Gold prices jump Rs 6,400/10 grams in 3 days, silver soars Rs 11,000/kg as oil slide continues. Big rally ahead?

Gold and silver prices opened higher for a third session in a row on the MCX on Thursday, supported by a weaker U.S. dollar, lower Treasury yields, and easing oil prices amid growing optimism over the reopening of the Strait of Hormuz.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 228 at Rs 2,27,812 per kg. Gold futures for October 2026 delivery gained by Rs 757 to Rs 1,49,250 per 10 grams. With today’s increase, the two are up by Rs 11,016 (5.2%) and Rs 6,335 (4.4%) in three sessions.

The rally gathered pace as hopes grew that a diplomatic breakthrough in the Middle East was nearing completion. That has weighed on oil prices and reduced expectations of further interest rate increases by central banks, creating a favourable backdrop for gold.


A proposed agreement between Iran and Oman aimed at ending the five-month conflict between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters. Oil prices were lower on Thursday.

Spot gold has fallen 19% since the U.S.-Iran conflict began on February 28, as concerns over energy-driven inflation had fuelled expectations of higher interest rates. Gold typically performs better in a lower interest rate environment because it does not offer any yield.

Reflecting the improved sentiment, market expectations of a U.S. rate hike in September eased to 55% from 67% two days earlier.

Also read: Bought gold and silver at the top? Here's what experts suggest after prices plunged up to 50% from January

Gold, silver international prices

Spot gold rose 1.4% to $4,133.83 per ounce, its highest level in two weeks. U.S. gold futures were up 1% at $4,191.90.

Spot gold climbed 1% to $4,285.84 per ounce, its highest level since June 18. The precious metal had registered its biggest single-day gain since February on Wednesday.

Among other precious metals, spot silver edged up 0.1% to $62.16 per ounce. Platinum gained 1.7% to $1,764.10 after touching its highest level since June, while palladium rose 1.1% to $1,377.83, extending gains for a third straight session.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart expects gold and silver prices to remain volatile this week due to fluctuations in crude oil prices, movement in the dollar index and ongoing geopolitical tensions.

According to him, gold has support in the $4,264-4,220 per troy ounce range, while resistance is placed at $4,355-4,400. Silver has support at $61.10-60.00 per troy ounce and resistance at $63.60-65.00 in today's session.

On the MCX, he sees support for gold at Rs 1,47,200-1,46,000 and resistance at Rs 1,50,000-1,51,500. For silver, support is pegged at Rs 2,25,500-2,23,000, while resistance is seen at Rs 2,30,000-2,34,400.

Jain recommends buying gold above Rs 1,48,800 with a stop loss below Rs 1,47,400 for targets of Rs 1,50,500-1,51,100. He also advises buying silver above Rs 2,29,100 with a stop loss below Rs 2,26,000 for target levels of Rs 2,31,000-2,33,300.

Read more: Explained: Why South Korea bought gold after 13 years and what it means for yellow metal investors?

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,07,008/8 grams while pure gold (24 carat) prices stand at Rs 1,16,728/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,06,888/8 grams while pure gold (24 carat) prices stand at Rs 1,16,608/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai are Rs 1,06,888 per 8 grams, while pure gold (24 carat) prices are Rs 1,16,608 per 8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,06,888/8 grams while pure gold (24 carat) prices stand at Rs 1,16,608/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)