Precious metals — gold and silver — rebounded sharply in the evening session on Monday, 23 March, after US President Donald Trump said the US and Iran had held productive talks over the last two days, triggering renewed safe-haven buying that had largely been ignored by investors since the start of the conflict.
Both gold and silver, which had touched their lowest levels of 2026 earlier in the day, have recouped all their losses and turned positive for the session. The May silver futures on COMEX rebounded $9.82 from an intraday low of $61.21 per troy ounce to reach $71.03, while April gold futures recovered $437 per troy ounce to hit an intraday high of $4,537.
Earlier in the day, the yellow metal had slipped to its lowest level since November 2025, while silver fell to levels not seen since early December.
In a social media post, Trump said, “I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
“Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” said Trump.
Trump later told reporters that Iran wants “to make a deal” and claimed US envoys have been holding talks with a “respected” Iranian leader.
Trump also said the US would seek to retrieve Iran’s enriched uranium and end its nuclear programme as part of a deal, telling reporters: “We want to see no nuclear bomb, no nuclear weapon. Not even close to it.”
The pause in strikes on Tehran came after Iran threatened to attack Israel’s power plants and those supplying US bases across the Gulf region if the US targets Iran’s power network. On Saturday, Trump warned that Iranian power plants would be destroyed if Tehran failed to “fully open” the Strait of Hormuz to all shipping within 48 hours.
Precious metals, which generally see a sharp surge in demand during geopolitical tensions, have fallen sharply since the start of the war, as expectations of US Federal Reserve rate cuts have diminished following a sustained rise in crude oil prices, making non-yielding bullion less appealing to investors.
While Tehran has reportedly denied the existence of productive talks, the development suggested that the US administration is moving to limit the energy price surge that decimated global risk appetite.
MCX gold recovers over ₹12,700 per 10g; silver reclaims ₹2 lakh mark
The April gold futures contract on MCX recovered 12,705 per 10 grams from the day’s low to trade at ₹1,42,300. The yellow metal closed last week nearly 9% lower, extending its losing streak to a third consecutive week.
The May silver futures contract has also recovered sharply from the day’s low, rebounding ₹29,657 per kilogram to ₹2,29,300. Earlier in the day, prices had broken below the ₹2 lakh mark for the first time since mid-December.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
