Geopolitical jitters took center stage in commodity trading on Wednesday, propelling gold and silver prices to notable gains in India. The extension of the US-Iran ceasefire deadline sparked fresh bouts of uncertainty, boosting demand for these time-tested safe havens and lifting MCX prices by more than one percent.
By 10:30 AM, MCX’s gold for June 2026 delivery had advanced 1.01 percent or Rs 1,535 to Rs 1,53,206. The contract saw intraday swings from Rs 1,53,052 to Rs 1,53,699, capturing the market’s nervous pulse.
Silver outperformed with a 1.74 percent rise, equivalent to Rs 4,247, settling at Rs 2,48,948 for the May 2026 lot. It navigated a range between Rs 2,48,717 and Rs 2,49,423 during early trade.
Overseas, Comex gold gained 1.13 percent to $4,773.21 per ounce, and silver soared 1.97 percent to $77.99 per ounce. The backdrop involves the US pushing back its Iran ceasefire timeline without revealing details, amid comments from President Trump on Iran’s fractured leadership.
Pakistan’s leadership, including PM Shehbaz Sharif and General Asim Munir, urged Trump to pause military actions, buying time for peace talks. This has intensified worldwide risk aversion, channeling funds into gold and silver.
Experts attribute the uptick to fears of escalation despite the truce extension. With global equities wobbly and currencies under pressure, precious metals are shining brighter. Traders are bracing for more swings, as the fragile ceasefire’s outcome could dictate the next leg of this bull run.
