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Gold & Silver Rates Today LIVE: Precious Metals Rally! MCX Gold Reclaims Rs 1.48 Lakh, Silver Rises Rs 4,600

Gold rates and silver rates in India climbed on June 22nd, with MCX gold nearing Rs 1.48 lakh mark and MCX silver surging to above Rs 2.35 lakh mark. This came after spot gold reclaimed above $4,200 per ounce after US and Iran agreed for a final peace agreement within 60 days. Spot silver surged by 1% to trade near $65.50 per ounce.

The development helped ease market concern after both sides recently exchanged threats over the conflict in Lebanon, with Tehran claiming it had once again closed the Strait of Hormuz. However, millions of barrels of crude continued to pass through the waterway over the weekend, while Persian Gulf producers prepared to increase output, as per Trading Economics data.

Also, the data added, investors also looked ahead to this week's release of the US PCE price index, the Federal Reserve's preferred measure of inflation. Last week, the Fed left interest rates unchanged but maintained a more hawkish stance. Nine of the Fed's 19 policymakers now project at least one rate increase this year, with markets increasingly betting on a hike as early as September.

On the other hand, crude oil prices plunged by 2% to 2.5% with US WTI Crude Oil futures trading around $75.50 per barrel and Brent Crude slipping below $80 per barrel.

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