U.S.-Iran tensions roil markets as gold steadies and silver rebounds
Gold and silver prices are all over the place this Monday, thanks to ongoing tensions between the US and Iran.
Gold on global markets dropped last week but steadied around $4,000 per troy ounce, while silver bounced back a bit to $57.75 per ounce after a tough month.
Inflation worries and expectations of high US interest rates are keeping gains in check.
MCX gold futures rise to ₹142,287
The five-month-long U.S.-Iran conflict has pushed up crude oil prices, making inflation worse. The US recently carried out strikes to secure the Strait of Hormuz, while Iran hinted at possible diplomacy.
Because of all this uncertainty, gold is still more than 25% below its January peak and silver is down 53%.
On India's MCX exchange, gold futures jumped ₹1,300 to ₹142,287 per 10gm and silver rose ₹4,005 to ₹220,408 per kilogram, so if you're tracking precious metals for investing or just curious about market moves, it's been a wild ride lately.