Gold and silver prices opened on a weak note on Multi Commodity Exchange (MCX) on Wednesday as U.S. Treasury yields and a stronger dollar offset optimism surrounding a possible peace agreement between the United States and Iran.
In the domestic market, MCX silver futures for July 2026 delivery dipped Rs 2,889 or 1% to Rs 2,67,230 per kg. Gold futures for June 2026 delivery were down Rs 1,121 at Rs 1,57,959 per 10 grams. In the previous session, silver and gold were marginally higher.
U.S. President Donald Trump reiterated that the conflict with Iran would end “very quickly”. However, markets remained cautious as uncertainty persisted over peace negotiations and ongoing disruptions to Middle East oil supplies.
Investors are closely watching whether the U.S. and Iran can genuinely reach common ground and secure a peace deal, especially as Washington’s position appears to change from day to day. Just days earlier, Trump said he’s losing patience with Iran.
In the international market, spot gold slipped 0.3% to $4,467.59 per ounce by 0233 GMT. In the previous session, bullion had touched its lowest level since March 30. U.S. gold futures for June delivery declined 0.9% to $4,471.10 per ounce.
Among other precious metals, spot silver fell 0.8% to $73.22 per ounce, platinum eased 0.5% to $1,912.67, while palladium gained 0.2% to $1,356.32 per ounce.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,454-4,420 per troy ounce, while resistance is placed at $4,522-4,570 in Wednesday’s session. Silver, meanwhile, has support at $72.00-69.10 per troy ounce and resistance at $76.60-78.80.
On MCX, gold is seen finding support in the Rs 1,57,700-1,56,650 range, while resistance is placed at Rs 1,60,350-1,61,100. Silver has support at Rs 2,66,600-2,63,000 and resistance at Rs 2,74,400-2,80,000.
Jain added that Prithvi Finmart had recommended buying silver in the Rs 2,71,000-2,67,000 range in its previous morning note, with a stop loss below Rs 2,63,000 and targets of Rs 2,81,000-2,85,000. Investors holding long positions based on the recommendation have been advised to maintain the prescribed stop loss and consider booking profits near the target levels.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,15,288/8 grams while pure gold (24 carat) prices stand at Rs 1,25,760/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,15,168/8 grams while pure gold (24 carat) prices stand at Rs 1,25,640/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,18,968/8 grams while pure gold (24carat) prices stand at Rs 1,29,784/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,15,168/8 grams while pure gold (24 carat) prices stand at Rs 1,25,640/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
