The recent ceasefire between Iran and Israel has brought much-needed stability to West Asia—and its impact is now visible in the global bullion market. Following the easing of geopolitical tensions, gold and silver prices have seen a sharp decline both in the spot market and on commodity exchanges.
During the height of the Iran-Israel conflict, precious metals saw a surge in prices as investors turned to gold and silver as safe-haven assets. However, with the announcement of a truce, prices are now correcting downward.
In Mumbai, the current market rates are as follows:
22-carat gold (10 grams): ₹91,550
24-carat gold (10 grams): ₹99,870
Silver (per kg): ₹1,900
On the Multi Commodity Exchange (MCX), the correction has been significant:
Gold futures, which had previously crossed ₹1 lakh, have now dropped to ₹98,163
Silver futures are currently trading at ₹1,05,962
Market experts believe that the cooling of war-related fears has reduced speculative buying, leading to this fall in precious metal prices. “Geopolitical risks had inflated prices beyond expected levels. Now that stability is returning, we are seeing natural corrections in the market,” a commodities analyst explained.
While this dip offers relief to retail buyers and jewellers, traders caution that the global market remains volatile, and any resurgence of geopolitical tension could again reverse the current trend. For now, however, the Iran-Israel ceasefire has brought temporary calm to the bullion trade, easing pressure on consumers and traders alike.