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Commodity News Details
Gold rebounds above $4,200 as US-Iran peace hopes grow
12-Jun-2026 14:38
Gold prices rebounded sharply on Friday, with international futures surging more than $100 to trade above $4,200 per ounce after President Donald Trump signaled that a peace agreement with Iran could be reached soon. The recovery followed a steep selloff that had dragged global gold prices to a seven-month low of $4,046 in the previous session. Notably, the decline was far more pronounced in international markets than in India. While international gold prices tumbled to a seven-month low, the decline in the domestic market was notably less severe. MCX August gold futures slipped to ₹1,46,444 per 10 grams, their lowest level since late March. The relative resilience of Indian gold is evident from year-to-date performance, with international gold futures down more than 2%, while MCX gold futures continue to hold gains of over 2%. Meanwhile, rising inflation concerns continued to support bullion, as US producer prices surged 6.5% year-on-year in May and the ECB delivered its first rate hike since 2023 while raising its inflation forecasts for 2026 and 2027.

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