Overview
- Reports that U.S. and Iranian officials reached a preliminary framework to end hostilities and reopen the Strait of Hormuz, announced by President Donald Trump, set off a cross-market rally that began on Monday.
- Global spot gold jumped roughly $100 per ounce to trade above $4,300 and gained for a third straight session as the dollar weakened and oil prices fell on reduced supply fears.
- Domestic markets moved quickly: Indian 24K retail rates rose toward ₹1.50 lakh per 10 grams and Pakistan saw a one-tola increase of about Rs10,800 to roughly Rs455,136, with MCX and PMEX futures also jumping.
- Silver and other precious metals outperformed or rose strongly, with spot silver near $70 an ounce and large intraday gains on MCX and Comex futures driven by the same macro shift.
- Analysts warn the rally is conditional because prices will hinge on the formal signing in Switzerland and on the Fed’s policy signals under Chair Kevin Warsh, which have already pushed markets to cut the odds of a December rate hike.