Silver Rallies to $70.70 on US-Iran Deal and Dollar Weakness

Silver prices extended gains on June 15, 2026, with XAG/USD trading near $70.70, up 3.94% intraday after July futures opened at $68.90 and quickly reached $70.75. The surge followed the US-Iran framework agreement easing geopolitical tensions, reopening the Strait of Hormuz, and triggering a weaker dollar (DXY near 99.55) plus oil prices falling more than 4%. On the MCX, silver July 2026 futures jumped Rs 7,200/kg to Rs 2,53,345 while spot silver rose 3.1% to $70.07/oz. Traders now await the Fed’s expected rate hold later this week for further direction.