Gold and silver prices ended their three-day upward trend on Tuesday, starting lower on the Multi Commodity Exchange as investors sought more clarity regarding the preliminary peace agreement between the US and Iran. In the domestic market, MCX silver futures for July 2026 delivery declined by Rs 1,457 (0.5%), settling at Rs 2,50,001 per kg. Gold futures for August 2026 delivery experienced a slight decrease, settling at Rs 1,52,842 per 10 grams. In the previous session, gold concluded with an increase of nearly 2%, whereas silver experienced a slight uptick. The action followed a statement from US President Donald Trump on Monday, indicating that the US and Iran had reached a preliminary agreement intended to conclude the conflict in the Gulf.
However, the specifics of the agreement remain undisclosed, as both nations have signalled that discussions regarding a lasting ceasefire are still ongoing. In the international market, spot gold increased by 0.2% to $4,315.87 per ounce as of 0231. The precious metal experienced an increase of up to 3.6% on Monday, reaching its peak level since June 5. Among other precious metals, spot silver experienced a decrease of 1%, settling at $69.29 per ounce. Platinum decreased by 0.9% to $1,751.55, whereas palladium declined by 1.6% to $1,327.27.
Manoj Kumar Jain indicated that gold and silver prices are expected to experience volatility this week, influenced by changes in crude oil prices, shifts in the dollar index, and the results of the Federal Reserve’s monetary policy meeting. According to Jain, gold has established support levels between $4,315 and $4,270 per troy ounce, while resistance is noted in the range of $4,385 to $4,420 per troy ounce. Silver exhibits support levels ranging from $68.00 to $65.50 per troy ounce, with resistance identified between $72.40 and $74.00 per troy ounce.
On MCX, gold has established support levels at Rs 1,51,500–Rs 1,50,850, while resistance is noted at Rs 1,53,650–Rs 1,54,400. Silver exhibits support levels between Rs 2,48,000 and Rs 2,44,400, while resistance is observed in the range of Rs 2,55,000 to Rs 2,58,500. Jain advises purchasing gold within the Rs 1,51,100–Rs 1,50,000 bracket, setting a stop loss beneath Rs 1,48,800, aiming for targets of Rs 1,52,600–Rs 1,53,800. He also recommends purchasing silver within the Rs 2,48,800–Rs 2,46,000 range, with a stop loss set below Rs 2,43,300, aiming for a target of Rs 2,53,000–Rs 2,55,500.