Gold and silver prices commenced the day with slight gains on the Multi Commodity Exchange on Wednesday, supported by a depreciating dollar. Investors are closely monitoring the progress of peace negotiations between the United States and Iran, while also assessing the policy direction of the U.S. Federal Reserve. In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 2,000, reflecting a rise of 0.7%, bringing the price to Rs 2,72,628 per kg. Gold futures for June 2026 delivery experienced a slight increase of Rs 215, reaching Rs 1,57,898 per 10 grams. In the prior session, silver and gold experienced slight declines.
Market participants are attentively monitoring forthcoming remarks from U.S. Federal Reserve officials, notably Fed Vice Chair Philip Jefferson and Governor Lisa Cook, for additional insights into how inflation may influence the central bank’s prospective monetary policy approach. Oil remained close to the $100 mark. Prices of liquid gold have a significant impact on inflation expectations. Elevated crude can fuel inflation and sustain higher interest rates for an extended period. Gold is often regarded as a safeguard against inflation; however, elevated interest rates generally exert downward pressure on the non-yielding metal.
In the international market, spot gold increased by 0.2% to $4,516.76 per ounce, whereas U.S. gold futures for June delivery saw a rise of 0.3% to $4,516.30. Among other precious metals, spot silver advanced 0.6% to $77.40 per ounce, platinum remained largely unchanged at $1,957.75, while palladium increased by 0.9% to $1,391.68. Manoj Kumar Jain indicated that gold has support levels ranging from $4,500 to $4,467 per troy ounce, while resistance is observed between $4,574 and $4,600 per troy ounce in the current session. Silver exhibits support in the range of $74.40 to $72.00 per troy ounce, with resistance identified between $78.80 and $80.40 per troy ounce.
He stated that Prithvi Finmart had advised purchasing silver last week within the Rs 2,71,000-2,67,000 range, with a stop loss set below Rs 2,63,000 and target prices of Rs 2,81,000-2,85,000. Investors maintaining long positions as per the recommendation are urged to adhere to the specified stop loss and consider booking profits in the range of Rs 2,75,000-2,78,000. Jain noted that the firm recommended purchasing gold within the range of Rs 1,58,500-1,57,700, with a stop loss set below Rs 1,56,650 and target prices of Rs 1,59,350-1,60,300. Investors maintaining long positions in gold are recommended to realise profits within the range of Rs 1,59,100-1,59,500.