Gold and Silver Prices Rise in India on 12 June, City-Wise

India’s gold and silver prices rose in morning deals on 12 June, with MCX gold August futures trading 0.53% higher at ₹1,50,320 per 10 grams and silver 0.94% higher at ₹2,43,720 per kilogram, after US President Donald Trump said the Iran war was settled “subject to finalisation” and expected a deal in the “next few days.” Retail rates tracked the move across major Indian cities, with Chennai posting the day’s highest 24K retail at ₹1,50,410 per 10 grams and New Delhi the lowest at ₹1,49,802. The relief rally is exposed to a single denial from Tehran, with Iran’s foreign ministry saying it had “not reached a final conclusion” on the agreement.

MCX Gold and Silver Open Higher in Mumbai Morning Trade

Mumbai’s Multi Commodity Exchange opened Friday with bullion in the green, as MCX gold August futures traded at ₹1,50,320 per 10 grams, 0.53% higher on the session, around 9:32 am. Silver futures on the same exchange held at ₹2,43,720 per kilogram, a sharper 0.94% rise on the session, per the 12 June MCX and retail rate card across six cities. Both contracts moved in tandem with a flat dollar index and a 1.65% drop in US crude, suggesting traders read the headlines as a broad risk-on signal rather than an India-specific catalyst. The 0.94% silver move outpaced gold’s 0.53% gain in percentage terms on the session, the larger of the two moves in morning deals.

Retail rates did not fully match the futures move, in part because the MCX print is intraday and retail is set later in the day. Across the six major cities tracked, 24K gold held above ₹1,49,700 per 10 grams in every centre, while 22K, the 91.6% purity standard for jewellery, clustered between ₹1,37,335 and ₹1,37,876 per 10 grams. Silver 999 fine moved in a tighter band of ₹2,42,860 to ₹2,43,980 per kilogram, with Chennai the priciest and New Delhi the cheapest of the six. The retail premium on the MCX print remained thin, indicating that the morning optimism had not yet fully spilled into jewellery counters.

Trump’s “Great Settlement” Claim and the Market Reaction

US President Donald Trump told reporters at the Oval Office on Thursday that Washington had ‘just made a great settlement of the war with Iran’ and that the deal was ‘subject to finalisation of documents, which should get done over the next few days.’ The phrase, carried by AFP and picked up across Indian commodity desks, became the headline that moved Friday’s open.

The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe.

Donald Trump, US President, made the remark in Oval Office remarks on 11 June. The remarks were carried by AFP and reported in Trump’s full Oval Office remarks on the Iran deal.

Trump framed the deal as imminent, telling reporters the agreement ‘could be signed as soon as this weekend, possibly in Europe.’ He added that the Strait of Hormuz would reopen once a deal is finalised, a claim that, if delivered, would ease one of the most acute energy-supply pressures of the war. The waterway has been heavily restricted since early in the conflict, with only a trickle of ships passing, and its reopening would also pull down shipping-insurance premia that have fed into Asian landed costs of crude. Indian and Chinese refiners are the largest Asian buyers of crude that transits the strait, which is why a Hormuz reopening reads as a positive for India-specific inflation. The relief, however, is conditional on a signed deal, not a verbal one.

Trump has previously asserted that a deal was close, only for Tehran to reject the claims. The current cycle began with a Truth Social post late on Thursday saying he had cancelled ‘scheduled strikes and bombings against Iran this evening’ because discussions had been ‘brought to the highest level of Iranian leadership and approved.’ Vice President JD Vance, Middle East envoy Steve Witkoff, and Jared Kushner are slated to attend a signing, per Trump’s account. The framing was strong enough for futures markets to read the morning as a done deal pending signatures.

Iran Says No Final Consensus Has Been Reached

Tehran moved quickly to temper the headline. Iran’s foreign ministry spokesman Esmaeil Baqaei said on Thursday that Iran had ‘not reached a final conclusion on the agreement.’ He framed items circulating publicly as ‘speculation,’ with Pakistan and Qatar listed as the active intermediaries, in remarks that recast the deal as a moving target rather than a sealed document.

Most of the text of the agreement was finalized, but the problem began when the US side made new demands and changed its positions.

Esmaeil Baqaei, spokesperson for Iran’s Ministry of Foreign Affairs, made the comments at a briefing on 11 June. The remarks were reported in Iran’s foreign ministry response to the deal.

Asked whether Iran’s supreme leader, Ayatollah Mojtaba Khamenei, had approved the deal, Trump answered: ‘I understand the answer is yes.’ Iran’s foreign ministry did not echo that language. The differing read on Khamenei’s role is the most concrete undecided item in the public record on 12 June.

Israel, the third principal party in the wider war that began on 28 February, said it is not in the emerging deal. Prime Minister Benjamin Netanyahu told Trump that ‘Israel is not a party to the memorandum of understanding’ but expressed appreciation for commitments that would include ‘the removal of enriched material [uranium], the dismantling of enrichment infrastructure, limits on missile production and the cessation of Iran’s support for its terrorist proxies in the region,’ per a statement from his office. The list of items in Netanyahu’s framing does not match the public contours of the US-Iran text. The US and Iran agreed to a ceasefire in early April, and both sides have accused the other of repeated breaches since.

The contested space is therefore narrow but specific. Iran denies the deal is concluded; Israel says it is not a signatory; Trump says both objections are answered. Each side has the power to make the morning’s rally reverse: an Iranian confirmation would extend it, a fresh denial would unwind it, and a US strike order would replace the optimism with a fresh safe-haven bid.

