Gold prices rise Rs 3,000/ 10 grams, silver jumps Rs 8,400/kg in 2 days on Iran peace deal hopes. What should you do?

Gold and silver prices extended gains on the MCX for a second straight session on Wednesday as oil prices fell for a third consecutive day, easing inflation concerns. Investors now await upcoming U.S. jobs data for fresh cues on the Federal Reserve's interest rate trajectory.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 3,495 at Rs 2,25,110 per kg. Gold futures for October 2026 delivery gained by Rs 1,378 to Rs 1,45,677 per 10 grams. With today’s increase, the two are up by Rs 8,400 (4%) and Rs 3,000 (3%) in two sessions.

The U.S. dollar remained under pressure, making dollar-denominated precious metals more affordable for buyers using other currencies.


Oil prices also extended losses after tumbling over the previous two sessions. Softer crude prices can help ease inflationary pressures, reducing expectations of higher interest rates. Qatar said mediators were making progress in efforts to end the U.S.-Iran conflict, although Tehran denied U.S. President Donald Trump's claim that negotiations had already begun.

Traders are now pricing in a 59% probability of a Federal Reserve interest rate hike at the September 15 to 16 policy meeting, down from 67% a day earlier. Gold, which does not offer any yield, typically becomes less attractive when interest rates are expected to remain higher.

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.

Among other precious metals, spot silver advanced 2% to $60.70 per ounce, while platinum gained 1% to $1,751.03 after touching its highest level since mid June earlier in the session.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,120-4,089 per troy ounce, while resistance is placed at $4,184-4,222. Silver has support at $59.10-58.40 per troy ounce and resistance at $61.60-62.80.

On the MCX, he sees support for gold at Rs 1,43,350-1,42,600 and resistance at Rs 1,45,000-1,45,550. For silver, support is placed at Rs 2,20,000-2,17,700, while resistance is seen at Rs 2,23,000-2,25,500.

Jain recommends buying gold in the Rs 1,43,500-1,42,800 range with a stop loss below Rs 1,42,000, targeting Rs 1,45,000-1,45,550. He also advises buying silver in the Rs 2,20,000-2,19,000 range with a stop loss below Rs 2,17,700, for a target of Rs 2,23,000-2,25,000.

Read more: Gold sitting idle at home? Here's how it could earn you an income and what to watch out for

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,07,000/8 grams while pure gold (24 carat) prices stand at Rs 1,16,720/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,06,880/8 grams while pure gold (24 carat) prices stand at Rs 1,16,670/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,06,880/8 grams while pure gold (24 carat) prices stand at Rs 1,16,670/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,06,880/8 grams while pure gold (24 carat) prices stand at Rs 1,16,670/8 grams.

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