Gold and silver prices began the trading session on the Multi Commodity Exchange with a slight divergence on Monday, impacted by a strong U.S. dollar and a significant rise in crude oil prices that negatively affected market sentiment. Meanwhile, investors remained focused on U.S. President Donald Trump’s forthcoming decision concerning the potential extension of the ceasefire agreement with Iran. In the domestic market, silver futures for July 2026 delivery increased by Rs 1,095, reflecting a rise of 0.04%, bringing the price to Rs 2,68,093 per kg. Gold futures for June 2026 delivery declined by Rs 1,069, closing at Rs 1,54,513 per 10 grams. In the previous session, silver and gold finished roughly 1% lower.
Market participants are closely observing developments concerning the Iran ceasefire. On Friday, Trump signalled that a decision regarding a proposal to extend the truce with Iran would be forthcoming, even as significant disparities between the two parties remain unresolved. Geopolitical tensions remained in focus as Israeli Prime Minister Benjamin Netanyahu articulated on Sunday the order for troops to penetrate further into Lebanon, amidst the persistent conflict with the Iranian-backed Hezbollah group, despite a ceasefire that had been announced over six weeks earlier. In the international market, spot gold registered a decrease of 0.2%, concluding at $4,527.36 per ounce, after reaching a two-week high in the prior session.
U.S. gold futures declined by 0.8%, concluding at $4,558.10 per ounce. Among other precious metals, spot silver gained 0.4% to $75.54 per ounce, platinum rose 1% to $1,935.65 per ounce, and palladium advanced 1.3% to $1,371.24 per ounce. Jigar Trivedi of IndusInd Securities expects that MCX Gold June futures will find significant support near Rs 1,55,000 per 10 grams, while immediate resistance is anticipated around Rs 1,57,000. He stated that the intraday bias remains somewhat negative unless prices can sustain levels above the resistance zone.
Gold has primarily oscillated within a narrow band in recent sessions after its retreat from the all-time highs reached earlier this year. Manoj Kumar Jain indicated that silver is anticipated to encounter support within the Rs 2,63,600-2,61,000 range, whereas resistance is identified between Rs 2,70,000 and Rs 2,73,300. He recommends acquiring silver when prices dip to around Rs 2,64,000, with a stop loss positioned below Rs 2,60,600. On the upside, the metal could target Rs 2,71,000.