Gold and silver prices snapped their three-day gaining streak on Tuesday, opening lower on the Multi Commodity Exchange (MCX) as investors looked for greater clarity on the preliminary peace agreement between the US and Iran.
In the domestic market, MCX silver futures for July 2026 delivery were down Rs 1,457 (0.5%) to Rs 2,50,001 per kg. Gold futures for August 2026 delivery declined marginally to Rs 1,52,842 per 10 grams. In the previous session, gold ended nearly 2% higher, while silver was up marginally.
The move came after US President Donald Trump said on Monday that the US and Iran had signed a preliminary agreement aimed at ending the war in the Gulf. However, details of the agreement have not been released publicly, while both countries have indicated that negotiations on a permanent truce are still pending.
In the international market, spot gold edged up 0.2% to $4,315.87 per ounce as of 0231 GMT. The precious metal had climbed as much as 3.6% on Monday, touching its highest level since June 5. Among other precious metals, spot silver declined 1% to $69.29 per ounce. Platinum slipped 0.9% to $1,751.55, while palladium fell 1.6% to $1,327.27.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile this week due to fluctuations in crude oil prices, movements in the dollar index and the outcome of the Federal Reserve’s monetary policy meeting.
According to Jain, gold has support at $4,315–$4,270 per troy ounce and resistance at $4,385–$4,420 per troy ounce. Silver has support at $68.00–$65.50 per troy ounce, while resistance is seen at $72.40–$74.00 per troy ounce.
On MCX, gold has support at Rs 1,51,500–Rs 1,50,850 and resistance at Rs 1,53,650–Rs 1,54,400. Silver has support at Rs 2,48,000–Rs 2,44,400 and resistance at Rs 2,55,000–Rs 2,58,500.
Jain recommends buying gold in the Rs 1,51,100–Rs 1,50,000 range with a stop loss below Rs 1,48,800 for targets of Rs 1,52,600–Rs 1,53,800. He also suggests buying silver in the Rs 2,48,800–Rs 2,46,000 range with a stop loss below Rs 2,43,300, targeting Rs 2,53,000–Rs 2,55,500.
Gold, Silver rates today, 16 June, across major cities
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,11,248/8 grams while pure gold (24 carat) prices stand at Rs 1,21,352/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,11,128/8 grams while pure gold (24 carat) prices stand at Rs 1,21,232/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,568/8 grams while pure gold (24 carat) prices stand at Rs 1,22,800/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,11,128/8 grams while pure gold (24 carat) prices stand at Rs 1,21,232/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
