Gold and silver prices opened sharply higher, extending gains for a second straight session on the Multi Commodity Exchange (MCX) on Friday, after crude oil prices hit a two-month low as the US and Iran moved closer to a peace deal.
In the domestic market, MCX silver futures for July 2026 delivery were up Rs 5,167 (2%) at Rs 2,44,817 per kg. Gold futures for August 2026 delivery rose Rs 649 to Rs 1,49,581 per 10 grams. With today’s gains, silver has risen Rs 10,012, or 4%, over the last two days, while gold has surged Rs 1,600.
US President Donald Trump said a deal with Iran could be reached as early as this weekend. In a post on Truth Social, Trump said he had called off the strikes after discussions with Iran were elevated to the highest levels of the Iranian leadership and received approval.
He said key points of a proposed agreement had been approved “in both concept and great detail” by parties including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt, among others.
In the international market, spot gold fell 0.5% to $4,191.17 per ounce as of 0252 GMT and was set for a weekly loss of 3.2%. U.S. gold futures for August delivery rose 2.4% to $4,212.70.
Spot silver fell 0.4% to $67.10 per ounce, while platinum gained 0.7% to $1,731.40. Both metals were headed for weekly losses. Palladium rose 1.6% to $1,289.33 and was up about 5% for the week so far.
How should you trade gold?
According to Manoj Kumar Jain of Prithvi Finmart, MCX gold has support in the Rs 1,47,700-Rs 1,46,300 range and resistance between Rs 1,50,000 and Rs 1,51,500. MCX silver has support at Rs 2,36,600-Rs 2,32,000, while resistance is placed at Rs 2,43,300-Rs 2,47,700.
Jain said Prithvi Finmart recommended buying gold in the Rs 1,47,000-Rs 1,45,800 range with a strict stop loss below Rs 1,44,400 and targets of Rs 1,49,800–Rs 1,51,100. The firm also advised buying silver in the Rs 2,34,000-Rs 2,31,000 range with a stop loss below Rs 2,26,600 and targets of Rs 2,39,100, Rs 2,42,400 and Rs 2,45,000.
He advised investors to maintain prescribed stop losses and book profits at the stated target levels, noting that silver had already achieved its second target in the previous trading session.
Check gold rates in physical markets:
Gold price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,06,912 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,16,624 per 8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,06,792 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,16,504 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,992 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,17,816 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,06,792 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,16,504 per 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)
