Precious metals faced selling pressure in India today, with gold and silver declining up to 0.68% in early MCX trades. The June 2026 gold contract traded at ₹1,53,700, down ₹243 or 0.16%, after hitting intraday lows of ₹1,53,675 and highs of ₹1,53,922 by 10:27 AM. Silver’s May 2026 futures shed ₹1,776 or 0.70% to ₹2,50,769, swinging from ₹2,50,210 to ₹2,51,222.
Global cues aligned with the downturn: gold dropped 0.43% to $4,807/oz and silver 1.44% to $78.885/oz. Manav Modi, commodity expert at Motilal Oswal, points to US-Iran ceasefire uncertainties as the core driver. ‘Geopolitical mixed messages are fueling caution,’ he explained.
Trump’s announcement of VP JD Vance leading talks in Pakistan contrasts with Iran’s stance against negotiations amid the naval blockade. A recent US seizure of an Iranian ship has intensified tensions, though backchannel diplomacy via regional players offers slim hope. The Dollar Index’s rise to 97.94 exacerbated the slide, as a stronger dollar makes gold and silver costlier for non-US buyers.
As the week progresses toward ceasefire expiry, questions loom: Will fresh peace efforts emerge? Contradictory signals suggest more swings ahead. Domestic traders, already navigating volatile sessions, are hedging bets. Historically, such events boost safe-haven demand, but today’s reaction shows profit-booking amid de-escalation hints. Eyes are on macro data and diplomatic updates that could reverse the trend.
