Gold and silver prices opened on a weak note on Multi Commodity Exchange (MCX) on Tuesday as renewed U.S. strikes in Iran lifted oil prices, raising fears of persistent inflation and prolonged high interest rates.
In the domestic market, MCX silver futures for July 2026 delivery fell Rs 3,731 or 1.3% to Rs 2,72,985 per kg. Gold futures for June 2026 delivery were down Rs 547 at Rs 1,58,534 per 10 grams. In the previous session, silver and gold were marginally lower.
The U.S. Central Command said it had carried out strikes on targets in southern Iran, including boats allegedly attempting to lay mines and missile launch sites. According to the military, the strikes were aimed at protecting U.S. troops from threats posed by Iranian forces.
Oil rose over 2% a day after declining to a two-week low. Oil prices influence inflation expectations. Elevated crude can fuel inflation and keep interest rates higher for longer. While gold is seen as an inflation hedge, higher rates tend to weigh on the non-yielding metal.
In the international market, spot gold slipped 0.7% to $4,537.54 per ounce as of 0218 GMT, while U.S. gold futures for June delivery edged up 0.3% to $4,538.50. Among other precious metals, spot silver declined 1.8% to $76.66 per ounce, platinum fell 0.9% to $1,950.70, while palladium dropped 1.1% to $1,382.42.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,522-4,484 per troy ounce, while resistance is placed at $4,610-4,640 per troy ounce in today’s session. Silver has support at $76.60-74.00 per troy ounce and resistance at $80.40-82.80 per troy ounce.
On MCX, he said gold has support at Rs 1,58,200-1,57,700 and resistance at Rs 1,59,850-1,60,600, while silver has support at Rs 2,73,300-2,70,000 and resistance at Rs 2,80,000-2,83,350.
Jain said Prithvi Finmart had recommended buying silver in last Tuesday’s morning note in the Rs 2,71,000-2,67,000 range with a stop loss below Rs 2,63,000 and targets of Rs 2,81,000-2,85,000. He advised traders holding long positions to strictly maintain the suggested stop loss and book profits near the recommended target levels.
He further suggested buying gold in the Rs 1,58,500-1,57,700 range with a stop loss below Rs 1,56,650 for targets of Rs 1,59,350-1,60,300.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,17,008/8 grams while pure gold (24 carat) prices stand at Rs 1,27,632/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,16,888/8 grams while pure gold (24 carat) prices stand at Rs 1,27,512/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,18,248/8 grams while pure gold (24carat) prices stand at Rs 1,29,000/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,16,888/8 grams while pure gold (24 carat) prices stand at Rs 1,27,512/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
