Gold, silver prices open flat as traders assess Iran war, peace talks, crude oil-led inflation worries. Should you buy today?

Gold and silver prices opened little changed on the Multi Commodity Exchange of India on Monday as concerns over inflation continued to cloud the outlook for US monetary policy, while investors remained focused on updates around the US-Iran peace talks.

In a Truth Social post on Sunday, Trump announced “Project Freedom,” an initiative aimed at assisting cargo ships stuck since the start of the Iran conflict. The operation will primarily focus on enabling civilian vessels from non-aligned countries to safely exit the waterway and resume operations.

In the domestic market, MCX silver futures for July 2026 delivery gained just Rs 300, or 0.1%, to Rs 2,51,237 per kg. Gold futures for June 2026 delivery were little changed at Rs 1,51,257 per 10 grams. In the previous session, silver gained half a percent, while gold ended the session flat.


Further, oil hovers near $110 per barrel, raising inflation fears, which in turn increases 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, spot gold slipped 0.3% to $4,599.45 per ounce, while US gold futures for June delivery declined 0.7% to $4,611.40. Among other precious metals, spot silver rose 0.1% to $75.38 per ounce, platinum advanced 0.2% to $1,991.85, and palladium fell 0.3% to $1,519.66.

How should you trade gold?

Ponmudi R said MCX gold futures are trading in the Rs 1,51,000 to Rs 1,52,000 range, suggesting a phase of consolidation. Near-term momentum has eased, although the broader trend remains cautious. Immediate support is placed at Rs 1,48,000 to Rs 1,47,000, and a break below this zone could lead to further downside towards Rs 1,45,000 to Rs 1,43,000, with deeper support seen at Rs 1,40,000 to Rs 1,38,000. On the upside, resistance is at Rs 1,54,000 to Rs 1,55,600, followed by Rs 1,57,300 to Rs 1,58,400.

For MCX silver, he noted that futures have shown a constructive bias this week, with prices holding above Rs 2,50,000 after a pullback from lower levels. The Rs 2,45,000 to Rs 2,42,000 zone is acting as a critical support, and maintaining above it could keep the market stable. However, a breach below this level may drag prices down to Rs 2,35,000 to Rs 2,32,000. On the upside, resistance is seen at Rs 2,60,000 to Rs 2,62,000, and only a sustained breakout above this band can restore bullish momentum towards Rs 2,70,000 and beyond.

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Gold, Silver rates today, 4 May, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,10,792/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,976/8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,672/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,11,992/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,176/8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,672/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.

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