Gold rate today: Gold and silver prices in India opened sharply higher on the Multi Commodity Exchange (MCX) on Monday, following a rally in global bullion prices, after US and Iran reached an initial agreement to end their war, pushing oil prices lower and easing concerns about inflation and higher interest rates.
MCX gold rate for August futures contracts opened higher by ₹3,301, or 2.19%, at ₹1,53,829 per 10 grams as against its previous close of ₹1,50,528 level. MCX silver price for July futures contracts opened higher by ₹5,377, or 2.18%, at ₹2,51,563 per kg as compared to its previous close of ₹2,46,18 level.
In the international market, gold prices jumped over 2% as the dollar sank after the announcement of the US-Iran peace deal.
Spot gold price rallied 2.5% to $4,322.87 per ounce, extending gains for a third straight session, while US gold futures for August delivery surged 2.5% to $4,344.80. Spot silver price gained 3.6% to $70.39 per ounce
US and Iranian officials agreed on a framework to end their war in the Middle East, halt the US blockade of Iran and reopen the Strait of Hormuz.
The pact will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a post on X.
Gold prices have fallen about 20% since the start of the US-Iran war in late February.
Meanwhile, the US dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders, Reuters reported.
Crude oil prices slipped more than 4%, easing concerns over high inflation and interest rate hike by the US Federal Reserve.
Markets have scaled back expectations for a US rate hike in December to 48% after the peace deal, down from 69% last week, according to the CME FedWatch tool.
Investors now await the US Fed policy decision and remarks, the first under Chair Kevin Warsh, on Wednesday, with rates widely expected to remain unchanged.
Gold Rate Outlook
Jigar Trivedi, Senior Research Analyst at IndusInd Securities said that the outlook for MCX gold price and silver price remain positive, and suggests buying precious metals.
“MCX gold price may face resistance at ₹1,53,600 level, while support is seen at ₹1,52,500. Resistance for silver price is placed at ₹2,53,000 level, and support at ₹2,48,000,” said Trivedi.
According to Ponmudi R, CEO of Enrich Money, MCX gold price is reflecting strengthening momentum in price action supported by easing geopolitical tensions.
“A sustained move above ₹1,55,000 could extend the recovery toward the ₹1,58,000 – ₹1,60,000 zone. On the downside, a decisive break below the ₹1,53,000 – ₹1,52,000 support region could drag prices back toward the ₹1,50,000 mark,” he said.
Overall, he believes the near-term bias remains positive, with prices needing to sustain above the key ₹1,55,000 resistance level to reinforce the recovery structure and strengthen momentum further. However, a sustained break below ₹1,50,000 could weaken sentiment and trigger renewed selling pressure.
Silver Price Outlook
MCX silver reflects improving sentiment and a gradual recovery in price action.
“On the upside, a sustained move above the ₹2,54,000 – ₹2,55,000 resistance range could strengthen momentum and trigger a recovery toward the ₹2,58,000 – ₹2,60,000 zone. On the downside, a decisive break below the ₹2,50,000 level could intensify selling pressure and drag prices back toward the ₹2,42,000 – ₹2,40,000 support region,” said Ponmudi R.
Overall, the near-term bias remains positive, with prices attempting to stabilize and sustain above the key ₹2,50,000 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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