Gold, Silver prices rise after announcement of US-Iran peace deal

New Delhi, June 15: Prices of Gold and silver in India opened sharply higher today on the Multi-Commodity Exchange (MCX), after the US and Iran announced an initial agreement to end their war which resulted in drop in international crude oil prices.

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

Gold prices have fallen about 20% since the start of the US-Iran war in late February.

Meanwhile, the US dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders.

Investors now await the US Fed policy decision and remarks, the first under Chair Kevin Warsh, on Wednesday, with rates widely expected to remain unchanged. (BVI)