Gold and silver prices opened slightly mixed on the Multi Commodity Exchange (MCX) on Monday as a stronger U.S. dollar and a sharp rise in crude oil prices weighed on sentiment, while investors awaited U.S. President Donald Trump's decision on a proposed extension of the ceasefire agreement with Iran.
In the domestic market, MCX silver futures for July 2026 delivery were up Rs 1,095 or 0.04% to Rs 2,68,093 per kg. Gold futures for June 2026 delivery slipped by Rs 1,069 to Rs 1,54,513 per 10 grams. In the previous session, silver and gold ended up to 1% lower.
Market participants are closely watching developments surrounding the Iran ceasefire. On Friday, Trump said he would soon decide on a proposal to extend the truce with Iran, although significant differences between the two sides remain unresolved.
Geopolitical tensions also remained in focus after Israeli Prime Minister Benjamin Netanyahu said on Sunday that troops had been ordered to advance further into Lebanon in the conflict against the Iranian-backed Hezbollah group, despite a ceasefire that was announced more than six weeks ago.
In the international market, spot gold slipped 0.2% to $4,527.36 per ounce, after touching a two-week high in the previous session. U.S. gold futures declined 0.8% to $4,558.10 per ounce.
Among other precious metals, spot silver gained 0.4% to $75.54 per ounce, platinum rose 1% to $1,935.65 per ounce, and palladium advanced 1.3% to $1,371.24 per ounce.
How should you trade gold?
According to Jigar Trivedi of IndusInd Securities, MCX Gold June futures are expected to find strong support around Rs 1,55,000 per 10 grams, while immediate resistance is seen near Rs 1,57,000. He said the intraday bias remains mildly negative unless prices manage to sustain above the resistance zone. Gold has largely traded within a narrow range in recent sessions after retreating from the record highs touched earlier this year.
Manoj Kumar Jain of Prithvi Finmart said silver is expected to find support in the Rs 2,63,600-2,61,000 range, while resistance is placed between Rs 2,70,000 and Rs 2,73,300. He recommends buying silver on dips around Rs 2,64,000, with a stop loss below Rs 2,60,600. On the upside, the metal could target Rs 2,71,000.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,15,272/8 grams while pure gold (24 carat) prices stand at Rs 1,25,744/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,15,152/8 grams while pure gold (24 carat) prices stand at Rs 1,25,624/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,25,032/8 grams while pure gold (24carat) prices stand at Rs 1,27,672/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,15,032/8 grams while pure gold (24 carat) prices stand at Rs 1,25,624/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
