Gold and silver prices commenced trading on the Multi Commodity Exchange on Wednesday with a decline, as a resurgence of tensions in the Middle East propelled crude oil prices upward. This development has intensified worries that inflationary pressures may sustain elevated interest rates for an extended duration. In the domestic market, MCX silver futures for July 2026 delivery declined by Rs 700, settling at Rs 2,66,011 per kg. Gold futures for August 2026 delivery were down at Rs 1,59,342 per 10 grams. In the previous session, silver and gold concluded with slight gains, with silver increasing by 0.13%.
Geopolitical tensions escalated following the announcement from the U.S. military regarding Iranian missile attacks aimed at Bahrain, Kuwait, and other regional sites, which were reported to have been either intercepted or unsuccessful. The developments occurred alongside minimal advancements in the diplomatic initiatives between Washington and Tehran. Meanwhile, oil prices increased by over 1% in early trading, raising concerns in the market that elevated energy costs may exacerbate inflation and complicate the trajectory of interest rates. In the international market, spot gold experienced a decline of 0.2%, settling at $4,476.50 per ounce as of 0103.
Concurrently, U.S. gold futures for August delivery fell by 0.3%, reaching $4,504.40. Among other precious metals, spot silver decreased by 0.5% to $74.73 per ounce, platinum saw a reduction of 0.2% to $1,932.25, and palladium experienced a decline of 0.3% to $1,365.25. Manoj Kumar Jain indicated that gold has support at $4,480-$4,434 per troy ounce, while resistance is positioned at $4,555-$4,592 per troy ounce. Silver exhibits support within the range of $73.30 to $72.00 per troy ounce, while resistance is observed between $76.60 and $78.80 per troy ounce in the current trading session. On MCX, gold exhibits support levels at Rs 1,58,500 to Rs 1,57,700, while resistance is observed at Rs 1,60,000 to Rs 1,60,650.
Silver exhibits support in the range of Rs 2,63,300 to Rs 2,60,000, while resistance is observed between Rs 2,70,000 and Rs 2,73,350. Jain observed that Prithvi Finmart had provided a buy recommendation on silver at approximately Rs 2,64,000 on Monday, setting a target of Rs 2,71,000, which was reached on Tuesday. He advised investors to await corrective declines prior to initiating new long positions in gold and silver.