National News
MCX Gold, Silver Rise On US-Iran Diplomatic Breakthrough
Spot Gold and Silver Markets Have Displayed Notable Volatility. Investors Remain Cautious, Awaiting Concrete Evidence That The Proposed Peace Deal Will Hold
The domestic commodities market experienced a sharp divergence on June 12, 2026, as precious metals rallied while energy markets retraced. Driven by optimism surrounding potential diplomatic breakthroughs, MCX gold rebounded by nearly 1%, successfully reclaiming the crucial Rs. 1.50 lakh per 10-gram threshold. Silver displayed even stronger momentum, outperforming gold with a jump of over 1.3% to trade around the Rs. 2.43 lakh per kg mark. In stark contrast to the surging metals, global crude oil prices fell by approximately 2% as easing geopolitical tensions cooled supply fears, dragging Brent crude below $89 per barrel and West Texas Intermediate (WTI) under the $87 mark.
The sudden market optimism is being attributed to three primary factors:
- Diplomatic Hopes: US President Donald Trump signaled that a peace agreement with Iran could be finalized as early as this weekend. While Iranian officials have maintained that nothing is officially finalized, the potential for a ceasefire has significantly eased geopolitical risk premiums.
- Inflation and Economic Policy: The European Central Bank (ECB) initiated its first-interest rate hike since 2023, accompanied by upward revisions to inflation forecasts for 2026 and 2027. This, combined with US producer price data showing a 6.5% year-on-year increase in May, has kept investors focused on the balance between inflationary pressure and central bank responses.
- Market Volatility: Despite the sharp gains on the Multi Commodity Exchange (MCX), spot gold and silver markets have displayed notable volatility. Investors remain cautious, awaiting concrete evidence that the proposed peace deal will hold, which will ultimately dictate the trajectory for precious metals in the coming sessions.
- Visit gives CG greater insights into diamond trade and import-export operations
- BDB Committee Highlights Close Ties between Diamond Industries in UAE and India
The Hon’ble Consul General of India to Dubai, Shri Vishnu Vardhan Reddy, visited the Bharat Diamond Bourse (BDB) complex on July 24, and after being shown around the complex, engaged with members of the Bourse Committee.
The visit enabled the Consul General to gather better insights into the functioning of the diamond trade and the operations within the Bourse. He also observed the smooth functioning of import-export trade in diamonds between the two countries, facilitated by the PCCCC run by Indian Customs within the complex.
The UAE is one of India’s most significant trading partners in the field of diamonds and jewellery. Bilateral trade between the two countries reached US$33.51 billion in FY2025-26.
In addition to a tour of the complex to understand the complete cycle from the import of rough diamonds to the export of polished diamonds, Shri Vishnu Vardhan Reddy also spent time interacting with Mehul Shah, Vice President, BDB, and other Committee members.
The BDB Committee highlighted the close connections between diamond companies in Mumbai and those in Dubai, as well as the regular interactions between the two centres. They thanked Shri Vishnu Vardhan Reddy for the cooperation they have always received from the Indian Embassy and expressed confidence that this visit would further streamline the movement of import-export parcels between the two countries.
Shri Vishnu Vardhan Reddy appreciated the global standards of the infrastructure and systems within the Bharat Diamond Bourse, as well as the professionalism with which the import-export trade operates. He assured the BDB Committee of the continued support of the officials at the Indian Embassy in the UAE.
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