New Delhi, August 11: Tensions between the United States and Iran have led to a significant increase in precious metal prices in the domestic commodity market on Tuesday, the second trading day of the week. Gold prices rose by 1.5 percent, exceeding ₹2,000, while silver saw an increase of over 2 percent, gaining more than ₹5,000.
On Tuesday, gold for October delivery opened at ₹1,54,699 per 10 grams, up 1.04 percent or ₹1,600 from its previous close of ₹1,53,099. During the session, it reached an intraday high of ₹1,55,437, reflecting a rise of ₹2,338 or 1.52 percent.
However, by the time this report was written, gold was trading at ₹1,53,994 per 10 grams, up ₹895 or 0.58 percent.
Meanwhile, silver for September delivery opened at ₹2,39,999 per kilogram, up ₹3,132 or 1.32 percent from its previous close of ₹2,36,867. During the day, it peaked at ₹2,42,000, marking a high of ₹5,132 or 2.16 percent.
As of the latest updates, silver was trading at ₹2,36,496 per kilogram, down ₹371 or 0.16 percent.
The prices of gold and silver are heavily influenced by global economic changes, geopolitical risks, and shifts in domestic demand. Expectations of a more accommodative monetary policy in the U.S. have strengthened gold prices, while a weaker dollar has further boosted demand.
Interest in silver investments and changing consumer preferences have also supported its prices. However, the market remains sensitive to inflation data and signals from central banks, indicating potential volatility in prices. Additionally, high gold prices are impacting the broader economy.
The combination of these factors is expected to shape the direction of the precious metals market in the coming days.
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