Gold and Silver Prices Surge Amid US-Iran Peace Deal Progress
Silver soars Rs 5,000/kg, gold nears Rs 1.6 lakh/10 grams on US-Iran peace deal progress. Right time to buy?
Image: The Economic Times
Gold and silver prices have surged due to a weaker dollar and easing oil prices, with silver rising by ₹5,042 to ₹2,76,888 per kg and gold nearing ₹1.6 lakh per 10 grams. This follows reports of progress in US-Iran peace negotiations, which could impact oil prices and inflation.
- 01Silver futures for July 2026 delivery increased by ₹5,042, or 1.8%, to ₹2,76,888 per kg.
- 02Gold futures for June 2026 delivery rose by ₹821, reaching ₹1,59,500 per 10 grams.
- 03US President Donald Trump announced significant progress in US-Iran peace negotiations, potentially reopening the Strait of Hormuz.
- 04Spot gold in international markets increased by 1.1% to $4,560.09 per ounce.
- 05Prithvi Finmart recommends buying silver between ₹2,71,000 and ₹2,67,000 with a stop loss below ₹2,63,000.
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On Monday, gold and silver prices opened strongly on the Multi Commodity Exchange (MCX), driven by a weaker dollar and declining oil prices. Silver futures for July 2026 delivery rose by ₹5,042 to ₹2,76,888 per kg, while gold futures for June 2026 delivery increased by ₹821 to ₹1,59,500 per 10 grams. These gains come amid reports from U.S. President Donald Trump about significant progress in U.S.-Iran peace negotiations, which could reopen the Strait of Hormuz, a critical route for global oil shipments. The decline in oil prices to a two-week low has also contributed to this upward trend, as lower oil prices can ease inflation concerns. In international markets, spot gold rose by 1.1% to $4,560.09 per ounce. Analysts suggest that both gold and silver prices may remain volatile, influenced by fluctuations in crude oil prices. Recommendations for trading include buying silver in the range of ₹2,71,000 to ₹2,67,000 and gold between ₹1,58,500 and ₹1,57,700, with specific stop loss and target levels advised.
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The surge in gold and silver prices may influence consumer purchasing decisions and investment strategies in India.
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