Gold,silver prices shot up Friday,with gains hitting 2 percent as hopes grew for peace talks between U.S. and Iran . Markets got a boost from President Trump's hints of possible agreement. But uncertainty lingered; Iranian officials said no deal yet .
On MCX,August gold futures jumped 1.11 percent,or ₹1,668,reaching an intraday high of ₹1,50,600 by 11:30 a.m. Gold was priced at ₹1,49,916,up 0.66 percent (₹948) from last close. It had fallen to ₹1,49,569 earlier,still 0.42 percent (₹637) above Thursday's close.
July silver futures climbed to ₹2,42,143,up ₹2,490,about 1 percent. Silver hit an intraday high of ₹2,44,817,a 2.15 percent session gain. Its lowest point was ₹2,41,601,up 0.81 percent (₹1,948) from previous close.
At trading start,gold listed at ₹1,50,595,silver at ₹2,42,776 on exchange. Analysts said despite gains,bullion stayed under pressure. Possible Fed rate hike and inflation concerns weighed on sentiment. Market was on track for second weekly drop before uptick.
Optimism over U.S.-Iran relations boosted market risk appetite,easing fears of global energy supply issues . This shift also pushed crude oil prices down . WTI crude fell ~3 percent to $85 a barrel,Brent dropped 1.59 percent to $88.94.
Globally,COMEX silver traded at $66.94,up over 4 percent,while COMEX gold rose more than 2 percent to $4,203.70 per ounce. Everyone's watching U.S.-Iran developments and upcoming Fed commentary. Where do precious metals go from here…
