Silver rebounds on progress in US-Iran talks
Silver futures rebounded by Rs 5,146 to Rs 2.38 lakh per kg on Monday, tracking firm global trends amid progress in US-Iran negotiations.
On the Multi Commodity Exchange (MCX), the white metal for July delivery increased by Rs 5,146, or 2.21 per cent, to Rs 2,38,331 per kg in a business turnover of 10,463 lots.
Similarly, the September contract also advanced by Rs 5,076, or 2.13 per cent, to Rs 2,43,817 per kg in 5,110 lots.
Analysts said silver prices rebounded following signs of diplomatic progress between Washington and Tehran, easing traders’ concerns after weeks of heightened tensions in West Asia.
“Silver prices saw a modest recovery in the domestic markets on Monday as progress in US-Iran peace talks provided some support to the precious metals market,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
In the international markets, Comex silver futures for July delivery rose nearly 3 per cent at $66.71 per ounce in New York.
“Bullion prices witnessed a recovery on progress in US-Iran peace talks, however, gains remained limited as the US dollar continued to trade near a 13-month high,” Kaveri More, Commodity Analyst, Technical Research at Choice Broking, said.
Iran’s Foreign Minister Seyed Abbas Araghchi described the first round of talks in Switzerland as showing “progress”, even as negotiations began under the shadow of renewed warnings from US President Donald Trump.
“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and a major reconstruction & development plan launched for Iran,” Araghchi said in a post on X.
Meanwhile, a joint statement from mediators said both sides had agreed to establish a “communication line” aimed at preventing incidents in the Strait of Hormuz, and to create a de-confliction arrangement involving Lebanon.
