Trump's Iran Decision Boosts Gold and Silver Prices in Major Indian Cities
US President Donald Trump's decision to call off planned strikes on Iran sparked a surge in gold and silver prices across major Indian cities. On August 3, gold and silver rates rose due to hopes of fresh talks between the US and Iran.
According to CNBC US, Trump said negotiations with Iran will begin today after he held off on new strikes against Iran. This led to oil prices falling in early Asian trading as investors pared geopolitical risk premiums.
The West Texas Intermediate futures for September delivery declined 4.5% to $80.89 per barrel, while Brent crude futures for October delivery lost 4.4% to $84.10 a barrel. The developments resulted in both 24-karat and 22-karat gold rates increasing marginally across major cities in India.
MCX gold rate on August 3 was trading 0.15% higher at ₹143,640 per 10 grams, while MCX silver futures were trading about 0.27% higher at ₹218,750 per kg.