Gold and silver prices climbed in the domestic futures market on Monday, June 22, as investors responded to emerging reports of progress in peace negotiations between the United States and Iran.
The rally on the Multi Commodity Exchange (MCX) was largely attributed to value buying, with traders positioning for a potential de-escalation of geopolitical risks that have weighed on global markets.
9% to $4,197.41 per ounce, reversing a slide that had pushed the metal to its lowest level since June 11.
The move in precious metals follows a volatile period for the sector.
Spot gold had previously recovered on Monday, climbing 0.9% to $4,197.41 per ounce, reversing a slide that had pushed the metal to its lowest level since June 11.
That earlier rebound coincided with a pullback in crude oil prices, as markets began to price in a reduced likelihood of supply disruptions in the Strait of Hormuz.
Analysts note that the renewed optimism stems from speculation that the U.S. and Iran could be nearing a deal to end tensions.