Gold and silver prices surged on the MCX as hopes for U.S.-Iran negotiations grew, potentially easing Middle East supply concerns. On the domestic front, MCX silver futures for May 2026 delivery rose ₹4,000, or 1.6%, to ₹2,55,735 per kg, while gold futures for June 2026 delivery gained ₹808 or 0.52% to ₹1,54,756 per 10 grams. The weakening U.S. dollar further supported dollar-denominated commodities, with the dollar hovering near a more than one-month low. In international markets, spot gold climbed 0.9% to ₹4,830.66 per ounce and spot silver advanced 1.4% to ₹80.17 per ounce. The White House said it was hopeful of reaching an agreement to end the conflict with Iran, but also warned that economic pressure on Tehran would intensify if it does not cooperate.
According to reports from Upstox, silver has emerged as an outstanding performer, delivering a remarkable 165% return driven by increased industrial demand, FOMO (Fear of Missing Out) sentiment, and other market factors. This exceptional performance has positioned silver as a standout investment opportunity in the precious metals space.
As reported by Upstox, gold has delivered a staggering 60% return since the last Akshaya Tritiya festival, marking its best annual performance since the pandemic-driven surge in 2020. During that pandemic period, gold had surged as much as 47%, demonstrating the metal's resilience and potential for continued strong performance. According to The Economic Times, analysts expect gold prices to maintain a positive bias in 2026, as either a stagflationary environment or lower crude oil prices would be supportive for bullion. Gold, after its ceasefire-led spike, has entered a consolidation phase, with the initial rally driven by a softer dollar and easing crude prices.
Manoj Kumar Jain of Prithvi Finmart noted that both gold and silver are witnessing sharp price swings, though key support levels are expected to hold. He noted that silver could sustain above $64 per troy ounce, while gold may hold near $4,470 per troy ounce on a closing basis this week. For the near term, gold has support in the $4,800–4,770 range and resistance at $4,850–4,884 per troy ounce, while silver is seen finding support between $76.60–74, with resistance at $82.80–85 per troy ounce. Experts advise buying on dips in both metals, with price targets of ₹1,57,000 for gold and ₹2,61,000 for silver. The strategy remains to buy on dips in both metals, with continued volatility expected driven by fluctuations in the dollar index, crude oil prices, and the possibility of a second round of U.S.-Iran peace talks.
