Silver Ends Three-Day Rally as Gold Hits Rs 1.52 Lakh per 10 Grams Amid Investor Focus on Iran-US Peace Deal Developments.
In the latest trading session, gold and silver prices experienced a notable reversal, breaking a three-day streak of gains. On the Multi Commodity Exchange (MCX), silver futures for July 2026 delivery declined by Rs 1,457 (0.5%), settling at Rs 2,50,001 per kg, while gold futures for August 2026 dipped to Rs 1,52,842 per 10 grams. This downturn can be attributed to investor caution amid an ongoing search for clarity regarding the preliminary peace agreement signed between the U.S. and Iran. While U.S. President Donald Trump indicated progress towards establishing a truce, the lack of detailed disclosures surrounding the pact has fostered uncertainty in the market.
Internationally, the landscape reflected a mixed picture, with spot gold rising slightly by 0.2% to $4,315.87 per ounce, following a climb of 3.6% the previous day, marking its highest levels since early June. Conversely, other precious metals faced downward pressure; silver fell 1% to $69.29 per ounce, platinum lost 0.9% to $1,751.55, and palladium decreased by 1.6% to $1,327.27. The volatility of this precious metal market is compounded by fluctuations in crude oil prices, shifts in the U.S. dollar index, and the forthcoming monetary policy decisions from the Federal Reserve.
Market analysts, including Manoj Kumar Jain of Prithvi Finmart, have indicated critical support and resistance levels for precious metals, suggesting that gold might find support between $4,315 and $4,270 per troy ounce, with resistance at $4,385–$4,420. For silver, the support range is identified at $68.00–$65.50 and resistance at $72.40–$74.00. Jain advises strategic entry points for trading: initiating gold purchases in the Rs 1,51,100–Rs 1,50,000 range with a stop loss below Rs 1,48,800, targeting Rs 1,52,600–Rs 1,53,800, while silver purchases should be made in the Rs 2,48,800–Rs 2,46,000 range with a stop loss below Rs 2,43,300, aiming for targets of Rs 2,53,000–Rs 2,55,500.
Current prices for gold across major Indian cities reflect the market’s sensitivity to international movements. In Delhi, 22-carat gold is priced at Rs 1,11,248 per 8 grams, while 24-carat gold stands at Rs 1,21,352 per 8 grams. In Mumbai, the corresponding figures are Rs 1,11,128 for 22-carat and Rs 1,21,232 for 24-carat gold. These pricing patterns indicate regional variations but align closely with trends observed on the global stage, reinforcing the interconnected nature of the precious metals markets.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova team.)