Gold and silver prices opened higher on Multi Commodity Exchange (MCX) on Tuesday as investors remained cautious ahead of key U.S. inflation data due later in the day. The gains come despite fading hopes of a breakthrough in the U.S.-Iran peace talks, which pushed crude oil prices higher and renewed concerns that sticky inflation could keep global interest rates elevated for longer.
U.S. President Donald Trump said on Monday that the ceasefire with Iran was “on life support,” citing disagreements over several key issues, including a halt to hostilities across all fronts, the lifting of a U.S. naval blockade, the restart of Iranian oil exports and compensation for war-related damages.
In the domestic market, MCX silver futures for July 2026 delivery jumped Rs 3,132 or 1.1% to Rs 2,81,443 per kg. Gold futures for June 2026 deliver gained Rs 336 or 0.02% Rs 1,53,999 per 10 grams.
In the international market, spot gold was little changed at $4,732.89 per ounce as of 0246 GMT, while U.S. gold futures for June delivery rose 0.3% to $4,742.40. Spot silver was steady at $86.08 per ounce, while platinum declined 1.6% to $2,098.25. Palladium also slipped 1% to $1,494.
Rising crude oil prices have added to inflation concerns, raising expectations that interest rates could stay higher for longer. Although gold is widely viewed as a hedge against inflation, elevated interest rates tend to reduce the appeal of the non-yielding metal.
Markets are also closely tracking Trump’s two-day visit to China this week, where he is expected to meet Chinese President Xi Jinping to discuss several issues, including developments in the Middle East.
How should you trade gold?Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are expected to remain volatile this week due to fluctuations in the dollar index, movement in crude oil prices and ahead of the U.S. inflation data release.
According to Jain, gold has support at $4,681-$4,640 per troy ounce, while resistance is placed at $4,770-$4,810. Silver has support at $82.40-$80.00 per troy ounce and resistance at $88.80-$92.00 in today’s session.
On the MCX, gold has support in the range of Rs 1,52,800-1,52,000 and resistance at Rs 1,54,400-1,55,500. Silver is seen finding support at Rs 2,72,500-2,68,000, while resistance is placed at Rs 2,84,000-2,88,000.
He suggested buying gold around Rs 1,53,000-1,52,200 with a stop loss below Rs 1,51,500 for targets of Rs 1,54,000-1,54,800. For silver, he recommended buying around Rs 2,74,000-2,68,000 with a stop loss below Rs 2,63,500 for targets of Rs 2,84,000-2,88,000.
Gold rates in physical marketsGold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,11,672/8 grams while pure gold (24 carat) prices stand at Rs 1,21,816/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,11,552/8 grams while pure gold (24 carat) prices stand at Rs 1,21,696/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,792/8 grams while pure gold (24carat) prices stand at Rs 1,23,048/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,11,552/8 grams while pure gold (24 carat) prices stand at Rs 1,21,696/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
