Sensex surges 500 points, gold prices dip as US-Iran tension ease

Mumbai: As tensions in the Middle-East seem to subside for the time being, the nervousness among investors too gave way to confidence with stock markets soaring and gold prices retreating from the recent record levels.

The BSE Sensex jumped over 500 points during the initial trade on Thursday, tracking gains on the Asian markets on the back of the ease in tensions between the US and Iran.

At 10.30 a.m., Sensex was trading at 41,290.57, higher by 472.83 points or 1.16 per cent from the previous close of 40,817.74 points.

It had opened at 41,216.67 and has so far touched an intra-day high of 41,318.18 and a low of 41,175.72 points so far.

The Nifty50 on the National Stock Exchange was trading at 12,165.25 points, higher by 139.90 points or 1.16 per cent from the previous close.

As investors returned to the stock markets, easing geopolitical tensions also eroded gold prices, which surged to record levels in the very first week of 2020.

On the Multi Commodity Exchange (MCX), the February contract of gold was trading at Rs 40,085 per 10 gram, lower by 0.6 per cent from its previous close.

The US-Iran tensions seem to have calmed down after Iranian Foreign Minister Mohammad Javad Zarif said that its air strikes on the US bases in Iraq concluded.”

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