Crude oil and gold prices nosedive; stocks on the rise; markets find relief amidst ceasefire uncertainty

The news that Iran and Israel have reached an agreement on a ceasefire has brought relief to the markets globally. Investors have withdrawn money from gold and crude oil and are active in the stock markets in the hope of moving towards peace in West Asia. The price of crude oil in the international market has nosedived to $ 69 per barrel. The price of gold has fallen by $ 50 per ounce to $ 3,318. However, even after the ceasefire, investors are in great uncertainty as Iran has attacked Israel. If Israel decides to retaliate, gold and crude prices may rise again. Unprecedented volatility is visible in the crude, gold and stock markets.

On Tuesday, the price of gold in Kerala fell by Rs 1,080 per sovereign in two phases to Rs 72,760. The sovereign price fell by Rs 600 in the morning and by Rs 480 in the afternoon. The price of a gram fell by Rs 135 to Rs 9,095.

Stock prices fluctuated heavily

Following the international market, the Indian stock market witnessed a sharp rally. The Sensex gained more than a thousand points in early trade on the news of the ceasefire. The Nifty also made good gains. However, investors were again worried after allegations that Iran was violating the ceasefire agreement and continuing its attacks. With this, investors moved to take profits. At the end of the trading session, the Sensex closed at 82,055.11 with a gain of 158 points. The Nifty rose 72 points to close at 25,044.35.

Rupee on a winning streak

Peace moves in West Asia and a drop in crude prices strengthened the rupee. The rupee closed at 86.03 against the dollar, gaining 75 paise. Foreign investors' inflows into the stock market also benefited the rupee.

Gold sovereign price falls to Rs 72,760

Crude oil price at $69 per barrel