Gold and Silver Prices Remain Steady on June 2: A Look at Current Rates in Major Indian Cities

Global Markets React to Escalating Iran War Tensions

The international precious metal markets saw a surge in prices in early June as tensions escalated following the Iran war, leading to a continued upward trend in oil prices. The escalation of the conflict has had a significant impact on global markets, with investors seeking safe-haven assets.

Spot Gold and Silver Prices Increase

The international spot gold traded 0.15 percent higher to $4,513.20 per ounce, while silver inched 0.21 percent to $75.41 per ounce over the last 24 hours in early Comex trade. These price increases reflect the growing demand for precious metals as investors seek to diversify their portfolios and hedge against potential market volatility.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Indian Gold and Silver Futures

In India, the gold futures for the June 5, 2026 contract on the Multi Commodity Exchange (MCX) closed the Monday session 0.03 percent up to Rs 1,54,300 per 10 grams. Meanwhile, the silver futures for the July contract ended 0.14 percent higher to Rs 2,66,537 per kilogram.

Market Outlook

The market is now closely watching the upcoming US Non-Farm Payrolls and unemployment data, which could be the next major trigger for gold and broader commodity markets. The release of this data is expected to provide valuable insights into the state of the global economy and may impact investor sentiment towards precious metals.

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities