Gold rate today: Gold and silver prices in India opened sharply higher on the Multi Commodity Exchange (MCX) on Monday, following a rally in global bullion prices, after US and Iran reached an initial agreement to end their war, pushing oil prices lower and easing concerns about inflation and higher interest rates.
MCX gold rate for August futures contracts opened higher by ₹3,301, or 2.19%, at ₹1,53,829 per 10 grams as against its previous close of ₹1,50,528 level. MCX silver price for July futures contracts opened higher by ₹5,377, or 2.18%, at ₹2,51,563 per kg as compared to its previous close of ₹2,46,18 level.
In the international market, gold prices jumped over 2% as the dollar sank after the announcement of the US-Iran peace deal.
Spot gold price rallied 2.5% to $4,322.87 per ounce, extending gains for a third straight session, while US gold futures for August delivery surged 2.5% to $4,344.80. Spot silver price gained 3.6% to $70.39 per ounce
US and Iranian officials said they had agreed on a framework to end their war in the Middle East, halt the US blockade of Iran and reopen the Strait of Hormuz.
The pact will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a post on X.
(More to come)