Gold Silver Prices Jump 1%+ on MCX Amid Iran Truce Delay

In a classic flight to safety, gold and silver prices accelerated higher on the MCX Wednesday morning, riding a wave of global unease over the US-Iran ceasefire prolongation. Both metals posted gains exceeding one percent, as traders priced in lingering Middle East risks. The June 2026 gold futures contract on MCX rose 1.01 percent, adding Rs 1,535 to quote at Rs 1,53,206 around 10:30 AM. It marked lows at Rs 1,53,052 and highs at Rs 1,53,699 in the opening hours. Silver's May 2026 contract stole the show, surging 1.74 percent or Rs 4,247 to Rs 2,48,948. The session range spanned Rs 2,48,717 to Rs 2,49,423, highlighting strong bullish momentum. Aligning with domestic moves, global benchmarks advanced: Comex gold up 1.13 percent to $4,773.21/oz and silver 1.97 percent to $77.99/oz. At the heart of the surge is the US decision to extend the Iran ceasefire deadline, details of which are scarce. President Trump's remarks on Iran's internal divisions came as Pakistan's PM Sharif and Army Chief Munir pleaded for a temporary halt to strikes, aiming to facilitate dialogue. This scenario has ratcheted up uncertainty, making gold and silver prime beneficiaries. Market observers note that such events historically favor precious metals during periods of diplomatic limbo. With no clear resolution in sight, the rally could extend, offering opportunities for investors seeking refuge from equity market tremors.