80.95 per barrel following a 5% fall in the previous session. The lack of a clear resolution to the conflict keeps concerns over oil supply alive, with shipping through the crucial trade route remaining below pre-war levels.
On the Multi Commodity Exchange (MCX), gold futures were trading 0.43% higher at ₹1,43,620 per 10 grams, while silver futures gained 1.23% to ₹2,19,880 per kg by around 9:13 am. In major cities, 24-karat and 22-karat gold prices also registered marginal gains in the retail market.
While Trump's statement on Truth Social accused Iran's leadership of being 'unbelievably duplicitous,' he claimed that peace talks are continuing 'whether Iran wants to admit it or not.' The Strait of Hormuz remains under US control, according to Trump, but the conflict's impact on oil supply and global markets continues to be a concern.