US-Iran Diplomatic Hopes Fuel Gold and Silver Surge
Gold and silver prices surged to new heights on Wednesday as optimism over US-Iran diplomatic negotiations lifted sentiment, easing inflation concerns. Comex gold jumped $173 per troy ounce to reach $4,325, its highest level since mid-June.
Silver also climbed to a two-day high of $63 per troy ounce, extending Tuesday's rally. A weaker US dollar supported demand for these precious metals, making them cheaper for holders of other currencies.
The near-month futures contract on MCX gained nearly ₹5,000 per 10 grams to ₹148,889, putting it on track for its best intraday surge in nearly three months. Silver futures moved up ₹7,285 per kilogram to ₹228,900, extending their winning run to a second day.
The optimism was fueled by reports of renewed US-Iran diplomatic efforts, which boosted hopes that the five-month conflict could move toward de-escalation. However, this is not the first time such hopes have emerged, as similar optimism has surfaced several times since the conflict began in late February.