Gold and silver prices commenced on a subdued note on the Multi Commodity Exchange on Wednesday, as U.S. Treasury yields and a robust dollar countered the optimism regarding a potential peace agreement between the United States and Iran. In the domestic market, MCX silver futures for July 2026 delivery decreased by Rs 2,889, reflecting a 1% decline to Rs 2,67,230 per kg. Gold futures for June 2026 delivery experienced a decline of Rs 1,121, settling at Rs 1,57,959 per 10 grams. In the prior session, silver and gold experienced slight increases. U.S. President Donald Trump emphasized that the conflict with Iran would conclude “very quickly”.
Nonetheless, market participants exhibited a degree of caution, given the prevailing uncertainty surrounding peace negotiations and the continuous disruptions affecting oil supplies from the Middle East. Investors are meticulously observing the potential for the U.S. and Iran to find genuine common ground and establish a peace agreement, particularly given the fluidity of Washington’s stance, which seems to shift daily. Just days prior, Trump expressed his diminishing patience with Iran. In the international market, spot gold experienced a decline of 0.3%, trading at $4,467.59 per ounce as of 0233. In the prior session, bullion reached its lowest point since March 30. U.S. gold futures for June delivery experienced a decrease of 0.9%, settling at $4,471.10 per ounce.
In the realm of precious metals, spot silver experienced a decline of 0.8%, settling at $73.22 per ounce. Platinum saw a slight decrease of 0.5%, now priced at $1,912.67, whereas palladium recorded a modest increase of 0.2%, reaching $1,356.32 per ounce. Manoj Kumar Jain indicated that gold has support at $4,454-4,420 per troy ounce, while resistance is positioned at $4,522-4,570 in Wednesday’s session. Silver, in the current market context, exhibits support levels ranging from $72.00 to $69.10 per troy ounce, while resistance is observed between $76.60 and $78.80.
On MCX, gold appears to be establishing a support level within the Rs 1,57,700-1,56,650 range, whereas resistance is identified at Rs 1,60,350-1,61,100. Silver exhibits support within the range of Rs 2,66,600 to Rs 2,63,000, while encountering resistance between Rs 2,74,400 and Rs 2,80,000. Jain noted that Prithvi Finmart had advised purchasing silver within the Rs 2,71,000-2,67,000 range in its earlier morning note, suggesting a stop loss beneath Rs 2,63,000 and target levels of Rs 2,81,000-2,85,000. Investors maintaining long positions as per the recommendation are encouraged to uphold the designated stop loss and contemplate realizing profits as they approach the target levels.