Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday as a renewed escalation in Middle East tensions drove crude oil prices higher, reinforcing concerns that inflationary pressures could keep interest rates elevated for a longer period.
In the domestic market, MCX silver futures for July 2026 delivery were down Rs 700 to Rs 2,66,011 per kg. Gold futures for August 2026 delivery were down at Rs 1,59,342 per 10 grams. In the previous session, silver and gold ended marginally higher, while silver rose 0.13%.
Geopolitical tensions intensified after the U.S. military said Iranian missile attacks targeting Bahrain, Kuwait, and other locations in the region were either intercepted or failed. The developments came amid limited progress in diplomatic efforts between Washington and Tehran.
Meanwhile, oil prices climbed more than 1% in early trade, adding to market worries that higher energy costs could fuel inflation and complicate the interest rate outlook.
In the international market, spot gold slipped 0.2% to $4,476.50 per ounce as of 0103 GMT, while U.S. gold futures for August delivery declined 0.3% to $4,504.40. Among other precious metals, spot silver fell 0.5% to $74.73 per ounce, platinum eased 0.2% to $1,932.25, and palladium declined 0.3% to $1,365.25.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said that gold has support at $4,480-$4,434 per troy ounce, while resistance is placed at $4,555-$4,592 per troy ounce. Silver has support at $73.30-$72.00 per troy ounce and resistance at $76.60-$78.80 per troy ounce in today's session.
On MCX, gold has support at Rs 1,58,500-Rs 1,57,700 and resistance at Rs 1,60,000-Rs 1,60,650. Silver has support at Rs 2,63,300-Rs 2,60,000 and resistance at Rs 2,70,000-Rs 2,73,350.
Jain noted that Prithvi Finmart had issued a buy recommendation on silver around Rs 2,64,000 on Monday with a target of Rs 2,71,000, which was achieved on Tuesday. He advised investors to wait for corrective declines before initiating fresh long positions in gold and silver.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,14,672/8 grams while pure gold (24 carat) prices stand at Rs 1,25,088/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,15,992/8 grams while pure gold (24carat) prices stand at Rs 1,26,536/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
