Gold prices rose sharply in futures trade on Tuesday, gaining Rs 1,853 to reach Rs 1.62 lakh per 10 grams, supported by a weaker US dollar and improved global sentiment that boosted demand for the safe-haven asset.

According to data from the Multi Commodity Exchange of India (MCX), gold contracts for April delivery climbed Rs 1,853, or 1.16 per cent, to Rs 1,62,152 per 10 grams, with a business turnover of 7,355 lots.

Market analysts said the yellow metal rebounded after losses in the previous session as the US dollar weakened in global markets. The decline in the dollar came after remarks by Donald Trump suggesting that the ongoing tensions between the United States and Iran could be nearing an end.

Gold is widely considered a safe-haven asset during periods of economic or geopolitical uncertainty, and fluctuations in the US dollar often influence its price movements in global markets.

Analysts noted that the softer dollar and easing geopolitical concerns helped revive investor interest in the precious metal during Tuesday’s trading session.