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Gold, Silver Prices Hinged on US-Iran Talks
21 Jun
Summary
- US-Iran negotiations and oil prices will steer gold and silver.
- Federal Reserve commentary offers clues on interest rates.
- Gold fell 2.2%, silver down 5.3% last week domestically.
Geopolitical developments, particularly US-Iran negotiations, and the flow of oil, LNG, and raw materials from the Strait of Hormuz are expected to dictate gold and silver prices in the upcoming week. Discussions in Switzerland, led by US Vice President J D Vance, aim to build on a recent framework agreement concerning hostilities and nuclear negotiations.
Federal Reserve officials' statements will also be scrutinized for insights into future interest-rate paths and their effect on bullion. Precious metals concluded the previous week on a downward trend. Domestically, gold futures dropped 2.2% to Rs 1.47 lakh per 10 grams, and silver slumped 5.3% to Rs 2.33 lakh per kilogram.
Globally, Comex gold futures saw a marginal rise, closing at $4,245.9 per ounce, while silver fell 2.03% to $66.32 per ounce. A stronger US dollar and concerns about the Russia-Ukraine conflict, alongside West Asia developments, are influencing investor focus. Investors will also monitor economic data releases from major economies and the People's Bank of China's policy decision.
