Trump's Iran Talks Boost Gold, Silver Prices on MCX
Gold and silver prices rose on the Multi Commodity Exchange (MCX) on Monday, August 3, as the US dollar weakened following a decline in crude oil prices. The optimism was fueled by US President Donald Trump's announcement that talks with Iran would take place on Monday, raising hopes for a truce.
The MCX gold October futures increased by 0.13% to ₹1,43,557 per 10 grams, while the MCX silver September contracts rose by 0.40% to ₹2,18,061 per kg around 9:10 AM. The crude oil benchmark plummeted over 5% to trade near $83 per barrel.
The dollar index declined by 0.50% to 99.42, making the greenback-denominated bullion cheaper for buyers in other currencies. Trump's statement on August 2 said that talks with Iran would take place on Monday, but he did not set a deadline for an agreement.