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Gold hits seven-week high as US-Iran tension eases
Spot and futures traded higher early, with MCX gold testing ₹1,50,000 and COMEX gold briefly reaching $4,363.60 per ounce before profit-taking.
Gold prices rose to a seven-week high in both domestic and international trading on 6 August 2026, as markets shifted toward expectations of easing US-Iran tensions and a possible agreement that could reopen the Strait of Hormuz, according to LiveMint Markets.
On the MCX, gold opened higher at ₹1,49,029 per 10 gm and climbed to an intraday high of ₹1,49,250 within minutes of the opening bell. In international trading, COMEX gold hit a seven-week high at an intraday level of $4,363.60 per ounce, before falling back to $4,320.
LiveMint Markets said experts linked the move to softer US Treasury yields and a weaker dollar tied to reduced expectations of aggressive US monetary tightening. The outlet also cited the idea that cooler crude oil prices, if supply fears ease, could further weigh on Treasury yields and reduce near-term Fed rate hike expectations.
Market experts quoted by LiveMint Markets highlighted key technical levels, saying MCX gold is in a broader ₹1,45,000 to ₹1,52,000 range, with a hurdle around ₹1,50,000, while COMEX gold faces resistance near $4,320 and could test $4,350 if that level is cleared.
Latest closeGold $4,308.50 ▲5.2%|WTI crude $75.12 ▼0.9%