Gold and Silver Prices Surge Amid Weak Dollar and US-Iran Peace Prospects
Gold, silver advance on weak dollar amid US-Iran peace hopes
News 18
Image: News 18
Gold prices increased by ₹600 to ₹1.56 lakh per 10 grams in New Delhi, while silver surged by ₹7,000 to ₹2,61,500 per kg, driven by a weaker US dollar and optimism around a potential US-Iran peace agreement. This marks the fourth consecutive day of gains for both metals.
- 01Gold prices rose to ₹1.56 lakh per 10 grams, up ₹600.
- 02Silver prices increased to ₹2,61,500 per kg, up ₹7,000.
- 03The rise is attributed to a weaker US dollar and hopes for US-Iran peace.
- 04Gold has gained ₹2,900 in the past two days.
- 05Brent crude oil prices fell over 3% to USD 97.97 per barrel.
Advertisement
In-Article Ad
On May 7, gold prices in New Delhi rose by ₹600 to ₹1.56 lakh per 10 grams, continuing a trend of gains attributed to a weakening US dollar and optimism surrounding a potential peace deal between the US and Iran. Silver prices also saw a significant increase, jumping ₹7,000 to ₹2,61,500 per kg, marking the fourth consecutive day of price increases for both metals, as reported by the All India Sarafa Association. The dollar index fell by 0.14% to 97.88, while Brent crude oil prices dropped more than 3% to USD 97.97 per barrel. Analysts suggest that easing tensions in the Middle East have bolstered demand for precious metals, with gold gaining ₹2,900 in just two days. Gaurav Garg, a research analyst at Lemonn, noted that the sentiment surrounding the US-Iran conflict has positively influenced market dynamics, enhancing the appeal of safe-haven assets like gold and silver.
Advertisement
In-Article Ad
The increase in gold and silver prices could affect consumers looking to invest in these precious metals, potentially raising costs for jewelry and other products.
Advertisement
In-Article Ad
Reader Poll
Do you think the peace talks between the US and Iran will positively impact global markets?
Connecting to poll...
Read the original article
Visit the source for the complete story.


