Gold, Silver Prices Today: Silver tumbles Rs 6,100, gold dips Rs 1,000 as rising crude, little progress in Iran peace talks dent mood. Time to sell?

Gold and silver prices opened sharply lower on the Multi Commodity Exchange of India on Thursday as elevated oil prices heightened concerns around inflation and the prospect of interest rates staying higher for longer. Investors also remained cautious amid a lack of clarity on stalled peace talks between the United States and Iran.

In the domestic market, MCX silver futures for May 2026 delivery tanked Rs 6,144 or 2.4%, to Rs 2,42,220 per kg. Gold futures for June 2026 delivery declined Rs 938 or 0.7% to Rs 1,51,719 per 10 grams. In the previous session, silver rose nearly 2% or Rs 4,000, while gold ended flat.

Rising crude oil prices tend to fuel inflation by increasing transportation and production costs, which in turn raises the likelihood of higher interest rates. Although gold is traditionally seen as a hedge against inflation, higher interest rates reduce its appeal by making yield-bearing assets more attractive.


Globally, yellow metal spot prices declined 0.7% to $4,705.09 per ounce as of 0215 GMT, while US gold futures for June delivery were down 0.6% at $4,722.10. Meanwhile, spot silver fell 1.4% to $76.64 per ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said both gold and silver are witnessing sharp price swings. He expects silver to hold its key support at $64 per troy ounce, while gold is likely to sustain above $4,550 per troy ounce on a weekly closing basis.

He added that prices of both precious metals are likely to remain volatile this week due to fluctuations in the dollar index, movement in crude oil prices, and uncertainty around the US-Iran peace deal.

For gold, support is seen in the range of $4,720 to $4,681 per troy ounce, with resistance placed between $4,785 and $4,818. Silver has support at $76.00 to $74.00, while resistance is pegged at $79.80 to $81.40 per troy ounce for the day.

On the MCX, gold is supported at Rs 1,51,500 to Rs 1,50,650 and faces resistance at Rs 1,53,650 to Rs 1,54,700. Silver has support in the range of Rs 2,45,500 to Rs 2,42,000, while resistance is seen at Rs 2,51,200 to Rs 2,54,800.

He advised investors to book profits in existing long positions in gold and silver and wait for corrective dips before initiating fresh long trades.

Gold, Silver rates today, 23 April, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,13,592 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,912 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,13,472 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,792 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,13,992 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,360 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,13,472 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,792 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)