Gold and silver prices climbed sharply in domestic and international markets on Monday amid easing geopolitical tensions between the United States and Iran, which helped weaken the US dollar and pull crude oil prices lower.
MCX gold futures for June 2026 delivery rose by Rs 821 to reach Rs 1,59,500 per 10 grams, while MCX silver contracts for July 2026 delivery jumped Rs 5,042, or about 1.8 per cent, to Rs 2,76,888 per kg. In Mumbai bullion opening rates around midday, silver spot stood at Rs 2,69,754 per kg, with standard gold (99.5 purity) at Rs 1,57,987 and pure gold (99.9) at Rs 1,58,622.
On the global front, spot gold advanced over 1 per cent to around USD 4,560 per ounce, while US gold futures gained similarly. Spot silver rallied strongly, climbing nearly 4 per cent in some reports to levels above USD 77 per ounce. Other precious metals like platinum and palladium also posted gains.
Analysts tracking the developments noted that renewed optimism over a potential US-Iran peace agreement boosted sentiment. US President Donald Trump indicated over the weekend that a framework for a deal had been “largely negotiated,” potentially reopening the Strait of Hormuz for oil shipments. However, he later clarified there was no immediate rush to finalise it, and the US naval blockade would continue for now. Key sticking points remain, including Iran’s nuclear programme and enriched uranium stockpiles.
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Experts from brokerage firms such as Motilal Oswal Financial Services, JM Financial Services, and LKP Securities observed that gold is likely to trade in a sideways range this week as participants await clearer signals from US economic data, including GDP figures, housing numbers, consumer confidence, and PCE inflation readings. Silver, however, is expected to retain a firmer bias supported by ongoing geopolitical uncertainties and energy market dynamics.
Last week, domestic gold prices on the MCX showed modest gains of around 0.40 per cent, settling near Rs 1,58,670 per 10 grams, while international Comex gold futures declined about 1 per cent. The rupee’s recovery against the dollar also influenced local pricing.
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