On Wednesday, gold and silver prices opened significantly higher on the Multi Commodity Exchange of India, driven by a weaker dollar and falling oil prices. Silver futures for July 2026 delivery surged by ₹7,684 to reach ₹2,52,000 per kg, marking a 3.1% increase. Similarly, gold futures for June 2026 delivery gained ₹2,429, rising to ₹1,52,182 per 10 grams. The market sentiment was bolstered by optimism regarding a potential peace deal between the United States and Iran, following comments from U.S. President Donald Trump about progress in negotiations. Meanwhile, oil prices have dipped for the second consecutive session, now below $110 per barrel, which has alleviated some inflation fears. Globally, spot gold and silver also saw increases, with spot gold rising 1.7% to $4,633.31 per ounce and spot silver climbing 2.7% to $74.80 per ounce. Analysts predict continued volatility in the precious metals market due to fluctuations in the dollar index and crude oil prices, particularly ahead of the upcoming U.S. non-farm payroll data. Investors are advised to consider booking profits on their gold and silver positions until a formal peace agreement is reached.