Gold rises marginally, silver opens flat as traders assess Iran war peace talks. Key levels to watch today

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

Tensions, however, remain elevated. Iran launched attacks in the Gulf on Monday in response to the U.S. move, as both sides vie for control of the Strait of Hormuz, a crucial route that typically carries around 20% of global oil and gas supply each day.


In the domestic market, MCX silver futures for July 2026 delivery declined Rs 632 to Rs 2,43,263 per kg. Gold futures for June 2026 delivery gained Rs 611 to Rs 1,49,950 per 10 grams. In the previous session, silver ended 3% lower while gold slipped 1.3%.

Further, oil hovers above $110 per barrel, raising inflation fears, 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, gold prices edged higher in early trade, recovering after a sharp fall in the previous session. Spot gold rose 0.5% to $4,541.39 per ounce as of 0230 GMT, after dropping more than 2% to its lowest level since March 31 earlier. U.S. gold futures for June delivery were up 0.4% at $4,550.70. Among other precious metals, spot silver gained 0.4% to $73.03 per ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said they are witnessing sharp volatility in precious metals. However, silver is likely to hold support at $68.00 per troy ounce, while gold may sustain above $4,440.00 per troy ounce on a closing basis this week.

He expects gold and silver prices to remain volatile amid fluctuations in the dollar index, crude oil prices and uncertainty around a potential U.S.-Iran peace deal. Gold has support in the $4,500-4,470 range and resistance at $4,574-4,610 per troy ounce. Silver has support at $72.00-70.00 and resistance at $75.50-77.40 per troy ounce for the day.

On MCX, gold has support at Rs 1,48,400-1,47,700 and resistance at Rs 1,50,100-1,50,850. Silver is seen finding support at Rs 2,41,000-2,38,800, with resistance at Rs 2,46,600-2,50,000.

He advised waiting for some stability before taking fresh positions in gold and silver, adding that prices are likely to remain range bound ahead of the U.S. non-farm payroll data later this week.

Gold, Silver rates today, 5 May, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,09,832 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,19,808 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,712 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,19,688 per 8 grams.

Gold price today in Chennai

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

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,09,712 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,19,688 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)