Gold and silver prices commenced the trading session on the Multi Commodity Exchange with a decline on Tuesday, as market participants assessed the tenuous ceasefire between Israel and Iran, while remaining vigilant regarding the evolving situation in the wider Middle East conflict. Concerns regarding inflation and the potential for elevated interest rates continued to capture attention. In the domestic market, MCX silver futures for July 2026 delivery decreased by Rs 2,457 (1%), settling at Rs 2,43,932 per kg. Gold futures for August 2026 delivery decreased by Rs 388, bringing the price to Rs 1,53,396 per 10 grams. In the previous session, silver experienced a decline of nearly 7%, while gold saw a decrease of over 2%.
On Monday, Iran and Israel announced a cessation of hostilities against one another, a decision reportedly influenced by an appeal from U.S. President Donald Trump. Tehran issued a warning regarding the potential resumption of military action should Israel persist in its strikes against Hezbollah targets in Lebanon. Gold is traditionally regarded as a hedge against inflation; however, increasing interest rates generally diminish the attractiveness of this non-yielding asset. Markets are currently reflecting expectations of a Federal Reserve rate hike before the year’s conclusion, with CME Group’s FedWatch tool suggesting a 51% likelihood of such a move by December. In the international market, spot gold remained unchanged at $4,332.50 an ounce. In the prior session, the precious metal declined to its lowest point in over two months.
Among other precious metals, spot silver declined 0.7% to $67.71 per ounce, platinum slipped 0.2% to $1,751.39, while palladium gained 0.8% to $1,213.89. Manoj Kumar Jain indicated that gold and silver prices are expected to exhibit volatility this week, influenced by fluctuations in crude oil prices, shifts in the dollar index, and the prevailing uncertainty regarding the US-Iran peace deal. According to Jain, gold exhibits support in the range of $4,343-$4,280 per troy ounce, while resistance is identified between $4,400-$4,440 per troy ounce. Silver exhibits support within the range of $66.60 to $64.00 per troy ounce, whereas resistance is identified between $71.40 and $74.00 per troy ounce in the current trading session.
On MCX, gold exhibits support levels at Rs 1,53,350 to Rs 1,52,200, while resistance is observed between Rs 1,55,500 and Rs 1,56,650. Silver exhibits support within the range of Rs 2,42,200 to Rs 2,38,000, while resistance is observed between Rs 2,51,000 and Rs 2,55,500. Jain indicated that Prithvi Finmart had advised purchasing silver at approximately Rs 2,38,000 on Monday, setting a target of Rs 2,51,000. Investors who acquired the metal during price declines are recommended to set a stop loss at Rs 2,39,000 and to contemplate realising profits within the Rs 2,47,000-Rs 2,50,000 range.