Gold prices surge sharply on MCX, rising ₹3300 amid US-Iran deal hopes. Global gold and silver also rally as crude oil prices fall.
Gold markets witnessed a strong rally as prices surged sharply in both domestic and international trading sessions. The rally in gold has been driven by easing geopolitical tensions following early signals of a possible US-Iran understanding, boosting safe-haven demand.
MCX Gold Sees Strong Jump
On June 15, gold futures on the Multi Commodity Exchange (MCX) recorded a significant rise. The August delivery gold contract surged by nearly ₹3,300 during intraday trade, touching a high of around ₹1,53,829 per 10 grams.
The sharp upward move highlights strong investor participation amid global uncertainty and shifting macroeconomic conditions.
US-Iran Developments Drive Market Sentiment
The rally in gold prices comes after reports of an early understanding between the United States and Iran regarding de-escalation of tensions and restoration of movement through the Strait of Hormuz.
Former US President Donald Trump announced that both sides had reached a preliminary agreement to end conflict-related disruptions. According to Reuters, Iranian Deputy Foreign Minister Kazem Gharibabadi stated that a broader 60-day ceasefire framework is under discussion.
Pakistan’s Prime Minister Shehbaz Sharif also indicated that a formal agreement may be signed in Switzerland later this week.
These developments have reduced geopolitical risk perceptions, influencing global commodity markets.
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Crude Oil Falls, Supporting Gold Rally
Following the news, crude oil prices dropped sharply. Brent crude declined over 4%, while West Texas Intermediate (WTI) fell nearly 5%, easing concerns over inflation and interest rates.
Lower inflation expectations typically increase the appeal of non-yielding assets like gold, further supporting the ongoing rally.
Silver Also Records Strong Gains
Alongside gold, silver futures also surged on MCX. The July silver contract rose by over ₹7,000, hitting a high of ₹2,53,345 per kilogram.
In global markets, spot silver climbed more than 3%, reflecting strong industrial and investment demand.
Global Gold Market Update
International gold prices rose by around 2.5%, reaching approximately $4,323 per ounce. US gold futures also gained nearly 2.5%, trading near $4,343 per ounce.
Despite recent volatility, analysts note that gold remains highly sensitive to geopolitical developments and macroeconomic trends.
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