𝗚𝗼𝗹𝗱 𝗮𝗻𝗱 𝗦𝗶𝗹𝘃𝗲𝗿 𝗣𝗿𝗶𝗰𝗲𝘀 𝗥𝗶𝘀𝗲 𝗢𝗻 𝗨𝗦 𝗜𝗿𝗮𝗻 𝗣𝗲𝗮𝗰𝗲 𝗛𝗼𝗽𝗲𝘀

𝗚𝗼𝗹𝗱 𝗮𝗻𝗱 𝗦𝗶𝗹𝘃𝗲𝗿 𝗣𝗿𝗶𝗰𝗲𝘀 𝗥𝗶𝘀𝗲 𝗢𝗻 𝗨𝗦-𝗜𝗿𝗮𝗻 𝗣𝗲𝗮𝗰𝗲 𝗛𝗼𝗽𝗲𝘀

Gold and silver prices increased after US and Iran officials reached an initial understanding to end hostilities.

Key market updates:

• Spot gold rose 2% to $4,304.11 per ounce.
• US gold futures for August settlement gained 2% to $4,325.20.
• Spot silver increased 3.1% to $70.07 per ounce.
• Platinum rose 3.1% to $1,771.27.
• Palladium gained 3.3% to $1,325.76.

Market drivers:

• The US-Iran development lowered oil prices.
• Lower oil prices reduced inflation and interest rate concerns.
• Traders now see a 47% probability of a US interest rate hike in December.
• This probability was 69% one week ago.

Domestic market data:

• MCX gold futures for August delivery settled near Rs 1.50 lakh per 10 grams.
• Gold prices fell 3.2% or Rs 5,066 last week.
• Silver futures for July delivery settled at Rs 2.46 lakh per kilogram.
• Silver prices fell 1% or Rs 2,351 last week.

Analysts note that formal signing of the agreement will influence bullion markets. Volatility of 5% remains possible based on geopolitical changes.

Source: The Times of India