Gold and silver prices commenced trading on a subdued note on the Multi Commodity Exchange on Friday, influenced by a stronger dollar and increasing oil prices, which bolstered expectations for additional interest rate hikes by the U.S. Federal Reserve. In the domestic market, silver futures for July 2026 delivery decreased by Rs 1,617, reflecting a decline of 0.6%, bringing the price to Rs 2,73,266 per kg. Gold futures for June 2026 delivery experienced a decline of Rs 800, settling at Rs 1,58,816 per 10 grams. In the previous session, silver and gold experienced slight increases. The dollar remained close to a six-week high, resulting in increased costs for dollar-denominated bullion for purchasers utilising alternative currencies. Moreover, the uncertainty surrounding the conflict in Iran has further exacerbated tensions.
Recent comments from the U.S. suggested that a deal could be close; however, reports indicating Iran’s desire to retain its enriched uranium domestically have reignited concerns that the conflict may persist, thereby prolonging disruptions to oil supplies. In the international market, spot gold experienced a decline of 0.4%, settling at $4,522.89 per ounce, and has recorded a decrease of approximately 0.3% for the week to date. U.S. gold futures for June delivery experienced a decrease of 0.4%, settling at $4,524.40 per ounce. Among other precious metals, spot silver declined by 0.7% to $76.18 per ounce, yet it is still poised for a weekly increase of 0.4%. Platinum decreased by 1% to $1,945.97, and palladium fell by 0.5% to $1,371.90, as both metals are on track for weekly losses.
Manoj Kumar Jain indicated that gold and silver prices are anticipated to exhibit volatility during Friday’s session, influenced by fluctuations in crude oil prices and the prevailing optimism regarding a potential US-Iran peace agreement. According to Jain, gold has support at 4,510-4,467 per troy ounce, while resistance is placed at 4,580-4,615 per troy ounce. Silver, meanwhile, exhibits support within the range of $74.20 to $72.00 and faces resistance between $79.10 and $81.20 per troy ounce. On the MCX, he indicated that gold is expected to encounter support within the Rs 1,58,800-Rs 1,58,000 range and face resistance at Rs 1,60,350-Rs 1,61,100. Silver exhibits support within the range of Rs 2,70,700 to Rs 2,66,600, whereas resistance is identified between Rs 2,79,100 and Rs 2,83,350.
Jain noted that Prithvi Finmart had advised purchasing silver within the Rs 2,71,000-Rs 2,67,000 range in its Tuesday morning note, establishing a stop loss beneath Rs 2,63,000 and setting targets of Rs 2,81,000-Rs 2,85,000. Investors maintaining long positions in accordance with the recommendation are urged to adhere to the established stop loss and contemplate realising profits as they approach the target levels. He also indicated that gold is likely to trade within the Rs 1,58,000-Rs 1,61,100 range during the session and recommended implementing a range-bound trading strategy.