Precious metals surged in early Monday trading, driven by a weakening US dollar, tumbling crude oil prices, and shifting geopolitical narratives surrounding US-Iran peace negotiations. While silver led the rally with a substantial ~4% intraday gain globally, gold rebounded over 1%, recovering from previous minor losses. Markets are balanced between optimism over relaxed energy inflation and structural caution regarding the Federal Reserve’s interest rate trajectory.

Early trading on the domestic and international exchanges reflects a strong, broad-based rally across precious metals. On the Multi Commodity Exchange (MCX), domestic gold futures for June 2026 delivery climbed by Rs. 821 to reach Rs. 1,59,500 per 10 grams, while July 2026 silver contracts posted a substantial gains of 1.8%, spiking by Rs. 5,042 to settle at Rs. 2,76,888 per kilogram. In the Indian retail spot market, 22K gold is holding at Rs. 14,625 per gram, with spot silver trading at Rs. 2,850 per 10 grams and platinum priced at Rs. 60,120 per 10 grams. This domestic momentum tracks sharp upward moves in global markets, where international spot gold advanced 1.1% to $4,560.09 per ounce, spot silver rallied 3.1% to $77.81 per ounce, and spot platinum gained 2.1% to sit at $1,963.30 per ounce.

Gold: Expected to trade largely sideways/range-bound this week. It lacks an aggressive directional trigger as traders await concrete resolution on the US-Iran nuclear stand-off.Silver: Projected to maintain a stronger, positive undertone relative to gold, buoyed by industrial demand and lingering macroeconomic volatility.