Due to Iran war tension, silver fell to Rs. 1,500/kg, gold Rs. 1.56 lakhs/10 gm. Key levels to look for

Gold and silver prices opened slightly lower on the Multi Commodity Exchange (MCX) on Friday as investors weighed uncertainty over the prolonged Middle East conflict against reports of a possible extension of the US-Iran ceasefire agreement. This comes despite inflation concerns and US interest rate projections continuing to keep sentiment cautious.

In the domestic market, MCX silver futures for July 2026 delivery traded at Rs. 1,518 or 0.5% down to Rs. 2,68,018 per kg. Gold futures for June 2026 delivery fell marginally to Rs. 609 down to Rs. 1,56,316 per 10 grams. In the previous session, silver and gold had gained up to 2%.

The US Inflation accelerated to its fastest pace in three years during April, driven largely by higher energy prices linked to the Iran conflict. The data reinforced expectations among economists that the Federal Reserve may keep interest rates unchanged over the next year.

Federal Reserve Bank of New York President John Williams said monetary policy is well positioned given the current economic outlook. He added that inflation is likely to remain elevated in the near term before easing towards the end of the year.

In the international market, spot gold rose 0.2% to $4,499.56 an ounce by 0231 GMT, although the metal was down about 0.2% for the week so far. US gold futures were down 0.1% at $4,529.80 an ounce.

Among other precious metals, silver rose 0.1% to $75.67 an ounce while palladium rose 0.4% to $1,373.14. Both metals were on track for weekly gains. Platinum, however, fell 0.4% to $1,915.53 and headed for weekly declines.

How should you trade gold?

Manoj Kumar Jain said gold and silver prices are expected to remain volatile during today’s session amid volatility in crude oil prices, volatility in the dollar index and hopes surrounding a possible US-Iran peace deal.

Gold is seen finding support in the $4,500-4,467 per troy ounce range, while resistance is held between $4,574 and $4,600 per troy ounce. Silver has support at $74.40-72.00 per troy ounce, while resistance is expected around $78.80-80.40 per troy ounce.

On the MCX, gold traded at Rs. 156,100-155,500 support and Rs. Resistance is at 157,700-158,650. Silver Rs.

Given the weekend session and the US-Iran peace deal negotiations, profit booking in existing long positions in both gold and silver is advised on any upside.

Gold rates in physical markets

Gold price in Delhi today
Standard gold (22 carat) price in Delhi is Rs. 1,14,552/8 grams while the price of pure gold (24 carat) is Rs. 1,24,960/8 gms.

Gold price in Mumbai today
Standard gold (22 carat) price in Mumbai is Rs. 1,14,432/8 grams while the price of pure gold (24 carat) is Rs. 1,24,840/8 gm.

Gold price in Chennai today
Standard gold (22 carat) price in Chennai is Rs. 1,15,992/8 grams while the price of pure gold (24 carat) is Rs. is 1,26,536/8 grams.

Gold price in Hyderabad today
Standard gold (22 carat) price in Hyderabad is Rs. 1,14,432/8 grams while the price of pure gold (24 carat) is Rs. 1,24,840/8 gm.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)