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Gold at near two-month high as Israel-Iran tensions fuel safe-haven demand
- Spot gold reached a near two-month high at $3,417.59 an ounce and gained over 3.2% during the week.
- US gold futures also rose by 1% to $3,438.00 amid escalating tensions between Israel and Iran.
- Israel initiated strikes on Iran's nuclear facilities and military assets, triggering retaliation of about 100 drones by Iran towards Israel.
- Market uncertainty increased due to the conflict in the Middle East and Trump's trade policies.
- Gold futures surpassed ₹1 lakh per 10 gm on MCX following Israel's actions against Iran.
- The geopolitical tension led to a bullish sentiment in the gold market, with prices reacting to possible disruptions in oil supplies.
- Gold is considered a safe investment during geopolitical and economic uncertainties and in a low-interest-rate environment.
- Asian demand for physical gold decreased due to high prices, with rates in India surpassing 100,000 rupees.
- Spot silver declined to $36.31 per ounce, platinum dropped 1.6% to $1,274.50, and palladium fell 0.5% to $1,060.44.
- Consumer Price Index (CPI) and US producer prices data indicated cooler-than-expected results for May.
- The three metals - silver, platinum, and palladium - were on track for weekly gains.
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