Gold and silver prices opened on a weak note on Multi Commodity Exchange (MCX) on Friday, weighed down by a firmer dollar and rising oil prices that reinforced expectations of further interest rate hikes by the U.S. Federal Reserve.
In the domestic market, MCX silver futures for July 2026 delivery dipped Rs 1,617 or 0.6% to Rs 2,73,266 per kg. Gold futures for June 2026 delivery were down Rs 800 at Rs 1,58,816 per 10 grams. In the previous session, silver and gold were marginally higher.
The dollar hovered near a six-week high, making dollar-denominated bullion more expensive for buyers using other currencies. Further, uncertainty surrounding the Iran war also heightened tensions. Although recent comments from the U.S. suggested that a deal could be close, reports indicating that Iran wants to retain its enriched uranium domestically have renewed concerns that the conflict may drag on, prolonging disruptions to oil supplies.
In the international market, spot gold slipped 0.4% to $4,522.89 per ounce and was down around 0.3% for the week so far. U.S. gold futures for June delivery also declined 0.4% to $4,524.40 per ounce.
Among other precious metals, spot silver fell 0.7% to $76.18 per ounce, although it remained on track for a weekly gain of 0.4%. Platinum dropped 1% to $1,945.97, while palladium declined 0.5% to $1,371.90, with both metals headed for weekly losses.
How should you trade gold?
Manoj Kumar Jain said gold and silver prices are expected to remain volatile in Friday’s session amid fluctuations in crude oil prices and optimism surrounding a possible US-Iran peace deal.
According to Jain, gold has support at $4,510-$4,467 per troy ounce, while resistance is placed at $4,580-$4,615 per troy ounce. Silver, meanwhile, has support at $74.20-$72.00 and resistance at $79.10-$81.20 per troy ounce.
On the MCX, he said that gold is likely to find support in the Rs 1,58,800-Rs 1,58,000 range and face resistance at Rs 1,60,350-Rs 1,61,100. Silver has support at Rs 2,70,700-Rs 2,66,600, while resistance is seen at Rs 2,79,100-Rs 2,83,350.
Jain added that Prithvi Finmart had recommended buying silver in the Rs 2,71,000-Rs 2,67,000 range in its Tuesday morning note, with a stop loss below Rs 2,63,000 and targets of Rs 2,81,000-Rs 2,85,000. Investors holding long positions based on the recommendation have been advised to strictly maintain the prescribed stop loss and consider booking profits near the target levels.
He also said gold is likely to trade in the Rs 1,58,000-Rs 1,61,100 range during the session and suggested adopting a range-bound trading strategy.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,17,408/8 grams while pure gold (24 carat) prices stand at Rs 1,28,192/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,18,288/8 grams while pure gold (24 carat) prices stand at Rs 1,27,952/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,18,488/8 grams while pure gold (24carat) prices stand at Rs 1,29,344/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,18,288/8 grams while pure gold (24 carat) prices stand at Rs 1,27,952/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
