Gold and silver prices commenced the trading session on the Multi Commodity Exchange with a notable decline on Thursday, influenced by renewed tensions in the Middle East and escalating oil prices, following the United States’ recent military actions against Iran. In the domestic market, MCX silver futures for July 2026 delivery experienced a decline of Rs 5,012 (2%), bringing the price to Rs 2,30,492 per kg. Gold futures for August 2026 delivery decreased by Rs 1,573 (1%) to Rs 1,46,444 per 10 grams. In the previous session, gold concluded on a negative note, whereas silver experienced a modest uptick. Another sentiment dampener is soaring inflation amid the crisis in West Asia.
In May, U.S. consumer inflation surged at its most rapid rate in three years, driven by the Middle East conflict which elevated the prices of petrol and other energy products. This development provides further justification for the Federal Reserve to maintain interest rates steady through 2027. The Consumer Price Index rose by 4.2% over the 12 months ending in May, marking the most significant increase since April 2023, according to the Labour Department’s Bureau of Labour Statistics report released on Wednesday. Gold is traditionally perceived as a safeguard against inflation; however, increasing interest rates generally diminish the attractiveness of this non-yielding asset. In the international market, gold prices experienced a rebound from a six-month low on Thursday, driven by short-covering activities.
Spot gold increased by 0.4% to $4,089.12 per ounce by 0215, following a decline to its lowest level since November 21 at $4,022.09 earlier in the day. U.S. gold futures for August delivery experienced a decline of 0.5%, settling at $4,111.10. Spot silver increased by 0.3% to $63.86 per ounce, while platinum saw a rise of 0.6% to $1,673.75. Palladium experienced a notable climb of 2.2%, reaching $1,239.89. Manok Kumar Jain indicates that gold has support levels ranging from $4,040 to $3,985 per troy ounce, while resistance levels are identified between $4,155 and $4,210 per troy ounce in the current session. Silver exhibits support levels ranging from $62.50 to $61.10 per troy ounce, with resistance identified between $66.60 and $69.10 per troy ounce.
On MCX, gold appears to be establishing a support level within the Rs 1,47,200-Rs 1,45,800 range, while encountering resistance in the Rs 1,49,100-Rs 1,50,500 band. Silver exhibits support within the range of Rs 2,32,200 to Rs 2,28,800, while resistance is observed between Rs 2,39,100 and Rs 2,42,400. Jain advises purchasing gold within the range of Rs 1,47,000 to Rs 1,45,800, implementing a strict stop loss beneath Rs 1,44,400, with a target set between Rs 1,49,800 and Rs 1,51,100. He also suggests purchasing silver within the Rs 2,34,000-Rs 2,31,000 range, implementing a stop loss beneath Rs 2,26,600, with target prices of Rs 2,39,100, Rs 2,42,400, and Rs 2,45,000.