AI Generated Image
Gold and silver prices traded higher on Monday, with both precious metals posting strong gains despite a reduction in geopolitical tensions following the announcement of a US-Iran agreement.
On the Multi Commodity Exchange (MCX), gold futures for August delivery surged more than 2 per cent during early trade, touching an intraday high of ₹1,53,829 per 10 grams.
Silver futures for July delivery also witnessed strong buying interest, rising nearly 3 per cent and crossing ₹2.53 lakh per kilogram during the session.
The gains came even after US President Donald Trump announced that Washington and Tehran had finalised an agreement aimed at restoring peace and reopening the Strait of Hormuz, a key global oil transit route.
The development eased concerns over energy supply disruptions and reduced geopolitical uncertainty in the region.
Commodity market analysts attributed the rally in precious metals primarily to weakness in the US dollar.
The dollar index remained under pressure after falling to a one-week low, making gold and silver more attractive to investors.
Market participants also shifted their attention towards future policy decisions by the US Federal Reserve.
Expectations that the central bank could adopt a more accommodative monetary stance continued to support demand for non-yielding assets such as gold and silver.
Analysts maintained a positive outlook on gold, while silver extended its recovery on strong investor demand.
COMEX gold and silver also traded higher as investors favoured safe-haven assets.
Crude oil prices fell sharply after the US-Iran agreement eased supply concerns, with Brent crude near $83 per barrel and WTI around $80.
Despite lower geopolitical risks, a weaker dollar and expectations of policy easing, continued to support precious metals.
Also Read: Crude Oil Prices Fall 5% After US-Iran Agreement To Reopen Strait Of Hormuz
Former US Senator Sam Brownback urges Washington to pressure China over alleged religious rights violations.
HM Amit Shah targets political rivals over Punjab’s drug crisis, saying only the BJP can…
Viral posts attribute remarks on caste, social equality and UGC regulations to Justice Surya Kant…
Amit Shah concluded BJP’s anti-drug Punjab campaign, targeting AAP over narcotics and pledging to end…
Amit Shah urged Punjab voters to support the BJP and pledged to eliminate the chitta…
Amit Shah questioned Punjab’s PIT-NDPS record, citing the state’s drug cases and pledging to eliminate…