Gold and silver prices opened sharply higher on the Multi Commodity Exchange of India (MCX) on Wednesday, tracking gains in global bullion markets after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, easing concerns over energy-driven inflation.
MCX silver futures due May 2026 were up Rs 13,422 or 6% to Rs 2,44,770 per kg. Meanwhile, gold futures for June 2026 delivery gained Rs 3.655 or 2.4% to Rs 1,53,944 per 10 grams.
In the international market, yellow metal prices rose to a near three-week high on Wednesday. Spot gold was up 2.3% at $4,812.49 per ounce as of 0215 GMT. Earlier in the session, bullion had surged more than 3% to its highest level since March 19. U.S. gold futures for June delivery also advanced 3.4% to $4,841.60. Among other metals, spot silver climbed 4.9% to $76.48 per ounce.
The shift in stance came just ahead of Trump’s deadline for Iran to reopen the Strait of Hormuz, a key route that carries 20% of the world’s oil supply, or face broad attacks on its civilian infrastructure. “This will be a double sided CEASEFIRE!” Trump wrote on social media. Earlier on Tuesday, he had warned that “a whole civilization will die tonight” if his demands were not met.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said that both gold and silver are witnessing heightened volatility, though key support levels are expected to hold. He noted that silver could sustain above $62.00 per troy ounce, while gold may hold $4,420 per troy ounce on a weekly closing basis.
He added that precious metals are likely to remain volatile this week due to fluctuations in the dollar index, movement in crude oil prices, and the upcoming U.S. Fed meeting minutes. For gold, support is seen in the $4,664–$4,615 range, while resistance is placed at $4,840–$4,910 per troy ounce. Silver, meanwhile, has support at $69.10–$66.60 and resistance at $76.00–$80.00 per troy ounce for the day.
On the MCX, Jain highlighted that gold has support at Rs 1,48,500–Rs 1,47,200 and resistance at Rs 1,53,350–Rs 1,55,000. Silver is seen finding support at Rs 2,27,700–Rs 2,24,000, with resistance at Rs 2,36,650–Rs 2,44,000.
In terms of strategy, he recommends buying gold above Rs 1,51,100 with a stop loss below Rs 1,48,500 for targets of Rs 1,55,000–Rs 1,56,600. For silver, he suggests buying above Rs 2,36,000 with a stop loss below Rs 2,30,000, targeting Rs 2,42,000–Rs 2,45,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,09,992/8 grams while pure gold (24 carat) prices stand at Rs 1,19,984/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,872/8 grams while pure gold (24 carat) prices stand at Rs 1,19,864/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,10,872/8 grams while pure gold (24carat) prices stand at Rs 1,20,952/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,09,872/8 grams while pure gold (24 carat) prices stand at Rs 1,19,864/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
