New Delhi, Aug 6: Gold prices extended their rally on Thursday, touching a seven-week high as investors continued to favour the precious metal as a safe-haven asset amid global uncertainties. The move came even as hopes of a possible US-Iran agreement raised expectations of easing geopolitical tensions in West Asia.
On the Multi Commodity Exchange (MCX), gold futures for October delivery opened on a positive note and gained further strength during the session. Prices touched an intraday high of Rs 1,49,700 per 10 grams, supported by strong buying interest.
The rise in gold prices was driven by lower US Treasury yields, which improved the appeal of non-yielding assets. Investors often turn to gold during periods of uncertainty as a hedge against market volatility, inflation risks and economic concerns.
While reports of possible diplomatic progress between Washington and Tehran provided some relief to global markets, investors remained cautious and continued to maintain exposure to safe-haven assets.
In international markets, COMEX gold prices also moved higher, supported by steady demand and expectations surrounding global economic conditions. Analysts said gold prices will remain influenced by key factors such as interest rate expectations, bond yields, currency movements and geopolitical developments.
Silver prices witnessed early gains but later eased as traders booked profits. The metal continued to receive support from industrial demand and broader trends in commodity markets.
Meanwhile, crude oil prices declined during the session, with Brent crude trading below $80 per barrel and WTI crude slipping below $75 per barrel, as markets reacted to expectations of improved supply conditions and reduced geopolitical risks.
Market experts said gold’s near-term direction will depend on the balance between safe-haven demand and optimism over easing global tensions. Any fresh geopolitical developments or changes in monetary policy expectations could influence investor sentiment.
With uncertainty continuing to shape global markets, gold remains a preferred investment option for those seeking stability and protection during volatile periods.
