Gold prices commenced on a positive note on the Multi-Commodity Exchange of India on Thursday, buoyed by a depreciating dollar and increasing optimism regarding a potential peace accord between the United States and Iran. On Wednesday, Iran announced that it is evaluating a U.S. peace proposal that, as per sources, would officially conclude the war while leaving unaddressed Washington’s principal demands for Tehran to halt its nuclear program and reopen the Strait of Hormuz.
In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 3,800, reflecting a rise of 1.5%, bringing the price to Rs 2,57,055 per kg. Gold futures for June 2026 delivery increased by Rs 755, reflecting a rise of 0.5%, now priced at Rs 1,52,887 per 10 grams. In the prior session, silver experienced a rally of 4%, while gold concluded the day with a slight increase. On Wednesday, reports indicated that the U.S. and Iran were nearing a concise, 14-point memorandum of understanding. The draft reportedly delineates a conclusion to the conflict and establishes a foundation for subsequent negotiations. Oil, although remaining at elevated levels, has retreated from its recent peaks. Increasing prices fuel concerns about inflation, subsequently heightening the probability of elevated interest rates.
Globally, Spot gold increased by 0.3% to $4,701.19 per ounce as of 0231, following a nearly 3% rise on Wednesday that brought it to its highest level since April 27. U.S. gold futures for June delivery experienced an increase of 0.4%, reaching a price of $4,710. In the realm of precious metals, spot silver experienced an increase of 0.5%, reaching $77.68 per ounce. Platinum remained relatively stable at $2,060.18, whereas palladium saw a slight decline of 0.1%, settling at $1,536.54. Manoj Kumar Jain indicated that gold and silver prices are expected to exhibit volatility this week, influenced by variations in the dollar index, shifts in crude oil prices, and in anticipation of the U.S. non-farm payroll data. He stated that gold has support in the range of $4,634-4,580 per troy ounce, whereas resistance is positioned at $4,740-4,800. Silver exhibits support within the range of $75.50 to $72.40 per troy ounce, while resistance is observed between $80.00 and $82.40 in the current trading session.
On MCX, gold exhibits support levels at Rs 1,51,500-1,50,700 and resistance levels at Rs 1,53,150-1,54,200, whereas silver shows support at Rs 2,49,100-2,45,500 and resistance at Rs 2,58,000-2,61,000. Jain recommended that investors realize gains from their current long positions in gold and silver, suggesting they hold off on establishing new long positions until after corrective dips occur, particularly in light of the upcoming U.S. non-farm payroll data.