Silver jumps Rs 5,000, gold rises Rs 2,000 as Trump extends Iran war ceasefire indefinitely. Time to buy?

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. The development eased concerns over a potential spike in inflation and the likelihood of interest rates staying elevated for longer.

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.

In the domestic market, MCX silver futures for May 2026 delivery jumped Rs 4,800, or 2%, to Rs 2,49,423 per kg. Gold futures for June 2026 delivery gained Rs 2,000, or 1.3%, to Rs 1,53,699 per 10 grams.


Globally, yellow metal prices edged higher on Wednesday. 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. US gold futures for June delivery also moved higher, gaining 0.8% to $4,758.60. In other precious metals, spot silver rose 1% to $77.47 per ounce.

How should you trade gold?

Manoj Kumar Jain said gold and silver prices are likely to remain volatile this week due to fluctuations in the dollar index, movements in crude oil prices, and uncertainty around the US-Iran peace deal.

He 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. Silver, on the other hand, has support 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 Rs 1,50,500 to Rs 1,48,800, with resistance placed between Rs 1,52,800 and Rs 1,54,200. Silver has support at Rs 2,40,000 to Rs 2,36,600 and resistance at Rs 2,48,000 to Rs 2,51,500.

He advised traders to hold long positions in gold as long as it sustains above the Rs 1,48,000 level on a closing basis, with profit booking recommended around the Rs 1,54,000 to Rs 1,55,000 range. He also suggested avoiding fresh long positions in silver after it breached the Rs 2,45,000 level in the previous session.

Gold, Silver rates today, 22 April, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,13,992 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,344 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,13,872 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,224 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,14,392 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,792 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,13,872 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,224 per 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.)