Gold rates and silver rates in India fell sharply on Monday, June 1, 2026, tracking volatile global trends. In the early deal of June 1, 2026, MCX gold dropped by nearly 1% to trade below Rs 1.60 lakh mark and MCX silver plunged to hit Rs 2,65,500 intraday low mark..
On the contrary, spot silver is trading higher by 0.5% to near $76 per ounce. Meanwhile, spot gold is down by 0.5% to near $4,520 per ounce. MCX gold and silver prices could follow the trend.
Investors eye a long-term ceasefire agreement between the US and Iran. As of now, there has been limited signs of progress, which has sparked an upside in crude oil prices by 2% to 3% on Monday. Brent Crude is near $93 per barrel, up by nearly 2% and US WTI Crude Oil futures is higher by 2.5% to trade near $90 per barrel. Other natural gas prices are also up by over 2%.
Indian precious metals will also await the RBI’s policy outcomes that is scheduled later this week.
Over the weekend, Washington and Tehran exchanged proposals seeking amendments to a draft accord that would extend the ceasefire and reopen the Strait of Hormuz, though it remained uncertain whether the negotiations were moving closer to a resolution. President Donald Trump also reiterated his call for Iran to halt its nuclear program and fully restore the strait’s status as an open international waterway. Gold has faced headwinds since late February as the Middle East conflict drove energy prices sharply higher, fueling concerns about inflationary pressures and the prospect of interest rate hikes. Investors are now awaiting the latest US monthly jobs report later this week, which could offer fresh insight into labor market strength and the likely path of Federal Reserve policy, as per Trading Economics.