City-by-City Retail Rates on 12 June

Retail rates across six major Indian cities on 12 June show the relief rally has reached the jewellery counter, with a city-to-city spread of about ₹640 per 10 grams on 24K gold. Silver 999 fine traded in a tighter range of about ₹1,120 per kilogram across the same cities.

Chennai printed the highest 24K rate of the day, with Mumbai and Bengaluru close behind. Kolkata and New Delhi sat at the lower end. The 22K jewellery standard tracks 24K with a typical premium of about 8% for purity, and the pattern holds across all six cities. The city-level variation is consistent with local dealer inventory and regional demand rather than any city-level macro shock.

*Kolkata 22K rate was not reported separately in the source data; the figure was omitted to avoid a misread.

Oil Falls and US Futures Edge Higher on the Same News

Oil gave back a chunk of its risk premium on the same headlines, with US crude and Brent both falling in early Asia trade. The move came as US crude and Brent opened lower, with the MCX print of the same morning confirming the relief read. The drop reverses a portion of the spike that has built since the war’s outbreak on 28 February, when Iran’s effective closure of the Strait of Hormuz first fed into crude’s structure.

The oil move is consequential for India because the country imports the bulk of its crude requirement, and landed insurance costs through the strait have added to the imported-inflation bill. A reopening would compress shipping-insurance premia, ease the import bill, and read as a positive for the rupee, all of which feeds into the same risk-on tape that lifted gold. The dollar index, which has held flat through the war, would also likely weaken on a confirmed deal, providing a second tailwind to bullion priced in rupees. The mechanism runs through four channels: lower energy, weaker dollar, easier liquidity for emerging-market assets, and a softer macro backstop for gold’s rush. None of those channels is priced in until the deal is signed, not merely declared.

• US crude (July): down 1.65% to $86.26 per barrel
• Brent (August): down 1.55% to $88.98 per barrel
• S&P 500 futures: up roughly 0.2%
• Nasdaq 100 futures: up 0.2%
• Dow futures: up 59 points, or 0.1%

On the equity side, US stock futures traded slightly higher on Thursday night as traders also looked ahead to SpaceX’s historic IPO on Friday. The Wall Street session will be a fresh test of the relief read once the opening bell adds the day’s news flow.

The earlier decline in gold, when oil jumped on the US-Iran deadlock and higher yields, had compressed the metal’s safe-haven bid. The 12 June move is the partial reversal of that script. Until the deal is signed, the morning’s bounce is a directional bet on Trump’s framing, and the macro chain is the one risk the market cannot fully hedge.

Where the Deal Could Fall Apart

Trump’s Truth Social account did not limit the posturing to a deal. Earlier on Thursday, he had warned that the US would soon seize Kharg Island, Iran’s main oil export terminal, and ‘assume total control of their oil and gas markets, much like we have with Venezuela.’ About 90% of Iran’s crude oil exports leave the country via Kharg Island, with much of the volume destined for China and other Asian markets. A reversal of the deal language into a strike order would replace the relief trade with an acute oil shock. The threat was posted the same evening Trump announced the cancelled strikes.

Even with a signed deal, the operational reopening of the Strait of Hormuz is not automatic. Iran announced on Thursday that the strait was closed, though it is unclear what that means in practice given the waterway has been heavily restricted since early in the war. The US military’s Central Command disputed the closure claim, and Trump said on Wednesday that the US has undertaken a secret mission to sneak ships through the passage. The strait’s status, in other words, is being disputed in real time by both governments, which means a ‘signed deal’ is not the same as a flowing strait. Each side has publicly insisted on a different operating picture.

The price action on 12 June is a directional bet on Trump’s framing holding for the next 72 hours. After the 10 June slide below Rs 1.5 lakh on Fed and oil pressure, the morning’s bounce is modest, conditional, and exposed to a single line from Tehran. Three named risks have the size to undo the move: an Iranian final statement denying the deal, a US strike order that resumes the war, or a Kharg Island attack that rips through the energy complex.

Frequently Asked Questions

What was the MCX gold rate on 12 June 2026?

MCX August gold futures opened at ₹1,50,320 per 10 grams, a 0.53% gain, on 12 June. Retail 24K prices for the day printed ₹1,49,770 per 10 grams in Kolkata and ₹1,50,410 in Chennai, with Mumbai, New Delhi, Bengaluru, and Hyderabad in between.

Why did gold and silver prices rise in India on 12 June?

Indian gold and silver rose after Donald Trump said the Iran war was settled ‘subject to finalisation’ and that a deal could be signed ‘over the next few days,’ language markets read as a near-term de-escalation signal.

What is the difference between 22K and 24K gold?

24K gold is 99.9% pure and is used primarily for coins and bars. 22K, also called 916 gold, is 91.6% pure and is the standard for jewellery in India, where the alloy adds the durability needed to craft ornaments. 18K, at 75% purity, is the third common grade and is used for stone-set jewellery.

Why do gold and silver prices differ across Indian cities?

Indian city rates differ because local dealers add a city-specific premium for inventory, freight, and demand on top of the MCX benchmark. On 12 June, Chennai led the six-city table on 24K gold at ₹1,50,410 per 10 grams. New Delhi was the cheapest of the six at ₹1,49,802 per 10 grams.

Disclaimer: This article is for informational purposes only and is not investment advice. Gold and silver prices are subject to market volatility, geopolitical events, and currency fluctuations. Figures are accurate as of publication on 12 June 2026 and may have changed. Please consult a qualified financial advisor before making investment decisions.