Gold and silver surge after Iran reopens Strait of Hormuz
Business
Gold and silver prices shot up after Iran reopened the Strait of Hormuz, a key shipping route that had been blocked for over a month.
With the route open again, inflation worries eased and investors rushed to safe-haven metals: gold climbed $109 to $4,917 per ounce and silver rose $4.53 to $83.24 per ounce.
Both are now riding their fourth week of gains.
Oil falls and Indian metals surge
The reopening pushed down global oil prices and sent the US dollar to its lowest level in six weeks, making gold and silver even more attractive.
In India, gold futures jumped ₹2,348 to ₹155,500 per 10gm while silver soared ₹13,122 to ₹261,750 per kilogram.
With tensions easing and oil cheaper, the US Federal Reserve might resume rate cuts.