Gold prices in India rose above ₹1.59 lakh per 10 grams on Tuesday, reflecting gains in global bullion amid ongoing uncertainty over US-Iran peace talks. On the Multi Commodity Exchange (MCX), gold for August futures opened 0.13% higher at ₹1,59,449, compared to the previous close of ₹1,59,241, while silver prices remained flat, according to livemint.com.
The rise in gold prices follows mixed signals from the US and Iran regarding diplomatic efforts to resolve tensions. US President Donald Trump stated that talks with Iran were progressing rapidly, countering Tehran's earlier threats to suspend diplomacy and close the Strait of Hormuz. However, conflicting accounts from Trump and Israeli Prime Minister Benjamin Netanyahu about discussions on Lebanon added to market uncertainty, as reported by livemint.com.
The ongoing geopolitical tensions have heightened concerns over inflation and potential trade disruptions, factors that typically drive investors toward gold as a safe-haven asset. Gold bullion hovered near $4,490 an ounce globally, after falling more than 1% in the previous session. The renewed clashes near the Strait of Hormuz further contributed to market volatility, according to Bloomberg coverage cited by livemint.com.
US gold futures for August delivery gained 0.1%, reaching $4,511.20, reinforcing the upward trend in international markets. The MCX gold price movement on June 2, 2026, reflects the cautious stance of investors amid the evolving diplomatic situation between the US and Iran, as detailed by livemint.com.