Gold and silver prices opened higher on the Multi-Commodity Exchange of India on Thursday, supported by a weaker dollar and growing optimism around a possible peace agreement between the United States and Iran.
Iran said on Wednesday that it was reviewing a U.S. peace proposal which, according to sources, would formally bring the war to an end while leaving unresolved Washington’s key demands that Tehran suspend its nuclear programme and reopen the Strait of Hormuz.
In the domestic market, MCX silver futures for July 2026 delivery jumped Rs 3,800 or 1.5% to Rs 2,57,055 per kg. Gold futures for June 2026 delivery gained Rs 755 or 0.5% Rs 1,52,887 per 10 grams. In the previous session, silver rallied 4% and gold ended marginally higher.
On Wednesday, Axios reported that the U.S. and Iran were close to a one-page, 14-point memorandum of understanding. The draft is said to outline an end to the conflict and set the basis for further negotiations.
Oil, while still elevated, eased from recent highs. Rising prices stoke inflation fears, which in turn raises the likelihood of higher interest rates.
Globally, Spot gold rose 0.3% to $4,701.19 per ounce as of 0231 GMT, after climbing nearly 3% on Wednesday to touch its highest level since April 27. U.S. gold futures for June delivery were up 0.4% at $4,710. Among other precious metals, spot silver gained 0.5% to $77.68 per ounce, platinum was little changed at $2,060.18, while palladium slipped 0.1% to $1,536.54.
How should you trade gold?
Manoj Kumar Jain said gold and silver prices are likely to remain volatile this week due to fluctuations in the dollar index, movement in crude oil prices and ahead of the U.S. non-farm payroll data.
He said gold has support at $4,634-4,580 per troy ounce, while resistance is placed at $4,740-4,800. Silver has support at $75.50-72.40 per troy ounce and resistance at $80.00-82.40 in today’s session.
On MCX, gold has support at Rs 1,51,500-1,50,700 and resistance at Rs 1,53,150-1,54,200, while silver has support at Rs 2,49,100-2,45,500 and resistance at Rs 2,58,000-2,61,000.
Jain advised investors to book profits in existing long positions in gold and silver and wait for corrective dips before initiating fresh long positions ahead of the U.S. non-farm payroll data.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,11,688/8 grams while pure gold (24 carat) prices stand at Rs 1,21,832/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,11,568/8 grams while pure gold (24 carat) prices stand at Rs 1,21,712/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,808/8 grams while pure gold (24carat) prices stand at Rs 1,23,064/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,11,568/8 grams while pure gold (24 carat) prices stand at Rs 1,21,712/8 grams.
