24-carat gold prices rose to ₹1,53,200 per 10 grams on Wednesday, marking a significant increase from the previous ₹1,51,540, according to Bullions website. The price of 22-carat gold also increased to ₹1,39,938 per 10 grams. Silver rates reached ₹2,52,590 per kg, up from the previous ₹2,65,100, while 100 grams of silver now cost ₹25,213. These price movements reflect the positive impact of the US-Iran interim agreement on precious metals markets. In international markets, spot gold ticked up 0.1% to $4,316.51 per ounce as of 8:00 a.m. in Singapore, while silver edged down 0.1% to $69.87 after rising 2.9% in the earlier session, as reported by Bloomberg.
Gold prices varied across major Indian cities, with Mumbai leading at ₹1,52,930 per 10 grams for 24-carat gold, followed by Kolkata at ₹1,52,720 and Delhi at ₹1,52,660. For 22-carat gold, Mumbai, Kolkata, and Delhi maintained uniform rates of ₹1,40,186 per 10 grams. The southern markets continued to record the highest figures, with Chennai leading at ₹1,53,370 per 10 grams, followed by Hyderabad at ₹1,53,170 and Bengaluru at ₹1,53,050. Silver rates remained uniform across Delhi, Kolkata, and Mumbai at ₹2,51,690 per kg, while Chennai and Hyderabad saw silver trade at approximately ₹2,52,860 and ₹2,52,530 per kg respectively. The latest data shows 100 grams of 24-carat gold fell by ₹10 and 22-carat gold per 100 grams also saw a decrease of ₹10, indicating continued volatility despite the positive price movements.
India's gold imports rose by 34% year-on-year to $3.41 billion in May, driven by high prices of the precious metal, while silver imports dipped 86.65% during the month, according to commerce ministry data. The government increased import duty on precious metals from 6% to 15% effective May 13. According to the data, silver imports dipped to $75.57 million during the month under review from $566.22 million in May 2025. The uptrend in precious metals gathered pace after Washington and Tehran announced an interim agreement to end hostilities and reopen the Strait of Hormuz, a key route for global energy supplies. This development has boosted global market confidence in precious metals and contributed to the current price rally.
US gold prices traded lower in early June 16 trade as investors await final confirmation of the US-Iran deal, with international spot trading 0.31 percent lower to $4,337.90 per ounce and silver edging 0.99 percent down to $69.48 per ounce over the last 24 hours in early Comex trade. Domestic spot gold ended the Monday (June 15) session at ₹1,50,133.00 per 10 grams of 24-karat purity. MCX gold futures for the August contract opened the session 1.61 percent higher to ₹1,52,950 per 10 grams, while silver futures for the July contract traded 0.02 percent up to ₹2,51,500 per kilogram. US and Iranian officials had announced they had agreed on a framework to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz. The pact will be officially signed on Friday in Switzerland, as confirmed by Pakistani Prime Minister Shehbaz Sharif.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, "Gold traded with a positive bias as market participants welcomed improving sentiment following progress on the US-Iran peace negotiations and confirmation of the reopening of the Strait of Hormuz. The easing of supply disruption concerns has reduced pressure on energy markets and improved overall risk sentiment, while also lowering concerns over future inflation spikes driven by crude oil." He estimates that gold is expected to trade within a range of ₹1,51,500 to ₹1,55,500 in the coming sessions, with sentiment remaining positive while diplomatic progress continues. If the proposed June 19 agreement marks a formal resolution of the geopolitical tensions between the US and Iran, inflation expectations could soften further, supporting broader market stability. The market's focus shifts to the upcoming FOMC policy meeting, where inflation projections and policy commentary will be closely watched. Since the US-Iran conflict began in late February, gold fell nearly 18%, moving primarily in an inverse relationship to crude during the war as higher energy prices heightened inflation risks.
