Gold rates and silver rates in India are tumbled on June 3, 2026, following the trend in the global market as US-Iran ceasefire agreement hope dimmed on renewed tensions.
MCX gold for August 2026 expiry, dropped below Rs 1.59 lakh per 10 grams mark, while the bullion for June 5th expiry plunged by 1% to struggle around Rs 1,54,500 per 10 grams. Furthermore, MCX silver for June 2026 expiry slipped sharply by over Rs 2,000 to below Rs 2.65 lakh mark.
In the global market, spot gold erased $4,500 per ounce mark and traded between $4,475-4,485. Spot silver is down too and trading below $75 per ounce.
Investors’ sentiment soured on the likelihood of the US Federal Reserve to keep interest rates elevated for a longer period. This is after the latest US job openings data, which surged to nearly the highest level in two years in April 2026. Also, layoffs have tumbled, which signals a continued resilience in the labor market.
Investors are now focused on Friday’s closely watched nonfarm payrolls report for further clues on the trajectory of monetary policy. Meanwhile, ongoing uncertainty surrounding US-Iran peace negotiations contributed to higher oil prices, fueling concerns about inflation and strengthening the case for a more restrictive Fed stance. Still, President Donald Trump stated that talks remain underway, while reports suggest Iranian officials are reviewing a “final text” that could be submitted to the US as negotiations continue, as per Trading Economics.
On the other hand, US WTI Crude Oil and Brent Crude surged by 1% each to trade around $95 per barrel and $97 per barrel. The ongoing uncertainty around US-Iran ceasefire agreement continues to keep energy crisis and inflationary woes in the loop. In the latest development, US has attacked Iran’s Qeshm Islan, and claimed to have defeated the Islamic Regime’s missile and drone attacks in Gulf. While Tehran has launched targeted attacks in neighboring countries like Kuwait and Bahrain.
The US dollar rose above 99.2 mark due to Middle East tens and US job openings data. Gold and silver become less attractive when dollar rises in general terms.