Overview
- Markets reprice risk after Monday's announcement that the United States and Iran reached a preliminary framework expected to be signed in Switzerland later this week.
- The dollar slipped and oil fell, helping spot gold climb above about $4,300 per ounce and silver trade near $70 per ounce with intraday moves of roughly 2–3 percent in major markets.
- Local bullion and futures markets reacted sharply, with Indian MCX and Pakistani rates rising by thousands of rupees per 10 grams or per tola and large jumps in MCX/PMEX silver futures.
- Traders say the near‑term path for bullion now hinges on Fed commentary at the first policy meeting under Chair Kevin Warsh because interest‑rate expectations drive demand for non‑yielding metals.
- The rally follows a volatile earlier 2026 when conflict and closed Hormuz pushed gold down about 20 percent from February highs and market positioning, ETF flows and central‑bank activity amplified swings.