Gold and silver prices experienced an uptick on the Multi Commodity Exchange on Tuesday, as investors adopted a cautious stance in anticipation of significant U.S. inflation data scheduled for release later in the day. The gains occur in the context of diminishing expectations for a resolution in the U.S.-Iran peace negotiations, which have led to an increase in crude oil prices and have rekindled worries that persistent inflation may sustain elevated global interest rates for an extended period. U.S. President Donald Trump remarked on Monday that the ceasefire with Iran was “on life support,” highlighting disagreements over several critical issues, such as a cessation of hostilities across all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil exports, and compensation for war-related damages.
In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 3,132 or 1.1%, reaching Rs 2,81,443 per kg. Gold futures for June 2026 delivery increased by Rs 336, reflecting a rise of 0.02%, now priced at Rs 1,53,999 per 10 grams. In the international market, spot gold exhibited minimal variation at $4,732.89 per ounce as of 0246, whereas U.S. gold futures for June delivery experienced an increase of 0.3%, reaching $4,742.40. Spot silver remained unchanged at $86.08 per ounce, whereas platinum experienced a decline of 1.6%, settling at $2,098.25. Palladium experienced a decline of 1%, settling at $1,494. Increasing crude oil prices have intensified inflation worries, heightening anticipations that interest rates may remain elevated for an extended period. Gold is often regarded as a safeguard against inflation; however, high interest rates generally diminish the attractiveness of this non-yielding asset.
Markets are monitoring Trump’s two-day visit to China this week, where he is anticipated to engage with Chinese President Xi Jinping to address various issues, including developments in the Middle East. Manoj Kumar Jain indicated that gold and silver prices are anticipated to exhibit volatility this week, influenced by fluctuations in the dollar index, movements in crude oil prices, and in anticipation of the upcoming U.S. inflation data release. Jain indicates that gold finds support in the range of $4,681 to $4,640 per troy ounce, with resistance positioned between $4,770 and $4,810. Silver is currently experiencing support levels between $82.40 and $80.00 per troy ounce, while resistance is observed in the range of $88.80 to $92.00 during today’s trading session.
On the MCX, gold exhibits support within the range of Rs 1,52,800-1,52,000, while facing resistance at Rs 1,54,400-1,55,500. Silver is expected to encounter support in the range of Rs 2,72,500-2,68,000, with resistance identified at Rs 2,84,000-2,88,000. He recommended purchasing gold in the range of Rs 1,53,000-1,52,200, advising a stop loss set beneath Rs 1,51,500, with target levels of Rs 1,54,000-1,54,800. For silver, he suggested purchasing in the range of Rs 2,74,000-2,68,000, with a stop loss set below Rs 2,63,500 and targets of Rs 2,84,000-2,88,000.