Big Rally In Gold Rate Today India After US-Iran Peace Deal: Check 24K, 22K, 18K Gold & Silver Prices, June 15

The gold rate today in India continued its rally on June 15, with 24K gold prices surging by Rs. 2,400 per 10 grams and hitting the Rs. 1.5 lakh mark.

The latest jump in the gold rate today is because of the big developments in the Middle East. As per the latest update, the United States and Iran have reached a peace agreement that could lead to the reopening of the Strait of Hormuz. The agreement is expected to be formally signed in Switzerland on June 19 and includes sanctions relief for Iran.

After the announcement, global crude oil prices dropped to their lowest levels in nearly two months.

The next major trigger for gold prices will be from the upcoming US Federal Reserve policy meeting, the first under new Chair Kevin Warsh. The Fed is expected to keep interest rates unchanged; however, the market is cautious ahead of the decision, which will be announced later this week.

Gold Rate In India Today, June 15

24 karat gold rate today: Pure gold with 999 purity is retailing at Rs. 15,153 per gram post the rise of Rs. 245, while 10 grams of 24 gold rate spiked by Rs. 2450 and is now available at Rs. 1,51,530. Meanwhile, the 100g of 24 gold zoomed by Rs. 24,500 to cost Rs. 15,15,300.

22 Karat Gold Rate Today: Standard gold with 916 purity also surged today by Rs. 225 per gram to cost Rs. 13,890. While the 10 gram of 22k yellow metal jumped by Rs. 2,250 to cost Rs. 1,38,900. Similarly, the 100 gram variant cost Rs. 13,89,000 after rising by Rs. 22,250.

18 Karat Gold Rate Today: The smaller variant of gold, or the 750 purity, cost Rs.11,365 per gram, Rs. 1,13,650 per 10 grams and 11,36,500 per 100 grams after rising by Rs. 184, Rs. 1840, & Rs. 18,400, respectively.

Silver Rate In India Today

Just like gold prices, the silver rate in India extended its rally on Monday morning. The white metal surged by Rs. 5,000 per kg, taking the silver price today to Rs. 2,65,000 per kg. Meanwhile, the price of 100 grams of silver rose to Rs. 26,500.

MCX Gold & Silver Futures

Gold and silver futures on the Multi Commodity Exchange (MCX) began the session with a strong rally on Monday, aligned with the gains in the spot market.

At the time of writing, the August 5 gold futures contract climbed Rs. 2,653, or 1.76%, to trade at Rs. 1,53,181 per 10 grams. Meanwhile, the July silver futures contract surged Rs. 6,427, or 2.61%, to Rs. 2,52,613 per kg.

Spot Gold & Spot Silver Prices

Spot gold prices surged above the $4,300 per ounce level on June 15 after the reports of a US-Iran peace agreement. At the time of writing, spot gold was trading at $4,331.98 per ounce, up $109.98.

As per data from Trading Economics, "Gold prices climbed after the US and Iran reached an agreement that could lead to the reopening of the Strait of Hormuz, a critical route for global oil shipments. The development triggered a sharp decline in crude oil prices, which fell to a two-month low."

According to ICICI Direct Commodity Outlook, "Spot Gold is likely to hold the support near $4240 level and rise towards $4380 level on weak dollar and softening of US treasury yields. Further, prices may rally as US and Iran agreed on a framework to end war, halt US blockade of Iranian ports and reopen Strait of Hormuz; easing fears about persistent inflation and potential rate hike by US Federal Reserve."

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