Global gold and silver prices saw a 2% increase on Tuesday following a two-day decline, with COMEX gold rising by 0.74% to $4,802.80 and COMEX silver gaining 2% to reach $77.16 per ounce. This uptick came amidst reduced inflation concerns and positive signs of potential diplomatic progress in the US-Iran conflict.
Despite lingering geopolitical tensions, there were indications of a diplomatic breakthrough as Iranian officials expressed a willingness to negotiate with the US. President Donald Trump mentioned that Iran had reached out for discussions, and Iranian President Masoud Pezeshkian affirmed Tehran’s openness to peace talks within international legal frameworks.
In contrast, global crude oil prices dropped below $100 per barrel, with Brent crude futures at $96.6 per barrel and US WTI crude falling to $95.69. Financial markets responded positively, with Wall Street indices and Asian markets showing gains, though analysts remain watchful due to concerns over supply disruptions and economic implications of the US blockade of the Strait of Hormuz.
The Multi Commodity Exchange (MCX) was closed in the morning session, set to resume trading in the evening, while domestic stock exchanges like the BSE and NSE were shut in observance of Dr B.R. Ambedkar Jayanti.
