Gold and silver prices commenced the trading session on the Multi Commodity Exchange with minimal fluctuations on Tuesday, influenced by a robust U.S. dollar and a significant uptick in crude oil prices that dampened market sentiment. Meanwhile, investors remained attentive to U.S. President Donald Trump’s impending decision regarding the proposed extension of the ceasefire agreement with Iran. In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 167, reaching Rs 2,66,350 per kg. Gold futures for June 2026 delivery increased by Rs 258, reaching Rs 1,59,499 per 10 grams. In the previous session, silver and gold concluded with slight gains.
Market participants are currently concentrating on forthcoming U.S. economic data, particularly the nonfarm payrolls and employment reports scheduled for release later this week. These reports are anticipated to provide insights into the robustness of the labour market, amidst growing concerns regarding inflationary pressures associated with the ongoing conflict in the Middle East. In the international market, spot gold remained stable at $4,481.53 per ounce as of 0217, while U.S. gold futures for August delivery increased by 0.1% to $4,511.20 per ounce. Among other precious metals, spot silver rose 0.5% to $75.21 per ounce, platinum gained 0.5% to $1,932.50, while palladium slipped 0.4% to $1,356.90 per ounce.
In the domestic market, MCX Gold June futures could potentially see a decline towards Rs 154,000 per 10 grams, influenced by the downturn in global bullion prices, according to Jigar Trivedi of IndusInd Securities. Manoj Kumar Jain indicated that silver is experiencing support at Rs 2,63,600-2,61,000 and facing resistance at Rs 2,69,100-2,72,000. “We have suggested purchasing silver on Monday at approximately 2,64,000, with a stop loss set below 2,60,600 and a target of Rs 2,71,000. Those maintaining buying positions in accordance with the provided recommendations are advised to adhere strictly to the specified stop loss and to realise profits around the indicated target levels.”