International gold and silver prices staged a recovery on Monday amid positive signals from ongoing peace negotiations between the United States and Iran. The developments helped temper concerns over potential disruptions in energy supplies and broader inflationary pressures, providing some relief to bullion markets that had faced headwinds in recent sessions.
Analysts anticipate that precious metal prices will remain sensitive this week to further progress in the US-Iran discussions, movements in crude oil markets, and a slate of key global economic data releases. Investor focus is centered on how these talks might affect risk sentiment and energy prices, both of which exert significant influence on gold and silver.
In the domestic market, prices opened the week on a firmer note on the Multi Commodity Exchange (MCX). Gold futures for August 2026 delivery rose by Rs 784 to Rs 1,47,987 per 10 grams, rebounding from prior losses. Silver futures for July 2026 delivery, however, declined by Rs 3,921, or about 1.6 percent, to Rs 2,37,106 per kilogram. The previous session had seen notable selling pressure, with silver dropping over 2 percent and gold falling around 1.4 percent.
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Globally, spot gold climbed more than 1 percent to around $4,209 per ounce, recovering from recent lows. US gold futures saw a modest decline. Spot silver advanced 2.6 percent to $66.60 per ounce, while platinum and palladium also posted gains.
Crude oil prices eased following reports of encouraging progress in the four-party talks held in Switzerland. Brent crude futures fell 0.5 percent, helping to alleviate fears of sustained high inflation that could prompt tighter monetary policy. Elevated oil prices typically boost inflationary expectations and reduce the relative attractiveness of non-yielding assets like gold.
Last week, gold faced downward pressure due to lower energy prices, a stronger rupee, and the US Federal Reserve’s hawkish stance on inflation. The rupee’s appreciation makes imported gold less expensive in local terms, adding to selling pressure in the domestic market. Physical demand in India stayed subdued despite lower prices, and gold traded at a discount in China. Swiss gold exports also fell in May.
Market participants will closely watch upcoming indicators, including policy decisions from the People’s Bank of China, manufacturing and services PMI data, US housing figures, inflation readings, and consumer sentiment. Comments from Federal Reserve officials are also expected to draw attention for clues on interest rate trajectories.
Domestic commodity exchanges were set to remain closed during the morning session on Friday due to Muharram. Overall, precious metals closed the previous week lower amid softer demand and currency strength.
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