US-Iran Conflict Continues to Drive Gold and Silver Prices
The prices of gold and silver remained volatile on Monday, August 10, as investors weighed mixed developments in the Middle East. The stronger US dollar and rising crude oil prices put pressure on precious metals.
On the MCX, gold October futures were largely unchanged at ₹1,51,870 per 10 grams, while silver September futures gained 0.90% to ₹2,33,532 per kg.
According to analysts, the ongoing US-Iran conflict remains a key factor influencing gold prices. Sustained tensions could keep oil prices elevated, add to inflationary pressures, and potentially prompt the US Federal Reserve to raise interest rates.
Kaynat Chainwala, AVP - Commodity Research at Kotak Securities, stated that spot gold holds gains above $4,350 an ounce today, while silver trades above $64, digesting a soft US jobs print rather than reacting to West Asia headlines.