Tremendous rise in gold and silver amid US-Iran talks, gold on MCX costlier by ₹ 1,400 and silver by ₹ 4,500

There was a big rise in the prices of gold and silver on Monday amid the ongoing diplomatic talks between America and Iran in Switzerland. Due to global uncertainty, weakness in the dollar index and increasing demand for safe investments, the prices of both precious metals reached high levels on the Multi Commodity Exchange (MCX).

Gold close on MCX ₹1,400 (1 percent) with the speed of ₹1,48,600 per 10 grams Reached. Whereas the price of silver ₹4,500 (about 2 percent) An increase of Rs. was recorded and its value Around ₹2.38 lakh per kilogram But kept doing business.

Impact of America-Iran talks visible

There have been reports of positive progress in the ongoing talks between the US and Iran in Switzerland to avoid a war-like situation and keep the Strait of Hormuz open.

According to reports, after the first round of talks, both the countries 60 day roadmap But agreed. During this period, both the countries will increase mutual coordination to prevent the Strait of Hormuz from being closed again and avoid any military confrontation in the future.

Due to these developments, investors increased the purchase of gold and silver as safe investment options, leading to a sharp rise in the prices of both the metals.

Gold and silver prices increased due to these reasons also

Increased demand for safe investments:
Amidst global economic and geopolitical uncertainty, investors have increased investment in gold and silver. At such times, both these metals are considered the most preferred option for safe investment.

Weakness in dollar index:
The weakening of the US dollar makes gold and silver relatively cheaper for investors in other countries. This increases international demand and strengthens prices.

Boom in international market:
A significant increase in the prices of gold and silver was also recorded in the global spot market. close in spot silver 2.4 percent There was a rise in gold prices, while more than 1 percent An increase of Rs. Its direct impact was also seen on the Indian market.

What will be the trend going forward?

Market experts believe that the next phase of US-Iran talks, movement of the dollar and global economic conditions will decide the direction of gold and silver prices in the coming days.

If uncertainty continues at the global level, then precious metals may see further rise. At the same time, investors are now keeping an eye on the next round of US-Iran talks and international market signals.