Bullion On Bull Run: XAU/USD vs. XAG/USD! Why Are Spot Gold & Spot Silver Prices Rallying? Outlook Ahead

The bullion is on a bull run after recording three consecutive weekly declines. After trading above $4,500 and then shattering around $4,000, spot gold (XAU/USD) was pulled up by nearly 3% to trade around $4,300 per ounce on Monday. On the other hand, spot silver or XAG/USD, outperformed gold with over 4% gains. Silver reclaimed above the $70 per ounce mark after falling to almost $60 last week. That being said, gold and silver have recorded one of their best single-day buy-ins in June 2026 and the reason is the US-Iran peace agreement.

Spot Gold Price Today:

XAU/USD or Spot Gold futures skyrocketed by $107.02 or 2.54% to trade above $4,325 per ounce. The bullion is currently near its intraday high of $4,335.53 per ounce. This strong rally comes after three consecutive weeks of decline.

Despite the latest gains, spot gold is still down by 5.3% for its month-on-month performance.

Spot Silver Price Today:

XAG/USD or Spot Silver Futures soared by more than 4% to hit an intraday high of $70.8135 per ounce. At the time of writing, spot silver zoomed by 3.50% to trade around $70.40 per ounce. Despite the latest gains, spot silver is still down by nearly 9.5% on month-on-month performance.

With this, silver has halted its three-straight weekly losing streak.

Why Spot Gold & Silver Prices Rallied Today?

Gold and silver gained momentum due to peace agreement between US and Iran, which was much-awaited boost for safe haven assets that has been under pressure broadly in June due to surge in dollar, crude oil prices and treasury yields.

As per Trading Economics, The US and Iran reached a peace agreement that would reopen the Strait of Hormuz. Oil prices declined to a two-month low following the announcement, easing concerns over rising inflation and the prospect of interest rate hikes that have weighed on bullion. The agreement is set to be signed in Switzerland on June 19 and reportedly includes the lifting of blockades, sanctions relief for Iran, and the dismantling of Tehran's nuclear program. Meanwhile, the US Federal Reserve will hold its first policy meeting this week under new chair Kevin Warsh and is widely expected to keep interest rates unchanged. The Reserve Bank of Australia is also expected to leave policy steady, while the Bank of Japan is likely to raise rates in support of its currency.

Gold Rates & Silver Rates Prediction:

As per Ponmudi R, CEO of Enrich Money, here's how spot gold and spot silver will perform ahead.

Spot Gold Outlook:

COMEX Gold opened with a gap up and is currently facing $4,350 resistance level, with easing geopolitical tensions providing support to prices. A sustained move above the $4,350-$4,380 resistance zone could strengthen momentum further and extend the rally toward the $4,450 mark and higher.

On the downside, immediate support is now placed at $4,300-$4,280, and a decisive break below this zone could lead to gap-filling pressure and drag prices toward the $4,240-$4,200 support area, where buying interest is likely to emerge. Overall, the near-term outlook remains positive, with prices needing to sustain above the $4,350 level to maintain the current upward momentum.

Spot Silver Outlook

COMEX Silver opened with a gap up and is currently holding above the $70 mark, reflecting positive price action supported by easing geopolitical tensions. Immediate resistance is placed at the $72-$73 zone, and a sustained move above this range could extend the rally toward the $75-$76 area. On the downside, a break below the $70-$69 support band could drag prices back toward the $67-$66 support zone.

Overall, the near-term outlook remains positive, supported by easing geopolitical tensions and improving market sentiment. However, prices need to sustain above the key $70 mark, while a break below the immediate support band could weaken the current recovery and trigger corrective pressure.

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