Gold and Silver futures rally on MCX as the US and Iran agree to a ceasefire

Synopsis: MCX gold and silver futures posted sharp single-session gains on April 8, 2026, as Trump’s surprise Iran ceasefire announcement and the reopening of the Strait of Hormuz triggered a broad rally across precious metals domestically and globally.

On the MCX, gold and silver witnessed sharp price gains on April 8, following the US President’s decision to declare a ceasefire with Iran. Gold futures for April delivery gained Rs 3,161 to end at Rs 1,51,894 per 10 grams, while silver May futures saw a still steeper rise of Rs 11,602 to Rs 2,42,950 per kg.

President Trump had decided on a unilateral ceasefire and the reopening of the Strait of Hormuz, following which tensions over the region abated. The announcement of a cease fire had led to reduced concerns about a continued West Asia conflict, resulting in sharp falls in crude prices along with sharp gains in precious metals prices.

Global gold responded in kind, rising as much as 3.1% to $4,850 per ounce in international markets, building on gains from the previous session. The move on MCX mirrored this momentum, amplified by a weakening dollar index which added further fuel to rupee-denominated commodity prices.

The ceasefire has handed gold and silver a strong short-term catalyst. However, with the truce described as temporary, markets remain alert to any reversal. For now, investors should remain cautious, as any breakdown in the ceasefire terms could trigger a sharp reversal in this “peace rally”.

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