New Delhi, Jun 22: Silver prices witnessed a sharp rally on the Multi Commodity Exchange (MCX) on Monday, rising by more than ₹4,500 per kilogram, as renewed diplomatic engagement between the United States and Iran lifted market sentiment.
The MCX July silver futures contract climbed 1.94% (₹4,525) to ₹2,37,710 per kilogram by late morning trading. Meanwhile, MCX July gold futures also gained 0.72% (₹1,039) to reach ₹1,46,260 per 10 grams.
The rise in precious metal prices follows positive developments in the ongoing peace negotiations between the US and Iran. The two countries concluded the first round of high-level discussions in Burgenstock, Switzerland, under the Islamabad Memorandum of Understanding (MoU). Mediators Qatar and Pakistan announced the formation of a High-Level Committee to oversee future rounds of technical negotiations.
In a joint statement, the mediators described the talks as “positive and constructive,” expressing optimism over continued diplomatic progress.
The market movement also comes shortly after US President Donald Trump issued a warning on Truth Social, urging Iran to immediately restrain its allied groups in Lebanon, while cautioning that failure to do so could trigger stronger US military action.
Investors are closely monitoring geopolitical developments, as any further progress in negotiations could continue to influence global commodity and precious metal markets.
