Gold and silver prices commenced the trading session on the Multi Commodity Exchange with a modest decline on Friday, as investors assessed the ongoing uncertainty related to the extended conflict in the Middle East in light of reports suggesting a potential extension of the U.S.-Iran ceasefire agreement. This occurs in the context of ongoing concerns regarding inflation and the outlook for U.S. interest rates, which have contributed to a cautious sentiment. In the domestic market, MCX silver futures for July 2026 delivery decreased by Rs 1,518, reflecting a decline of 0.5%, bringing the price to Rs 2,68,018 per kg. Gold futures for June 2026 delivery experienced a slight decline of Rs 609, settling at Rs 1,56,316 per 10 grams. In the previous session, silver and gold recorded gains of up to 2%.
U.S. inflation surged at its most rapid rate in three years in April, primarily propelled by rising energy costs associated with the Iran conflict. The data reinforced expectations among economists that the Federal Reserve could maintain interest rates at their current levels well into the following year. Federal Reserve Bank of New York President John Williams stated that monetary policy is suitably aligned with the prevailing economic outlook. He added that inflation is expected to remain high in the short term before moderating later in the year. In the international market, spot gold increased by 0.2% to $4,499.56 per ounce as of 0231, although the metal has declined approximately 0.2% for the week to date.
U.S. gold futures experienced a decline of 0.1%, settling at $4,529.80 per ounce. Among other precious metals, spot silver increased by 0.1% to $75.67 per ounce, while palladium experienced a rise of 0.4% to $1,373.14. Both metals were poised for weekly gains. Platinum, however, experienced a decline of 0.4%, settling at $1,915.53, and is on track for a weekly decrease. Manoj Kumar Jain indicated that gold and silver prices are anticipated to exhibit volatility during today’s session, influenced by fluctuations in crude oil prices, movements in the dollar index, and persistent hopes regarding a potential US-Iran peace deal. Gold is observed to be establishing support within the $4,500-4,467 per troy ounce range, whereas resistance is identified between $4,574 and $4,600 per troy ounce.
Silver exhibits support in the range of $74.40 to $72.00 per troy ounce, while resistance is anticipated between $78.80 and $80.40 per troy ounce. On the MCX, gold exhibits support levels at Rs 156,100-155,500, while resistance is observed at Rs 157,700-158,650. Silver is expected to encounter support in the range of Rs 265,500 to Rs 261,000, whereas resistance is identified between Rs 274,400 and Rs 278,000. In light of the weekend session and the continuing negotiations surrounding the US-Iran peace deal, it is prudent to consider profit booking in current long positions in both gold and silver on any upward movement.