Gold and silver prices opened higher on the Multi Commodity Exchange of India on Friday as concerns over inflation and higher interest rates eased. Investor sentiment also remained supported by optimism around a possible peace deal between the U.S. and Iran, despite fresh attacks in the region.
In a post on Truth Social, Donald Trump said U.S. forces had destroyed Iranian targets involved in the confrontation, including small boats and drones. He also warned Iran of further military action if it failed to reach a nuclear agreement.
In the domestic market, MCX silver futures for July 2026 delivery jumped Rs 2,361 or 1% to Rs 2,60,901 per kg. Gold futures for June 2026 delivery gained Rs 585 or 0.3% to Rs 1,52,846 per 10 grams. Silver is up for one straight session, while gold is up for a second consecutive session.
Market sentiment was also aided by comments from the Trump administration indicating that the ceasefire continues to hold and that hopes for a U.S.-Iran agreement remain intact, lending support to gold prices.
Globally, spot gold rose 0.7% to $4,719.85 per ounce as of 0218 GMT. The precious metal has gained 2.3% so far this week, while U.S. gold futures for June delivery were up 0.4% at $4,728.30. Among other precious metals, spot silver climbed 1.6% to $79.74 per ounce, platinum gained 1.3% to $2,048.08, while palladium rose 1.2% to $1,498.62.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing sharp price volatility, although silver is likely to hold support near $74.00 per troy ounce, while gold may sustain above the $4,555.00 per troy ounce support level on a weekly closing basis.
According to Jain, gold and silver prices are expected to remain volatile in today’s session amid fluctuations in the dollar index, movement in crude oil prices, and ahead of the U.S. non-farm payroll data.
He said gold has support at $4,664-$4,610 per troy ounce, while resistance is placed at $4,740-$4,800 per troy ounce. Silver has support at $78.00-$75.50 per troy ounce and resistance at $82.40-$84.80 per troy ounce.
On MCX, Jain said gold has support at Rs 1,51,500-1,50,800 and resistance at Rs 1,53,150-1,54,000. Silver has support at Rs 2,55,500-2,51,000 and resistance at Rs 2,62,000-2,66,600.
He recommended buying silver on dips around Rs 2,54,000 with a stop loss below Rs 2,48,800 for targets of Rs 2,60,000-Rs 2,63,500.
Gold, Silver rates today, 8 May, across major cities
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,12,328/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,528/8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,208/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,408/8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,816/8 grams, while pure gold (24 carat) prices stand at Rs 1,23,072/8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,208/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,408/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times)
