Gold climbs above $4 300 as peace deal boosts demand for bullion
Gold prices surged on Monday, climbing above $4 300 per ounce for the first time since early June, as the US-Iran peace deal triggered a broad rally in precious metals.
Spot gold increased by $121.33, or nearly 3%, to $4 340.65 per ounce, while silver advanced by $2.74, or 4.04%, to $70.74 per ounce.
The agreement drove oil prices to a multi-week low, reducing concerns over inflation and lowering the likelihood of a more aggressive monetary policy stance. A weaker dollar and lower Treasury bond yields further supported the bullion.
Saumil Gandhi, Senior Analyst-Commodities at HDFC Securities, said: "Gold advanced on Monday, supported by gains in the international market, with spot gold climbing above the $4 325 per ounce level."
Rajkumar Subramanian, Head-Product & Family Office at PL Wealth, added: "Gold climbed above $4 300 an ounce on Monday, advancing for a third consecutive session, as oil prices declined and concerns over persistent inflation and potential rate hikes receded."
On Tuesday, US gold prices were largely steady after the previous session's surge. Spot gold was up 0.1% at $4 311.36 per ounce, while US gold futures for August delivery were down 0.4% at $4 332.60. Spot silver fell 0.4% to $69.74 per ounce.
Market sentiment:
The gold rally appears driven by multiple factors: a weaker dollar, lower Treasury yields, and reduced inflation fears. While lower oil prices typically ease inflation concerns, which might reduce gold's appeal as an inflation hedge, the positive sentiment around the peace deal has paradoxically boosted bullion demand. Investors appear to be buying gold as a safe haven while also benefiting from the weaker dollar. The key question is whether this rally can be sustained once the initial euphoria over the peace deal fades.
Disclaimer:
This content has been generated using AI technology and is intended for informational purposes only. While efforts have been made to ensure accuracy and relevance, this text should not be considered professional advice or an official statement. Always verify information from authoritative sources before making any decisions. This is not financial advice.
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