Gold surges 1.83 pc this week amid persistent tensions in Strait of Hormuz

NEW DELHI: Gold prices rose 1.83 per cent during the week over persistent geopolitical uncertainty and volatile crude prices.

On Friday, MCX gold June futures gained 0.04 per cent while MCX silver May futures surged 1.34 per cent. Currently gold futures stand at Rs 1,52,589, while silver futures at Rs 2,61,999 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,51,078 on Friday up from Rs 1,48,357 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Precious metals continued to rise for four consecutive sessions as optimism over a potential US‑Iran peace agreement and a softer US dollar outweighed a stronger‑than‑expected US jobs report.

US jobs data showed that employment rose more than forecast in April while the unemployment rate held at 4.3 per cent, underscoring resilience in the labour market and reinforcing expectations that the Federal Reserve may keep interest rates higher for longer.

Central banks maintaining interest rates higher for longer, could pressure non-yielding assets like gold.

In international markets, Comex gold climbed about $50 to a session high of $4,760 per troy ounce, posting a weekly gain near 1.5 per cent. Market participants said the prospect of easing regional tensions and a weaker dollar supported demand for non‑yielding bullion.