Gold and silver prices snapped their three-day winning streak on Tuesday, opening lower on the Multi Commodity Exchange (MCX). The market pulled back marginally as investors sought further clarity following the announcement of a preliminary peace agreement between the United States and Iran.

MCX Gold Futures (August 2026): Traded down 0.08% at Rs 1,52,789 per 10 grams MCX Silver Futures (July 2026): Dropped 0.73% to trade at Rs 2,49,623 per kg, breaking its recent gaining streak.

U.S. President Donald Trump said on Monday a preliminary agreement to end the war in the Gulf has been signed by the U.S. and Iran, though details have yet to be made public and both countries said a permanent truce is yet to be negotiated.

Following a U.S.-Iran peace deal, traders have lowered the chances of a December U.S. rate hike to 57%, down from 70% last week.Ahead of the Bank of Japan’s interest rate decision, the U.S. dollar held near 10-day lows. Investors are also focused on Wednesday’s Federal Reserve policy meeting—the first under new Chair Kevin Warsh—where interest rates are expected to stay unchanged.

While global gold prices remain steady near recent highs, analysts expect domestic prices to fluctuate due to shifting oil prices, the dollar index, and upcoming Fed signals. Meanwhile, investors remain cautious as details of Friday’s peace agreement are limited, leaving it unclear how quickly shipping routes and commodity exports will return to normal.