Commodities
US-Iran Tensions Send Gold Prices Soaring
Gold prices have surged by 1.31% on a weekly basis due to escalating tensions between the US and Iran, along with rising crude oil prices that prompted investors to seek safe-haven assets.
The MCX gold August futures gained 0.17%, while MCX silver September futures advanced 1.33%. Gold futures settled at Rs 1,43,066, while silver futures stood at Rs 2,22,301 per kg on the commodity exchange.
Risk premiums of precious metals rose as renewed US-Iran tensions and attacks on tankers in the Red Sea sent crude prices sharply higher. However, gold and silver later entered a range-bound pattern as energy shock rekindled inflation fears, lifting US Treasury yields and strengthening the dollar.