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Commodity News Details
Gold extends rally amid rising US-Iran tensions
08-May-2026 14:14
Gold prices climbed above $4,700 per ounce in Asian electronic trading on Friday, extending gains from the previous session as renewed clashes between the US and Iran boosted safe-haven demand and revived inflation concerns. Tensions remained elevated after reports that US Navy destroyers intercepted Iranian attacks and carried out retaliatory strikes near the Strait of Hormuz, although President Trump stated that the ceasefire agreement remains in place. A stronger US dollar, with the dollar index holding above 98, limited further gains in gold and silver prices. Investors are also closely watching Iran's response to a US proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, while attention remains on the upcoming US April jobs report for further economic cues. In the domestic market, MCX June gold futures rose 0.4% to ₹1,52,880 per 10 grams, while July silver futures gained more than 1% to ₹2,61,520 per kg.

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