Gold, silver surge up to 2% on MCX as US-Iran peace talks lift sentiment
Synopsis
Bullion staged a sharp intraday recovery on 12 June after weeks of pressure, with COMEX gold topping $4,203 and MCX silver hitting a 2.15% intraday gain — all on the back of a single Trump remark about a US-Iran deal. With Iranian officials still pushing back and the Fed rate outlook unchanged, this rally is built on diplomatic optimism that has not yet been confirmed.
Key Takeaways
MCX gold (August) hit an intraday high of ₹1,50,600 , up 1.11 per cent , on 12 June .
MCX silver (July) surged to an intraday high of ₹2,44,817 , gaining 2.15 per cent during the session.
The rally was triggered by US President Donald Trump's remarks suggesting a US-Iran peace deal could come as early as this weekend.
Iranian officials denied a final agreement had been reached, keeping gains in check.
COMEX gold rose over 2 per cent to $4,203.70 per ounce ; COMEX silver climbed more than 4 per cent to $66.94 .
Brent crude fell 1.59 per cent to $88.94 and WTI dropped roughly 3 per cent to $85 per barrel on easing supply fears.
Gold and silver prices climbed sharply on the Multi Commodity Exchange (MCX) on Friday, 12 June, with precious metals gaining as much as 2 per cent intraday as hopes of a diplomatic breakthrough in the West Asia conflict lifted broader market sentiment. The rally came after US President Donald Trump signalled that a peace agreement between the US and Iran could be finalised as early as this weekend.
MCX Price Movement
Gold futures (August) on MCX surged as much as 1.11 per cent, or ₹1,668, to an intraday high of ₹1,50,600 around 11:30 am IST. The yellow metal was subsequently trading at ₹1,49,916, up 0.66 per cent or ₹948, after touching an intraday low of ₹1,49,569.
Silver futures (July) traded at ₹2,42,143, higher by ₹2,490 or 1 per cent. The white metal hit an intraday high of ₹2,44,817, a jump of 2.15 per cent during the session, while its intraday low stood at ₹2,41,601, up 0.81 per cent or ₹1,948 from the previous close. Both metals opened the session at ₹1,50,595 (gold) and ₹2,42,776 (silver).
What Triggered the Rebound
Commodity market analysts noted that bullion had been under pressure overall, heading into a second consecutive weekly decline, weighed by persistent inflation concerns and growing expectations of a US Federal Reserve rate hike. The rebound was driven by Trump's remarks suggesting a potential US-Iran deal could arrive within days.
However, gains remained capped, according to analysts, as Iranian officials denied that any final agreement had been reached, keeping uncertainty around the negotiations alive. This comes amid a broader pattern of bullion reacting sharply to West Asia geopolitical signals — the metals had previously slid to six-month lows before Friday's recovery.
Crude Oil and Global Markets
Optimism over a potential diplomatic resolution eased concerns about global energy supply disruptions, triggering a sharp decline in crude oil prices. US West Texas Intermediate (WTI) crude fell roughly 3 per cent to $85 per barrel, while international benchmark Brent crude declined 1.59 per cent to $88.94 per barrel. The easing of energy-supply anxiety also improved broader risk appetite in global markets.
International Benchmark Prices
On international exchanges, COMEX silver traded at $66.94, rising more than 4 per cent, while COMEX gold climbed over 2 per cent to $4,203.70 per ounce — outpacing the domestic MCX gains, reflecting the sharp move in global spot markets.
What to Watch Next
Market participants will closely track developments in US-Iran negotiations and upcoming commentary from the Federal Reserve for the next directional cue in precious metal prices. A confirmed peace deal could further ease safe-haven demand, while a breakdown in talks may push gold back toward recent lows.
Point of View
Fast, and fragile. The fact that Iranian officials immediately pushed back on Trump's 'deal this weekend' claim means the rally's foundation is a single unverified statement, not a signed agreement. Bullion was already sliding toward six-month lows on Fed rate-hike expectations, and those fundamentals have not changed. If the US-Iran talks stall, gold and silver could give back these gains quickly. The more telling signal is COMEX silver's 4-per-cent move — industrial demand expectations embedded in silver suggest markets are also pricing in a broader risk-on shift, which may be premature given persistent inflation data.
NationPress
9 Aug 2026
Frequently Asked Questions
Why did gold and silver prices rise on 12 June 2025?
Gold and silver prices rose on 12 June 2025 after US President Donald Trump indicated that the US and Iran could reach a peace agreement as early as the weekend, easing West Asia conflict concerns and improving global risk appetite. MCX gold gained up to 1.11 per cent and silver surged up to 2.15 per cent intraday.
What are the current MCX gold and silver prices today?
On 12 June, MCX gold (August futures) was trading around ₹1,49,916, up 0.66 per cent, after hitting an intraday high of ₹1,50,600. MCX silver (July futures) was at ₹2,42,143, up 1 per cent, with an intraday high of ₹2,44,817.
How did international gold and silver prices move?
COMEX gold rose over 2 per cent to $4,203.70 per ounce, while COMEX silver climbed more than 4 per cent to $66.94, outpacing the domestic MCX gains on the back of the US-Iran peace optimism.
Why were gold and silver under pressure before Friday's rebound?
According to commodity market experts, bullion was headed for a second consecutive weekly decline due to persistent inflation concerns and growing expectations of a US Federal Reserve rate hike, which had pushed prices to six-month lows before Friday's recovery.
What should investors watch for next in gold and silver prices?
Market participants are tracking developments in US-Iran negotiations and upcoming Federal Reserve commentary. A confirmed peace deal could reduce safe-haven demand and cap gains, while a breakdown in talks or a hawkish Fed signal could push prices lower again.
