Silver Plummets to Rs 3,300/kg and Gold Falls Rs 1,600/10g as Trump-Xi Discussions Take Center Stage Amid Iran Conflict; Key Market Levels in Focus
Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Thursday, driven by investor sentiments closely watching the ongoing discussions between U.S. President Donald Trump and Chinese President Xi Jinping, along with developments surrounding the Iran conflict. Specifically, MCX silver futures for July 2026 delivery witnessed a decline of Rs 3,359 or 1.1%, settling at Rs 2,96,879 per kg. Similarly, June 2026 gold futures dropped by Rs 1,159 or 0.7%, priced at Rs 1,61,027 per 10 grams. This downward movement follows a robust previous session where silver rallied over Rs 21,000 and gold gained approximately 6% or nearly Rs 9,000, reflecting a typical price adjustment in light of the central government’s recent increase in customs duties on precious metal imports.
The increase in import duties has made imported bullion more expensive, consequently widening the premium for domestic prices compared to international benchmarks such as COMEX and LBMA. As traders and investors adjust to these changes, MCX futures contracts are expected to quickly reflect the increased landed costs of imports. In the international market, although spot gold remained steady at $4,688.43 per ounce, U.S. gold futures for June delivery experienced a slight decline of 0.2% to $4,695. Other precious metals also saw declines, with spot silver falling 0.9% to $87.18 per ounce, while platinum and palladium posted minor drops.
Market analyst Manoj Kumar Jain from Prithvi Finmart indicates that gold and silver are likely to experience volatility this week against the backdrop of fluctuating dollar indices and the impact of the U.S.-China summit. Jain highlights specific levels of support and resistance for both metals, suggesting that gold has support at $4,681-4,634 and resistance at $4,740-4,770 per troy ounce. For silver, support is identified at $86.60-84.00, with resistance at $92.00-95.00 per troy ounce. On the MCX, support for gold stands at Rs 1,60,200-1,58,000, while resistance is projected at Rs 1,64,400-1,66,600. Jain advises investors to exercise caution and refrain from new buying positions until the outcomes of critical geopolitical discussions are clearer.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova team.)