Gold prices on the Multi Commodity Exchange (MCX) slipped to Rs 1,40,000 per 10 grams on Tuesday, June 30, 2026, as traders turned cautious ahead of the upcoming US-Iran nuclear negotiations. Silver also witnessed a decline, falling by nearly 1% to Rs 85,000 per kilogram.
Market Reaction to Geopolitical Developments
The decline in precious metals came amid reports that the United States and Iran are set to resume talks over the nuclear deal, which could potentially reduce geopolitical tensions and dampen demand for safe-haven assets. According to market analysts, the prospect of a diplomatic resolution has shifted investor focus toward riskier assets, putting pressure on gold and silver.
On the MCX, gold futures for August delivery were trading at Rs 1,40,000 per 10 grams, down Rs 1,200 from the previous close. Silver contracts for September delivery fell by Rs 850 to Rs 85,000 per kg.
City-Wise Gold and Silver Rates
Gold Rates in Major Cities (per 10 grams, 24K)
- Mumbai: Rs 1,40,200
- Delhi: Rs 1,40,500
- Chennai: Rs 1,41,000
- Kolkata: Rs 1,40,300
- Bengaluru: Rs 1,40,400
- Hyderabad: Rs 1,40,600
- Ahmedabad: Rs 1,40,350
- Jaipur: Rs 1,40,450
Silver Rates in Major Cities (per kg)
- Mumbai: Rs 85,200
- Delhi: Rs 85,500
- Chennai: Rs 85,800
- Kolkata: Rs 85,300
- Bengaluru: Rs 85,400
- Hyderabad: Rs 85,600
- Ahmedabad: Rs 85,350
- Jaipur: Rs 85,450
Impact of US-Iran Talks on Commodity Markets
The US-Iran talks, scheduled to take place in Vienna later this week, are expected to address the revival of the Joint Comprehensive Plan of Action (JCPOA). A successful agreement could lead to increased oil supply from Iran, potentially lowering crude prices, which in turn affects gold as an inflation hedge. Analysts note that any positive outcome from the negotiations could further weaken gold's appeal.
“The market is pricing in a possible détente between the US and Iran, which is reducing the risk premium in gold. If the talks progress smoothly, we could see gold testing support levels around Rs 1,38,000,” said a senior commodity analyst at Motilal Oswal Financial Services.
Outlook for Precious Metals
Despite the current dip, some experts believe that gold may find support from central bank buying and persistent inflationary pressures globally. The US Federal Reserve’s monetary policy stance will also be a key driver. Meanwhile, silver, often used in industrial applications, could benefit from a recovery in manufacturing activity.
Investors are advised to monitor the developments in the US-Iran dialogue and the upcoming US economic data releases for further cues on price direction.
