Gold, silver rates on June 23, 2026: How has US-Iran peace deal impacted prices?

Gold and silver prices in India on June 23, 2026, remained largely steady with minor fluctuations across major cities. Global markets reacted calmly to news of an interim peace agreement between the US and Iran, which includes a commitment to ending conflicts on "all fronts"—including Lebanon—and the critical reopening of the Strait of Hormuz.

Because precious metals are traditionally considered safe-haven assets, this sudden de-escalation of geopolitical tensions has capped any sharp upside. Instead, the market is seeing cautious investor sentiment and stable domestic demand.

As per the latest retail market rates, 24-carat gold is trading around ₹14,652 per gram, while 22-carat gold is priced near ₹13,431 per gram. Meanwhile, silver prices are hovering close to ₹2,49,900 per kilogram in the domestic bullion market. Retail rates vary slightly from city to city due to local taxes, transportation costs, and varying jeweller margins.

Gold prices in major Indian cities (per gram)

Gold prices in India are fundamentally driven by international bullion rates, the rupee-dollar exchange rate, import duties and seasonal jewellery demand. With regional wedding and festive seasons approaching, steady retail demand is preventing any sharp downward correction in prices.

Silver prices in major cities

Silver continues to trade at elevated levels compared to its long-term averages, strongly supported by both industrial demand and investment buying. Unlike gold, silver prices are highly sensitive to global manufacturing trends, which often makes the metal more volatile during fluctuating economic conditions.