Gold and silver futures on the Multi Commodity Exchange (MCX) traded higher on Monday, 22 June, as a sharp decline in crude oil prices and signs of forward movement in US-Iran peace negotiations lifted sentiment in domestic commodity markets.

Gold Futures Performance

MCX gold futures (August 5) climbed ₹615, or 0.42%, to trade at ₹1,47,818 per 10 grams as of approximately 10:26 am IST. The yellow metal touched an intraday high of ₹1,47,987 — up 0.53% or ₹784 from the previous close — and dipped to a session low of ₹1,45,110, down 1.42% or ₹2,093. Gold had settled at ₹1,47,203 in the prior session and opened at ₹1,45,110.

In international markets, COMEX gold moved in the opposite direction, declining about 1% to $4,198.80 per ounce, reflecting divergent domestic and global price dynamics.

Silver Futures Performance

MCX silver futures (July 3) were trading at ₹2,35,324 per kg, up ₹2,139 or 0.92% from the previous close of ₹2,33,185. The white metal hit an intraday high of ₹2,37,106 — up 1.68% or ₹3,921 — and a session low of ₹2,34,296, higher by 0.47% or ₹1,111. Silver had opened the session at ₹2,37,088 per kg.

On COMEX, however, silver was trading nearly 1% lower at $65.63 per ounce, underscoring the domestic-international divergence seen across precious metals on the day.

What Analysts Are Saying

According to commodity market experts, gold prices recovered primarily on progress in US-Iran peace talks, though gains remained capped as the US dollar continued to trade near a 13-month high. Analysts noted that MCX Gold maintains a moderately bearish structure, with support seen in the ₹1,44,250–₹1,42,800 range and resistance placed at ₹1,49,750 and ₹1,51,100.

For silver, experts noted the metal remains under pressure despite a volatile start to the week. Key support is seen around ₹2,31,400–₹2,28,150, while resistance is placed in the ₹2,41,000–₹2,44,900 range. The gold-silver ratio, currently hovering around 63.6:1, indicates that silver continues to underperform gold in the prevailing market environment.

Crude Oil Decline and Its Impact

The broader commodity backdrop was shaped by a significant drop in energy prices. International benchmark Brent crude fell more than 2% to trade around $79 per barrel, while US West Texas Intermediate (WTI) crude declined 3% to approximately $75 per barrel. Lower crude prices typically ease inflation expectations, reducing the urgency for aggressive monetary tightening and providing indirect support to precious metals.

With geopolitical developments and dollar strength both in play, market participants will be closely watching the trajectory of US-Iran negotiations and upcoming US Federal Reserve signals for the next directional cue in gold and silver.