Geopolitical Calm Spurs Precious Metals Cautious Rally as Investors Await US-Iran Deal Confirmation
Global Bullion Trends See Marginal Dip Amid Easing Tensions
Precious metals experienced a slight downturn in early trading on June 18, responding to marginally easing geopolitical tensions. International spot gold prices were noted down by 1.14 percent to $4,331.40 per ounce. Silver also edged lower by 2.66 percent, settling at $68.88 per ounce over the last 24 hours in Comex trade.The market is currently focused on the US-Iran negotiations. As long as these talks remain viable and do not collapse, the overall outlook for bullion commodities remains constructive. Any movement toward a formal agreement could reduce current geopolitical uncertainty surrounding global markets.
Domestic Gold Prices and MCX Futures Snapshot
In domestic trading, the spot gold ended its session on Tuesday (June 16) at ₹ 1,49,738 per 10 grams for 24-karat purity. Meanwhile, market sentiment holds firm in the futures segment.MCX gold futures for the August contract closed slightly higher by 0.01 percent at ₹ 1,53,899 per 10 grams. Silver futures for the July contract also showed marginal strength, trading up 0.09 percent to ₹ 2,52,046 per kilogram.
US Federal Reserve Maintains Interest Rate Steady Course
In related macroeconomic news, the US Federal Reserve decided to keep interest rates unchanged at 3.5 percent to 3.75 percent. Chairman Kevin Warsh defended this policy stance during his first press conference. Warsh emphasized that the Fed must concentrate on factual data rather than signaling its future policy trajectory.Analyst View: Gold Support Holds Near $4,280
Analysts suggest gold continues to find support at key technical levels. Jateen Trivedi, VP Research Analyst (Commodity & Currency) at LKP Securities, stated that the immediate resistance zone is situated between $4350 and $4380. A decisive move above or below this critical range will determine the next major directional shift for gold.The current market structure suggests that setbacks in international negotiations could revive safe-haven demand for gold. Conversely, positive progress toward a formal agreement would contribute to stable price action in the precious metals segment.
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