Gold, silver surge up to 1.49% on MCX amid US-Iran deal uncertainty
Synopsis
Gold and silver are surging on the MCX — with silver up nearly 1.5% — as a weakening dollar, Brent crude topping $102, and unresolved US-Iran nuclear talks combine to drive one of the sharpest single-session precious metals rallies in recent weeks. The Strait of Hormuz remains the key geopolitical flashpoint to watch.
Key Takeaways
MCX gold futures (June 5) hit an intraday high of ₹1,52,887 , up 0.49% or ₹755 , on 7 May .
MCX silver futures (July 3) surged 1.49% or ₹3,790 to trade at ₹2,57,055 .
COMEX gold gained 0.21% to $4,703/oz ; COMEX silver rose 1.12% to $78.17/oz .
The dollar index is trading below the 98 mark , boosting dollar-denominated commodity appeal.
Brent crude crossed $102.50/barrel (+1.21%); WTI rose to $96.48/barrel (+1.47%).
US-Iran talks continue, with Washington reportedly seeking a halt to Iran's nuclear programme and reopening of the Strait of Hormuz .
Gold and silver prices traded sharply higher on the Multi Commodity Exchange (MCX) on Thursday, 7 May, rising by up to 1.49 per cent as a weakening dollar index, rising crude oil prices, and uncertainty over ongoing US-Iran negotiations fuelled safe-haven demand for precious metals.
Gold and Silver Prices on MCX
Gold futures (June 5) on the MCX touched an intraday high of ₹1,52,887, up 0.49 per cent or ₹755, as of 10:49 am IST. The yellow metal recorded an intraday low of ₹1,52,400 during the session.
Silver futures (July 3) outperformed, surging 1.49 per cent or ₹3,790 to trade at ₹2,57,055. The white metal opened the session at ₹2,54,998, up 0.68 per cent or ₹1,733, and touched an intraday low of ₹2,54,722.
International Markets Also in the Green
The bullish momentum was mirrored in global markets. COMEX gold gained 0.21 per cent to trade at $4,703 per ounce, while COMEX silver rose 1.12 per cent to $78.17 per ounce. Commodity market experts noted that the near-term outlook for precious metals remains positive, supported by improving sentiment and sustained safe-haven demand driven by geopolitical tensions.
Dollar Weakness and Crude Oil Surge Add Fuel
A key driver behind the metals rally is the weakness in the dollar index, which is currently trading below the 98 mark — a level that typically makes dollar-denominated commodities more attractive to international buyers. Simultaneously, rising crude oil prices are amplifying inflationary concerns, further boosting the appeal of gold and silver as hedges.
The international oil benchmark Brent crude traded at $102.50 per barrel, up 1.21 per cent, while US West Texas Intermediate (WTI) rose 1.47 per cent to $96.48 per barrel. Notably, Brent crude crossing the $100 threshold adds a fresh layer of macroeconomic stress that historically correlates with stronger precious metal prices.
US-Iran Tensions Remain the Central Wildcard
Geopolitical uncertainty continues to underpin the rally. The United States and Iran are reportedly engaged in ongoing talks aimed at resolving the conflict, with Washington reportedly asking Tehran to halt its nuclear programme and reopen the Strait of Hormuz — a critical chokepoint for global oil shipments.
The Iranian Foreign Ministry has indicated that Tehran would respond to the US proposal. US President Donald Trump said he believes Iran wants a deal, though no formal agreement has been reached. The outcome of these negotiations is expected to have significant implications for both oil supply and precious metal prices in the sessions ahead.
Outlook for Precious Metals
According to commodity market experts, the near-term trajectory for gold and silver remains tilted to the upside, barring a sharp reversal in dollar strength or a breakthrough in US-Iran diplomacy that eases geopolitical risk premiums. With crude oil elevated and global uncertainty persisting, precious metals are likely to remain in focus for investors seeking safe-haven assets in the near term.
Point of View
Silver, and crude oil is a textbook geopolitical risk-premium trade — but the scale of COMEX gold at $4,703 per ounce deserves scrutiny. That level reflects not just US-Iran anxiety but a broader erosion of confidence in dollar-denominated assets, underscored by the index slipping below 98. The Strait of Hormuz angle is the most underreported risk here: if negotiations collapse and Iran restricts the waterway, the oil shock would be immediate and the flight to precious metals even sharper. Markets appear to be pricing in partial resolution — any disappointment could accelerate this rally further.
NationPress
10 May 2026
Frequently Asked Questions
Why are gold and silver prices rising today on MCX?
Gold and silver prices are rising on 7 May due to a combination of a weakening dollar index (below 98), rising crude oil prices, and geopolitical uncertainty surrounding US-Iran nuclear deal negotiations. Safe-haven demand is driving investors toward precious metals.
What are the current MCX gold and silver prices today?
As of 10:49 am IST on 7 May, MCX gold futures (June 5) were trading at an intraday high of ₹1,52,887, up 0.49%, while MCX silver futures (July 3) surged to ₹2,57,055, up 1.49%.
How are US-Iran talks affecting gold prices?
Ongoing US-Iran negotiations, with Washington reportedly asking Tehran to halt its nuclear programme and reopen the Strait of Hormuz, are keeping geopolitical uncertainty elevated. This uncertainty is supporting safe-haven demand for gold and silver globally.
What is the impact of crude oil prices on gold and silver?
Rising crude oil prices — with Brent at $102.50/barrel and WTI at $96.48/barrel — are amplifying inflationary concerns, which historically boost demand for gold and silver as inflation hedges. The two asset classes often move in tandem during periods of geopolitical stress.
What is the near-term outlook for gold and silver prices?
Commodity market experts say the near-term outlook for precious metals remains positive, supported by continued safe-haven demand, dollar weakness, and geopolitical tensions. A breakthrough in US-Iran talks or a sharp dollar recovery could temper the rally.
