Archive · 3 Aug 2026
Gold, Silver Rise as Oil Falls Amid Trump‑Iran Talks
Donald Trump said the U.S. would talk to Iran on Monday.
Because of that, people thought the Strait of Hormuz might open again, which could help oil flow.
Oil prices fell a lot, so the dollar got weaker.
With a weaker dollar, gold and silver became cheaper for people who use other currencies.
So the prices of gold and silver went up on the MCX market.
Trump also said he wants the Strait of Hormuz to open quickly and for Iran to stop its nuclear plans.
These hopes made traders buy more gold and silver.
The news shows how politics can change money and metal prices.
Gold futures on MCX rose 0.13% to ₹1,43,557 per 10 grams on 3 August.
Silver futures on MCX climbed 0.40% to ₹2,18,061 per kg the same day.
Crude oil fell over 5% to about $83 per barrel after Trump’s announcement.
The U.S. dollar index dropped 0.50% to 99.42, making bullion cheaper for foreign buyers.
Trump’s August 2 statement about talks with Iran sparked hopes of reopening the Strait of Hormuz.
- Who
- Donald Trump, President of the United States
- What
- Announced talks with Iran, influencing commodity prices
- When
- August 2–3, 2024
- Where
- United States, Iran, MCX market in India
- Why
- Hopes to reopen the Strait of Hormuz and address Iran's nuclear program
- Gold price (MCX October futures)
- ₹1,43,557 per 10 grams
- Silver price (MCX September contracts)
- ₹2,18,061 per kg
- Crude oil price
- $83 per barrel
- Dollar index
- 99.42
- Trump statement date
- August 2, 2024