Overview
- Reports that the United States and Iran agreed a preliminary framework to end hostilities and reopen the Strait of Hormuz triggered the move in markets on Monday, June 15.
- The US dollar weakened and global oil prices fell more than 4%, which eased near‑term inflation concerns and led investors to reprice expectations for US interest‑rate path.
- Spot gold rose about 2–3% to trade above $4,300 an ounce while silver, platinum and palladium recorded multi‑percent gains as buyers moved into metals.
- Domestic markets tracked the international rally: Indian MCX gold futures jumped and retail bullion rates in Pakistan rose sharply, with gold per tola up by around Rs10,800.
- Key uncertainties remain that could reverse or extend the moves: final signing of the deal reported for June 19 in Switzerland and the Federal Reserve’s first policy remarks under Chair Kevin Warsh.