Gold and Silver Prices Surge Amid US-Iran Peace Talks and Falling Oil Prices
Silver rockets Rs 7,700/kg, gold rises Rs 2,500/10 gm as Iran war peace talks, falling oil prices spur buying. Big rally ahead?
The Economic TimesImage: The Economic Times
Gold and silver prices surged on the Multi Commodity Exchange of India due to a weaker dollar and easing oil prices, with optimism surrounding potential US-Iran peace talks. Silver jumped to ₹7,700 per kg, while gold rose to ₹2,500 per 10 grams. Analysts suggest volatility may continue in the market.
- 01Silver prices increased by 3.1% to ₹7,700 per kg.
- 02Gold prices rose by 1.7% to ₹2,500 per 10 grams.
- 03Optimism over US-Iran peace talks is influencing market sentiment.
- 04Oil prices dipped below $110 per barrel, easing inflation concerns.
- 05Investors are advised to book profits on rises until a peace deal is finalized.
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On Wednesday, gold and silver prices opened significantly higher on the Multi Commodity Exchange of India, driven by a weaker dollar and falling oil prices. Silver futures for July 2026 delivery surged by ₹7,684 to reach ₹2,52,000 per kg, marking a 3.1% increase. Similarly, gold futures for June 2026 delivery gained ₹2,429, rising to ₹1,52,182 per 10 grams. The market sentiment was bolstered by optimism regarding a potential peace deal between the United States and Iran, following comments from U.S. President Donald Trump about progress in negotiations. Meanwhile, oil prices have dipped for the second consecutive session, now below $110 per barrel, which has alleviated some inflation fears. Globally, spot gold and silver also saw increases, with spot gold rising 1.7% to $4,633.31 per ounce and spot silver climbing 2.7% to $74.80 per ounce. Analysts predict continued volatility in the precious metals market due to fluctuations in the dollar index and crude oil prices, particularly ahead of the upcoming U.S. non-farm payroll data. Investors are advised to consider booking profits on their gold and silver positions until a formal peace agreement is reached.
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The rising prices of gold and silver may affect local investors and buyers, particularly in the jewelry and investment sectors.
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