MCX Gold Price 04 June: Gold Crosses ₹1.59 Lakh Per 10 Grams, Silver Rallies on US-Iran Peace Hopes

MCX Gold Price remained in sharp focus on June 04 after gold futures traded above ₹1.59 lakh per 10 grams, supported by a weaker US dollar, softer crude oil prices, and renewed optimism surrounding a potential US-Iran peace agreement. The rally came as investors increased exposure to precious metals ahead of key US economic data and Federal Reserve commentary. Global bullion markets also strengthened, helping domestic prices remain near record levels. 

MCX Gold Price Trades Above ₹1.59 Lakh Mark

Gold futures on the Multi Commodity Exchange continued to hold above the crucial ₹1,59,000 level per 10 grams, extending gains seen over recent sessions. The move reflects continued investor demand for safe-haven assets despite easing geopolitical tensions in the Middle East. Market participants are balancing hopes of peace with uncertainty around future US interest rate decisions.

What is supporting gold prices today?

Gold received support from a weaker US dollar, which makes bullion cheaper for overseas buyers. At the same time, falling oil prices reduced inflation concerns, improving the outlook for precious metals. Reuters reported that international gold prices rose to around $4,461 per ounce, while US gold futures climbed to approximately $4,488 per ounce during Thursday’s session. 

MCX Gold Price and Silver Rally: Why Are Investors Watching US-Iran Talks?

Silver outperformed gold during the session as optimism over a possible US-Iran peace breakthrough improved overall commodity sentiment. Reduced geopolitical risk pushed crude oil prices lower, encouraging buying across metals.

Silver prices on MCX moved higher toward the ₹2.66 lakh to ₹2.68 lakh per kilogram range, supported by both investment demand and industrial consumption expectations. Analysts believe that any further progress in diplomatic negotiations could keep volatility elevated across bullion markets. 

How does a US-Iran peace deal affect gold and silver?

A potential peace agreement may reduce energy market disruptions and ease inflation fears. Lower inflation expectations often influence Federal Reserve policy outlooks and currency movements. While gold traditionally benefits from uncertainty, current market action shows that lower oil prices and a weaker dollar are providing stronger support to bullion prices. 

Key Levels Investors Should Track in MCX Gold Price

• According to commodity market analysts, MCX gold faces immediate resistance between ₹1,59,500 and ₹1,59,700 per 10 grams.
• Support for gold is seen around ₹1,59,000 to ₹1,58,700 per 10 grams.
• For silver, resistance is placed between ₹2,68,000 and ₹2,69,000 per kilogram.
• Silver support remains near ₹2,65,000 to ₹2,63,000 per kilogram.

Market experts quoted across financial media outlets, including Live Mint coverage, suggest traders should closely monitor US employment data and Federal Reserve remarks for the next major move in bullion prices.

Market Strategy Review: What Comes Next for MCX Gold Price?

The current trend suggests that the MCX Gold Price is being driven by a combination of global macroeconomic factors and geopolitical developments. Gold has managed to stay above ₹1.59 lakh per 10 grams, showing strong investor confidence despite changing Middle East headlines. Meanwhile, silver continues to attract fresh buying interest as industrial demand expectations remain healthy.

Investors should watch three major triggers: US nonfarm payroll data, Federal Reserve policy signals, and developments in US-Iran negotiations. A softer dollar and stable crude oil prices could keep gold supported in the near term. However, any surprise shift in interest rate expectations may increase volatility.

For long-term investors, gold remains an important hedge against uncertainty, while silver offers additional exposure to industrial growth trends. As long as bullion prices remain above key support zones, analysts expect buying interest to continue across both metals. 

Disclaimer

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.