Gold prices surged sharply in futures trade on Monday, rising by ₹2,242 to hit ₹1.52 lakh per 10 grams, supported by strong global cues following reports of a US-Iran peace framework that improved investor sentiment.
On the Multi Commodity Exchange (MCX), gold futures for August delivery climbed 1.49% to ₹1,52,770 per 10 grams, marking a strong recovery after last week’s sharp correction of over ₹5,000 per 10 grams.
Market analysts said the rebound came as investors reassessed positions after easing geopolitical tensions and a softer dollar boosted demand for safe-haven assets like gold. The yellow metal also gained support from expectations of softer US Treasury yields and shifting interest rate outlooks.
In global markets, Comex gold futures rose over 2% to around USD 4,329 per ounce, recovering from a nearly 3% weekly decline. Analysts noted that sentiment improved after reports of an interim US-Iran peace framework that could ease regional tensions and impact energy markets.
The reported agreement is said to include steps toward de-escalation, potential easing of sanctions, and discussions on reopening key shipping routes, including the Strait of Hormuz. This development also contributed to a decline in crude oil prices, easing inflation concerns.
Experts added that while bullion prices have rebounded, volatility may persist as key details of the geopolitical agreement remain uncertain, particularly those related to Iran’s nuclear programme.
Investors are now closely watching upcoming policy meetings from major central banks, including the US Federal Reserve, Bank of Japan, and Bank of England, which are expected to influence the near-term direction of global gold prices.
