Gold Reaches Seven Week High As Safe Haven Demand Counters US Iran Deal Hopes

Gold and silver Market Today , 6 Aug : Gold prices climbed to a seven-week high on Thursday as falling US Treasury yields strengthened safe havens, even as optimism over a possible United States-Iran agreement raised expectations of easing geopolitical tensions in West Asia.

On the Multi Commodity Exchange (MCX), October gold futures opened 0.36 per cent, or Rs 536, higher at Rs 1,49,029 per 10 grams.

The contract later touched an intraday high of Rs 1,49,700, rising 0.81 per cent, or Rs 1,207, by 12:10 PM.

Silver also witnessed early buying. September silver futures climbed to an intraday high of Rs 2,28,397 per kg, up 0.35 per cent, or Rs 813, from the previous close.

However, the metal later traded at Rs 2,26,580, down 0.44 per cent, or Rs 1,004.

In global markets, COMEX gold rose 0.36 per cent to $4,320 per ounce, while COMEX silver gained 0.12 per cent to $62.36 per ounce.

The rally continued despite reports suggesting the Strait of Hormuz could reopen and comments by US President Donald Trump indicating Washington was pursuing an agreement with Iran.

Market analysts said easing regional tensions could reduce crude oil prices, ease inflation concerns and lower expectations of near-term US monetary tightening.

These factors have weighed on US Treasury yields and supported gold prices.

Experts identified Rs 1,50,000 to Rs 1,50,700 as the immediate resistance zone for MCX gold, with the next target at Rs 1,52,200 to Rs 1,52,800. Immediate support stands between Rs 1,48,600 and Rs 1,48,000.

For silver, analysts see resistance at Rs 2,29,000, while support lies between Rs 2,25,000 and Rs 2,24,000.

Meanwhile, Brent crude slipped below $80 per barrel, and WTI crude traded below $75.