<p>New Delhi: Gold prices climbed by Rs 426 to Rs 1.59 lakh per 10 grams in futures trade on Monday, tracking gains in global markets amid optimism surrounding a possible peace agreement between the US and Iran.</p>.<p>On the Multi Commodity Exchange, the yellow metal for the June delivery increased by Rs 426, or 0.27 per cent, to Rs 1,59,105 per 10 grams in a business turnover of 5,312 lots.</p>.Duty hike spells decadal-low volume for gold jewellery retailers: Crisil.<p>"Gold prices saw a notable uptick on Monday, driven primarily by a weaker US dollar and optimism surrounding a potential US-Iran peace deal," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.</p>.<p>The positive sentiment was further bolstered by easing crude oil prices, with WTI crude holding steady at USD 96.60 per barrel in the international markets, he added.</p>.<p>In the international market, Comex gold futures for the June contract rose nearly 1 per cent to USD 4,590.62 per ounce in New York.</p>.<p>"Gold prices rose sharply as renewed optimism over a potential US-Iran peace agreement boosted sentiment across precious metals markets," Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said.</p>.<p>Bullion benefited from a sharp decline in the US dollar and Treasury bond yields, while easing concerns over prolonged energy-driven inflation also supported prices, he added.</p>.<p>According to analysts, US futures traded marginally higher on Monday with volumes remaining thin as American markets stayed closed for the Memorial Day holiday.</p>.<p>US President Donald Trump said on Sunday that the framework for a peace deal with Iran was "largely negotiated," with reports indicating that the proposed agreement could extend the existing ceasefire and reopen shipping routes through the Strait of Hormuz, a critical artery for global oil flows.</p>.<p>However, Trump later clarified that there was "no hurry" to finalise the agreement and confirmed that the US naval blockade against Iran would remain in place for now.</p>.<p>Analysts noted that despite progress in negotiations, major differences remain over Tehran's nuclear programme, which Iranian officials have repeatedly rejected.</p>.<p>Hopes for de-escalation helped ease fears that surging oil prices could trigger another wave of global inflation and force central banks into further rate hikes, they added.</p>.<p>"Minutes from the Federal Reserve's April meeting scheduled last week showed policymakers remained open to further hikes if energy-driven inflation persists, while newly sworn-in Fed Chair Kevin Warsh is expected to maintain a cautious stance despite Trump's push for lower rates," Modi said.</p>.<p>Market participants will now closely watch the upcoming US GDP data and further developments in Middle East negotiations for fresh direction in bullion prices, he stated. </p>
<p>New Delhi: Gold prices climbed by Rs 426 to Rs 1.59 lakh per 10 grams in futures trade on Monday, tracking gains in global markets amid optimism surrounding a possible peace agreement between the US and Iran.</p>.<p>On the Multi Commodity Exchange, the yellow metal for the June delivery increased by Rs 426, or 0.27 per cent, to Rs 1,59,105 per 10 grams in a business turnover of 5,312 lots.</p>.Duty hike spells decadal-low volume for gold jewellery retailers: Crisil.<p>"Gold prices saw a notable uptick on Monday, driven primarily by a weaker US dollar and optimism surrounding a potential US-Iran peace deal," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.</p>.<p>The positive sentiment was further bolstered by easing crude oil prices, with WTI crude holding steady at USD 96.60 per barrel in the international markets, he added.</p>.<p>In the international market, Comex gold futures for the June contract rose nearly 1 per cent to USD 4,590.62 per ounce in New York.</p>.<p>"Gold prices rose sharply as renewed optimism over a potential US-Iran peace agreement boosted sentiment across precious metals markets," Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said.</p>.<p>Bullion benefited from a sharp decline in the US dollar and Treasury bond yields, while easing concerns over prolonged energy-driven inflation also supported prices, he added.</p>.<p>According to analysts, US futures traded marginally higher on Monday with volumes remaining thin as American markets stayed closed for the Memorial Day holiday.</p>.<p>US President Donald Trump said on Sunday that the framework for a peace deal with Iran was "largely negotiated," with reports indicating that the proposed agreement could extend the existing ceasefire and reopen shipping routes through the Strait of Hormuz, a critical artery for global oil flows.</p>.<p>However, Trump later clarified that there was "no hurry" to finalise the agreement and confirmed that the US naval blockade against Iran would remain in place for now.</p>.<p>Analysts noted that despite progress in negotiations, major differences remain over Tehran's nuclear programme, which Iranian officials have repeatedly rejected.</p>.<p>Hopes for de-escalation helped ease fears that surging oil prices could trigger another wave of global inflation and force central banks into further rate hikes, they added.</p>.<p>"Minutes from the Federal Reserve's April meeting scheduled last week showed policymakers remained open to further hikes if energy-driven inflation persists, while newly sworn-in Fed Chair Kevin Warsh is expected to maintain a cautious stance despite Trump's push for lower rates," Modi said.</p>.<p>Market participants will now closely watch the upcoming US GDP data and further developments in Middle East negotiations for fresh direction in bullion prices, he stated. </p>