Gold and silver prices experienced an increase on Monday, June 22, 2026, as crude oil prices softened and progress was reported in the US-Iran peace talks. This geopolitical development eased market anxieties, providing a supportive environment for precious metals.
On the Multi Commodity Exchange (MCX), gold futures for August delivery rose by 0.42%, trading at Rs 1,47,818 per 10 grams. Silver futures for July delivery also saw gains, trading up 0.92% at Rs 2,35,324 per kilogram. These movements reflect a broader trend where declining oil prices often correlate with a stronger performance in gold and silver, as investors seek alternative safe-haven assets.
In international markets, COMEX gold saw a slight decline of about 1% to $4,198.80 per ounce, while COMEX silver traded nearly 1% lower at $65.63 per ounce. Despite these international movements, domestic markets on MCX showed upward momentum. Commodity market experts suggest that while gold prices are recovering due to peace talk progress, gains are somewhat capped by a strong US dollar. Analysts indicate that MCX Gold is currently in a moderately bearish structure, with key support levels identified. Silver, meanwhile, remains under pressure despite a volatile start to the week, with identified support and resistance levels. The gold-silver ratio, currently around 63.6:1, suggests silver is underperforming gold in the current market.
Energy markets saw Brent crude fall over 2% to around $79 per barrel, and US West Texas Intermediate (WTI) crude decline 3% to approximately $75 per barrel. This drop in oil prices is attributed to the easing geopolitical tensions and a potential peace deal between the US and Iran. Investors will be closely watching upcoming US economic data, including the PCE price index, for further market direction.
