Gold prices jump Rs 6,400/10 grams this week, silver soars Rs 11,502/kg amid peace deal optimism. Big rally ahead?

Gold and silver prices opened higher on the MCX on Friday, supported by easing oil prices for the week while investors await the U.S. nonfarm payrolls report for fresh signals on the Federal Reserve's interest rate path.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 2,864 at Rs 2,28,700 per kg. Gold futures for October 2026 delivery gained by Rs 866 to Rs 1,49,724 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.

U.S. President Donald Trump said on Thursday that he believed the war with Iran would end soon, while also noting that the U.S. military was facing shortages of certain weapons.


Meanwhile, crude oil prices were headed for a weekly decline. Lower oil prices tend to ease inflation concerns and reduce expectations that interest rates will stay higher for longer. Although gold is widely viewed as a hedge against inflation, higher interest rates generally weigh on demand because the metal does not offer any yield.

Investors are now focused on the U.S. Labour Department's July nonfarm payrolls report, due for release later today.

Traders are currently pricing in a 55% probability of a U.S. rate hike in September, down from 63% a week ago, according to the CME FedWatch Tool.

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 0.4% to $4,254.11 an ounce after touching a seven-week high in the previous session. The precious metal has gained more than 5% so far this week.

Among other precious metals, spot silver gained 0.8% to $61.96 an ounce, platinum rose 0.4% to $1,735.71, while palladium slipped 0.3% to $1,367.06. Despite the mixed moves on Friday, all three metals were on course for weekly gains.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,264-$4,220 per troy ounce and resistance at $4,340-$4,378, while silver has support at $60.60-$59.40 and resistance at $62.80-$64.00 per troy ounce in Friday's session.

On MCX, he sees gold finding support at Rs 1,48,000-Rs 1,47,200 and resistance at Rs 1,49,550-Rs 1,50,150. For silver, support is placed at Rs 2,24,000-Rs 2,21,200, while resistance is seen at Rs 2,28,000-Rs 2,30,500.

Jain noted that his firm had recommended buying gold above Rs 1,49,000 in its previous report and advised traders holding long positions to book profits ahead of the U.S. jobs data. He added that although a buy call on silver was suggested above Rs 2,29,100, the trade was not triggered on Thursday, and investors should avoid fresh buying in silver during Friday's session ahead of the weekend.

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 1,09,928/8 grams while pure gold (24 carat) prices stand at Rs 1,19,895/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,808/8 grams while pure gold (24 carat) prices stand at Rs 1,19,792/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,10,000/8 grams while pure gold (24 carat) prices stand at Rs 1,20,000/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,09,808/8 grams while pure gold (24 carat) prices stand at Rs 1,19,792/8 grams.

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