Silver soars Rs 7,200/kg; gold prices surge Rs 3,300/10 gm as Iran-US reach peace agreement. Time to buy precious metals?

Precious metals surged sharply after the US and Iran reached a peace agreement to end the US blockade of Iran and reopen the Strait of Hormuz. MCX silver futures jumped Rs 7,200 (2%) to Rs 2,53,345/kg while gold futures rose Rs 3,301 (2%) to Rs 1,53,829/10 gm. Internationally, spot gold hit a near-one-month high of $4,304.11/oz, and spot silver climbed 3.1% to $70.07/oz, aided by a weaker US dollar and a 4%+ drop in crude oil prices.