The stock market rose today on hopes of a peace deal between America and Iran; The rupee strengthened against the dollar and crude oil prices fell sharply. This also affected the prices of gold and silver. Positive trends were seen in gold and silver when the domestic commodity market opened on Monday, June 15. Prices rose further after 12:00 noon, and by 1:00 pm gold and silver became costlier by over ₹8,600. Precious metals prices also witnessed a rise in international markets; On COMEX, gold rose by about 2.5% and silver by 3.65%.
How much did the prices of gold and silver increase today?
In the domestic MCX market, silver for July delivery witnessed a rise of over ₹6,000. At 12:50 pm, it was trading at ₹2,52,400, marking a rise of 2.5% or ₹6,214. At the same time, gold for August delivery was trading at ₹ 1,52,956, up 1.61% (or ₹ 2,428).
This morning, August gold futures opened at ₹1,53,829 per 10 grams – a huge jump of ₹3,301 from the previous closing price of ₹1,50,528 – and touched an intraday high once. Similarly, MCX Silver futures for July opened at ₹2,51,563 per kg, a huge jump of ₹5,377 from the previous close of ₹2,46,186; It surged over 3% in early trade to hit a daily high of ₹2,53,345.
**Physical Gold and Silver Prices**
On Monday, 24-carat gold (999 purity) was trading at ₹1,50,169 per 10 grams, according to Indian Bullion and Jewelers Association (IBJA) data. At the same time, silver was trading at ₹ 2,51,011 per kg. These rates will be updated again in the evening. This surge in gold and silver prices has come at a time when US President Donald Trump has confirmed that a peace deal has been reached with Iran and the Strait of Hormuz will reopen, ending the four-month-long standoff. He also said that the US has lifted the blockade of this vital shipping lane – which is a vital sea route for global energy trade and was significantly disrupted due to tensions between the two countries.
**Where can gold and silver prices go?**
According to a report by news agency IANS, a commodity market expert has said that MCX gold is currently trading below the important resistance zone of ₹ 1.54–1.55 lakh. Due to some reduction in geopolitical tension, gold is showing strength and there are signs of improvement in prices.
Experts believe that if gold remains above the level of ₹1.55 lakh, it may see further gains and prices may reach the range of ₹1.58 lakh to ₹1.60 lakh. On the contrary, if the price falls below the support zone of ₹1.52–1.53 lakh, gold may fall back to ₹1.50 lakh levels.
Meanwhile, the expert also said that MCX silver has also crossed the important level of ₹2.50 lakh per kg. This indicates improvement in market sentiment and gradual recovery in prices. According to experts, if silver crosses the resistance zone of ₹2.54–2.55 lakh, it may rise further and prices can reach ₹2.58–2.60 lakh. However, if the price dips below ₹2.50 lakh, selling pressure may increase, taking the price towards the support range of ₹2.42–2.40 lakh.
Experts said that the outlook for silver will remain positive in the near future. To further strengthen the market sentiment, it is important for the prices to remain above the current resistance points. Geopolitical developments, demand for safe-haven assets and fluctuations in global markets will continue to influence silver price movements.
