Gold and silver prices opened on a strong note on Multi Commodity Exchange (MCX) on Monday, supported by a weaker dollar and easing oil prices, as investors weighed prospects of a breakthrough in the U.S.-Iran peace negotiations.
In the domestic market, MCX silver futures for July 2026 delivery rose Rs 5,042 or 1.8% to Rs 2,76,888 per kg. Gold futures for June 2026 delivery were up Rs 821 at Rs 1,59,500 per 10 grams. In the previous session, silver and gold were marginally lower.
On Saturday, U.S. President Donald Trump said Washington and Tehran had “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, a route that handled nearly one-fifth of global oil and liquefied natural gas shipments before the conflict began.
Oil’s decline to two-week low also bolstered buying. 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 rose 1.1% to $4,560.09 per ounce, while U.S. gold futures for June delivery advanced 0.9% to $4,562.10. Among other precious metals, spot silver jumped 3.1% to $77.81 per ounce. Platinum gained 2.1% to $1,963.30, while palladium climbed 2.4% to $1,381.82.
How should you trade gold?
Manoj Kumar Jain said gold and silver prices are expected to remain volatile this week amid fluctuations in crude oil prices and hopes surrounding a potential US-Iran peace deal.
According to Jain, gold has support at $4,500-$4,467 per troy ounce and resistance at $4,555-$4,600, while silver has support at $74.20-$72.00 and resistance at $78.80-$80.40 per troy ounce in today’s session.
On MCX, he said gold has support at Rs 1,57,700-Rs 1,56,650 and resistance at Rs 1,59,850-Rs 1,61,100. Silver, meanwhile, has support at Rs 2,70,000-Rs 2,65,500 and resistance at Rs 2,76,000-Rs 2,81,000.
Jain added that Prithvi Finmart had recommended buying silver in the Rs 2,71,000-Rs 2,67,000 range in its Tuesday morning note, with a stop loss below Rs 2,63,000 and targets of Rs 2,81,000-Rs 2,85,000. Investors holding long positions based on the recommendation have been advised to strictly maintain the prescribed stop loss and book profits near the target levels.
He further suggested buying gold in the Rs 1,58,500-Rs 1,57,700 range with a stop loss below Rs 1,56,650 for targets of Rs 1,59,350-Rs 1,60,300.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,16,752/8 grams while pure gold (24 carat) prices stand at Rs 1,27,360/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,16,632/8 grams while pure gold (24 carat) prices stand at Rs 1,27,240/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,17,832/8 grams while pure gold (24carat) prices stand at Rs 1,28,544/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,16,632/8 grams while pure gold (24 carat) prices stand at Rs 1,27,240/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
