Gold and silver prices commenced trading on a subdued note on the Multi Commodity Exchange on Tuesday, as renewed U.S. military actions in Iran propelled oil prices upward, heightening concerns regarding sustained inflation and the likelihood of extended high interest rates. In the domestic market, silver futures for July 2026 delivery decreased by Rs 3,731, reflecting a decline of 1.3%, bringing the price to Rs 2,72,985 per kg. Gold futures for June 2026 delivery declined by Rs 547, settling at Rs 1,58,534 per 10 grams. In the previous session, silver and gold experienced slight declines. The U.S. Central Command reported conducting strikes on targets in southern Iran, which included boats purportedly engaged in laying mines and missile launch sites.
According to the military, the strikes were intended to safeguard U.S. troops from threats emanating from Iranian forces. Oil experienced an increase of more than 2% following a drop to a two-week low the previous day. Oil prices have a significant impact on inflation expectations. Elevated crude can fuel inflation and sustain higher interest rates for an extended period. While gold is regarded as a hedge against inflation, elevated interest rates typically exert downward pressure on the non-yielding metal. In the international market, spot gold experienced a decline of 0.7%, settling at $4,537.54 per ounce as of 0218. Meanwhile, U.S. gold futures for June delivery saw a slight increase of 0.3%, reaching $4,538.50.
Among other precious metals, spot silver declined 1.8% to $76.66 per ounce, platinum fell 0.9% to $1,950.70, while palladium dropped 1.1% to $1,382.42. Manoj Kumar Jain indicated that gold has support at $4,522-4,484 per troy ounce, while resistance is positioned at $4,610-4,640 per troy ounce in today’s session. Silver exhibits support in the range of $76.60 to $74.00 per troy ounce, while resistance is observed between $80.40 and $82.80 per troy ounce. On MCX, he indicated that gold has support at Rs 1,58,200-1,57,700 and resistance at Rs 1,59,850-1,60,600, while silver has support at Rs 2,73,300-2,70,000 and resistance at Rs 2,80,000-2,83,350.
Jain indicated that Prithvi Finmart had advised purchasing silver in the range of Rs 2,71,000-2,67,000 in last Tuesday’s morning note, with a stop loss set below Rs 2,63,000 and target prices of Rs 2,81,000-2,85,000. He advised traders with long positions to adhere strictly to the recommended stop loss and to realise profits close to the suggested target levels. He further suggested purchasing gold within the range of Rs 1,58,500-1,57,700, with a stop loss set below Rs 1,56,650 and targets of Rs 1,59,350-1,60,300.