Gold and silver prices commenced trading on a downward trajectory on the Multi Commodity Exchange this Thursday, as market participants monitored discussions between U.S. President Donald Trump and Chinese President Xi Jinping, while also keeping an eye on the evolving situation in Iran. In the domestic market, MCX silver futures for July 2026 delivery decreased by Rs 3,359, reflecting a decline of 1.1%, bringing the price to Rs 2,96,879 per kg. Gold futures for June 2026 delivery experienced a decline of Rs 1,159, reflecting a decrease of 0.7%, settling at Rs 1,61,027 per 10 grams. In the prior session, silver experienced an increase surpassing Rs 21,000, whereas gold appreciated by 6% or approximately Rs 9,000.
The decline is also attributed to a singular price adjustment subsequent to the central government’s increase in customs duty on the importation of gold, silver, and various other precious metals. As import duties increase, the cost of imported bullion escalates, leading to domestic prices trading at a broader premium relative to international COMEX and LBMA prices. Consequently, MCX futures contracts promptly realign to account for the increased landed cost of imports. In the international market, spot gold remained stable at $4,688.43 per ounce, whereas U.S. gold futures for June delivery experienced a slight decline of 0.2%, settling at $4,695. Among other precious metals, spot silver decreased by 0.9% to $87.18 per ounce, platinum experienced a decline of 0.4% to $2,129.15, and palladium saw a reduction of 0.3% to $1,495.75.
Trump is poised to engage in a series of discussions with Xi in Beijing, where the agenda is anticipated to center on economic matters, maintaining the delicate trade truce, and tackling geopolitical tensions, notably the conflict in the Middle East. The U.S. president is anticipated to pursue China’s assistance in addressing the conflict that emerged alongside Israel in late February; however, analysts contend that Beijing is improbable to extend the support that Washington desires. Manoj Kumar Jain indicated that gold and silver prices are expected to exhibit volatility this week, influenced by variations in the dollar index and the results of the summit between the U.S. and Chinese Presidents. He stated that gold has support in the range of $4,681-4,634 per troy ounce, while resistance is positioned between $4,740-4,770 per troy ounce.
Silver exhibits support in the range of $86.60 to $84.00, with resistance identified between $92.00 and $95.00 per troy ounce in the current trading session. On the MCX, Jain indicated that gold is supported at Rs 1,60,200-1,58,000 and faces resistance at Rs 1,64,400-1,66,600, whereas silver has support at Rs 2,94,400-2,88,000 and resistance at Rs 3,04,000-3,10,000. He recommended that investors refrain from initiating new buying positions at present levels in anticipation of the results from the summit between the U.S. and Chinese Presidents.