Precious metals have been trading well over the past few days, but yesterday saw a 1.4% decline in gold due to news that Iran is eager to begin nuclear talks with the US and is working to defuse tensions with Israel, provided Washington refrains from joining the Israeli attacks.
Precious Metals chasing record highs on escalating geopolitical risks
Geopolitical tensions in the Middle East, particularly those involving the US, Iran, and Israel, keep the demand for safe-haven assets high, keeping precious metals in a bullish momentum.
Gold leaps to record high as Israel declares state of emergency
Gold surged beyond $3400 (around Rs 100,000), hitting its highest level as investors sought refuge from growing economic uncertainties and geopolitical concerns.
Precious Metals start rallying as geopolitical tensions reignite
While weaker-than-expected US consumer inflation data supported speculations of Federal Reserve rate reduction, rising US-Iran tensions rekindled demand for safe-haven assets, causing gold and silver to trade near Rs 98,000 and Rs 106,000, respectively.
Precious Metals steady as US-China trade talks progress
Prices of gold and silver are stabilizing in a range as market players stay quiet and demand for safe-haven assets is reduced by the US-China trade talks progress.
Silver hovers at a 13-year high
Silver prices surged close to $37 (~Rs 107,000), hovering at their best levels in over 13 years due to robust demand for safe-haven assets amid trade and economic uncertainty worldwide.
Silver trades above the record high mark of Rs 1 lakh per kg
Silver has shot up by about 9% over the week, while gold is stabilising in a range. A dovish view from the Federal Reserve and lacklustre US economic data continued to fuel demand for safe-haven assets, pushing silver prices to their highest levels since February 2012. Moreover, technical buying above $35 supported the rally.
Gold spikes on sluggish US data
Following confirmation of the US economic downturn by ISM and ADP statistics, gold has recovered from its low. According to US economic data, the economy is cooling, which may require the Fed to take additional action.
Gold sinks as OECD cuts growth outlook
While the dollar increased, gold prices saw some profit-booking despite a prediction of declining U.S. GDP due to the nation’s international tariff disputes.
Precious Metals surges on mounting geopolitical and trade tensions
Investors’ reactions to rising trade and geopolitical tensions caused gold to jump nearly 3% and silver to rise 5%.