Precious Metals Gain Slightly as US-Iran Conflict Simmers

In a landscape marked by US-Iran friction, gold and silver prices opened marginally higher on Monday in Mumbai. Early trading saw limited movements within narrow bands, as market participants weighed geopolitical risks against other factors. The MCX June 2026 gold futures debuted at ₹1,52,695, matching the prior settlement of ₹1,52,699 almost exactly. At 9:51 AM, it advanced ₹251 or 0.16% to ₹1,52,950, having oscillated between ₹1,52,640 and ₹1,53,008 so far. For silver, the May 2026 contract opened lower at ₹2,43,675 from ₹2,44,636. It recovered to ₹2,45,069, up ₹433 or 0.18%, with intraday extremes at ₹2,43,253 and ₹2,45,473. International cues remained subdued, with Comex gold at $4,742/oz (up 0.02%) and silver at $76/oz (down 0.05%). The Middle East remains a flashpoint, with Iran proposing to the US measures to reopen the Hormuz Strait and end hostilities. Yet, diplomatic efforts hit a snag after talks in Islamabad were scrapped last week. Investors have reaped rich rewards from these assets lately. In the last 12 months, gold returned over 40% in USD, and 18%+ in six months. Silver dazzled with 128% annual and 61% half-year gains, cementing its status as a high-beta play on uncertainty. With eyes on potential escalations, analysts anticipate range-bound action unless fresh catalysts emerge. Precious metals continue to shine as portfolio stabilizers in turbulent times.