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Gold and silver rise on MCX as dollar weakens after Iran talks hopes
MCX gold October futures were up 0.13% to ₹143,557 per 10 grams, and MCX silver September contracts gained 0.40% to ₹218,061 per kg as the dollar index fell 0.5% to 99.42.
Gold and silver prices rose modestly on India’s MCX on Monday, August 3, with bullion supported by a weaker US dollar and renewed hopes for progress in US-Iran talks. LiveMint Markets said the gains came as the dollar index declined by 0.50% to 99.42, making greenback-denominated metals cheaper for non-US buyers.
The move also followed a sharp drop in crude oil, with the benchmark plunging more than 5% to trade near $83 per barrel. LiveMint Markets linked the oil decline to US President Donald Trump saying talks with Iran will take place on Monday, though he did not set a deadline for an agreement.
On MCX, gold October futures were up 0.13% to ₹1,43,557 per 10 grams around 9:10 AM. Silver September contracts rose 0.40% to ₹2,18,061 per kg during the same period.
According to LiveMint Markets, market optimism centered on the possibility that an agreement could help reopen the Strait of Hormuz and reduce the impasse over Iran’s nuclear capabilities.
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