On Thursday, gold prices experienced an upward movement on the Multi-Commodity Exchange of India, driven by increasing anticipation that negotiations between the U.S. and Iran may recommence. This development could potentially alleviate supply disruptions originating from the Middle East, particularly in light of the closure of the Strait of Hormuz. The U.S. dollar remained close to a level not seen in over a month, resulting in lower prices for dollar-denominated commodities such as gold for those purchasing with alternative currencies.
On the domestic front, MCX silver futures for May 2026 delivery increased by Rs 4,000, or 1.6%, reaching Rs 2,55,735 per kg. Gold futures for June 2026 delivery experienced a modest increase of Rs 808, reflecting a rise of 0.52%, bringing the price to Rs 1,54,756 per 10 grams. The White House expressed optimism on Wednesday regarding the possibility of reaching an agreement to resolve the conflict with Iran, while simultaneously cautioning that economic pressure on Tehran would escalate should it fail to cooperate. In the global arena, prices for the yellow metal experienced an upward trend. In early trade, spot gold increased by 0.9% to 4,830.66 per ounce by 0103, while U.S. gold futures for June delivery saw a rise of 0.6% to $4,852.40. Meanwhile, spot silver increased by 1.4%, reaching $80.17 per ounce.
Manoj Kumar Jain noted that both gold and silver are experiencing significant price fluctuations, although it is anticipated that key support levels will remain intact. He observed that silver has the potential to remain above $64 per troy ounce, while gold might stabilize around $4,470 per troy ounce by the end of this week. He anticipates ongoing volatility in precious metals, influenced by changes in the dollar index, crude oil prices, and the potential for a second round of U.S.-Iran peace negotiations. In the short term, gold is positioned with support between $4,800 and $4,770, while facing resistance in the $4,850 to $4,884 range per troy ounce. Silver appears to be establishing support within the range of $76.60–74, while encountering resistance at $82.80–85 per troy ounce during the current session.
On the MCX, gold is expected to find support at Rs 1,52,600–1,51,150 and face resistance at Rs 1,55,000–1,56,600. Silver is currently experiencing support levels between Rs 2,48,800 and Rs 2,44,400, with resistance identified in the range of Rs 2,55,500 to Rs 2,61,000. Jain emphasized that the approach continues to focus on purchasing during price declines in both metals, with target prices set at Rs 1,57,000 for gold and Rs 2,61,000 for silver.