Gold and silver prices opened higher on the Multi Commodity Exchange of India on Wednesday after the US decided to extend the ceasefire with Iran. According to The Economic Times, US President Donald Trump said on Tuesday that the ceasefire with Iran would be extended indefinitely, just hours before it was due to expire. The announcement, however, appeared to be unilateral, with no immediate confirmation from Iran or US ally Israel on whether they would agree to continue the truce, which began two weeks ago. Latest developments show that the US has now entered the Israel-Iran conflict, with reports indicating that Trump has left the G7 summit midway to focus on the escalating tensions.
In the domestic market, MCX silver futures for May 2026 delivery jumped ₹4,800, or 2%, to ₹2,49,423 per kg, while gold futures for June 2026 delivery gained ₹2,000, or 1.3%, to ₹1,53,699 per 10 grams. As reported by The Economic Times, the development eased concerns over a potential spike in inflation and the likelihood of interest rates staying elevated for longer. Globally, spot gold rose 0.6% to $4,739.94 per ounce as of 0105 GMT, recovering after slipping to its lowest level since April 13 in the prior session.
Market analysts expect continued volatility due to currency and oil price movements. According to The Economic Times, Manoj Kumar Jain noted that gold has support in the range of $4,681 to $4,640 per troy ounce, while resistance is seen between $4,770 and $4,818. For silver, support is at $74.00 to $70.70 and resistance at $78.80 to $80.40 per troy ounce for the current session. On the MCX, gold is supported at ₹1,50,500 to ₹1,48,800, with resistance placed between ₹1,52,800 and ₹1,54,200, while silver has support at ₹2,40,000 to ₹2,36,600 and resistance at ₹2,48,000 to ₹2,51,500.
According to The Economic Times, gold prices vary across major Indian cities with Delhi showing standard gold (22 carat) at ₹1,13,992 per 8 grams and pure gold (24 carat) at ₹1,24,344 per 8 grams. Mumbai prices are ₹1,13,872 per 8 grams for standard gold and ₹1,24,224 per 8 grams for pure gold. Chennai shows standard gold at ₹1,14,392 per 8 grams and pure gold at ₹1,24,792 per 8 grams, while Hyderabad prices are ₹1,13,872 per 8 grams for standard gold and ₹1,24,224 per 8 grams for pure gold.
As reported by The Economic Times, analysts advise traders to hold long positions in gold as long as it sustains above the ₹1,48,000 level on a closing basis, with profit booking recommended around the ₹1,54,000 to ₹1,55,000 range. For silver, traders are advised to avoid fresh long positions after it breached the ₹2,45,000 level in the previous session. The extension of the Iran ceasefire has provided relief to precious metals markets, though analysts remain cautious about potential volatility due to ongoing geopolitical uncertainties, particularly with the escalating Israel-Iran conflict.
