Gold, silver climb Tuesday after US Iran ceasefire talks
Gold and silver prices shot up on Tuesday after news broke about possible ceasefire talks between the US and Iran.
Gold hit $4,088 per ounce (up $73), while silver climbed to $59.55 per ounce.
The proposed 10-day truce hopes to calm things down in the region, giving investors a reason to feel a bit more optimistic.
President Trump blames Iran, rejects talks
Despite talk of peace, tensions are still high: President Trump blamed Iran for recent US soldier deaths and isn't open to negotiations unless Iran makes big changes.
All this drama near the Strait of Hormuz has sent oil prices over $91 a barrel and pushed up inflation worries.
The stronger US dollar also put a cap on how much gold and silver could rise.
India futures rise, Fed meeting eyed
India saw gold futures jump by ₹1,706 to ₹143,094 per 10gm, with silver up ₹6,100 at ₹224,500 per kilogram on MCX.
Investors are now eyeing next week's Federal Reserve meeting, most expect rates to stay put for now, but there's growing chatter about a possible hike in September if inflation keeps climbing.