Silver climbs Rs 2,100/kg, but gold prices fall as focus shifts to inflation data amid Iran war. Key levels to track

Gold and silver prices traded mixed on the MCX on Monday, with silver extending its recent gains while gold prices edged lower as investors booked profits following a sharp run-up last week. Attention also shifted to upcoming US inflation data for cues on the Federal Reserve's interest rate outlook.

In the domestic market, MCX silver futures for September 2026 delivery rose Rs 2,134 to Rs 2,33,600 per kg. Gold futures for October 2026 delivery fell Rs 360 to Rs 1,51,461 per 10 grams.

Markets will now track key US economic data due this week, with the Consumer Price Index scheduled for Wednesday and the Producer Price Index due on Thursday.


US data showed the economy unexpectedly lost jobs in July, while employment gains reported for the previous two months were revised sharply lower. The weaker labour market data also altered expectations for the Fed's September policy decision, with futures markets now pricing in less than a 50% chance of a rate hike at the September 15-16 Federal Open Market Committee meeting.

Gold typically benefits from a lower interest rate environment as the non-yielding asset becomes more attractive compared with income-generating investments.

Geopolitical tensions also remained in focus. Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran and Washington were not engaged in talks and that Iran would not negotiate while the US continued to breach an interim agreement signed in June.

Supply concerns increased after a Saudi oil facility was attacked over the weekend. The Iran-aligned Houthis said they had struck Saudi Aramco's Jazan refinery on Sunday, two days after Saudi Arabia signed a defence pact with Turkey and Pakistan amid rising regional instability linked to the US-Israeli war on Iran.

The UAE's ADNOC said on Friday that 15 of its vessels had been attacked while transiting the Strait of Hormuz since the conflict began.

Also read: Gold prices jump 7% to log best weekly gain in 8 months. Start of another yellow metal bull run?

Gold, silver international prices

Spot gold fell 0.5% to $4,322.28 per ounce as of 0200 GMT. The yellow metal had climbed to its highest level since June 17 on Friday after data showed weaker-than-expected US job growth. US gold futures fell 0.4% to $4,381.60 on Monday.

Among other precious metals, spot silver fell 0.2% to $63.45 per ounce, while platinum declined 0.1% to $1,742.50 and palladium slipped 1.1% to $1,362.97.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,355-4,320 per troy ounce, while resistance is seen at $4,440-4,500. For silver, support is placed at $62.40-61.60, with resistance at $65.20-67.00 per troy ounce.

On the MCX, gold has support at Rs 1,50,500-1,49,100 and resistance at Rs 1,53,650-1,55,000, while silver has support at Rs 2,29,200-2,27,000 and resistance at Rs 2,34,400-2,38,000. He recommended buying gold on dips in the Rs 1,51,000-1,50,000 range, with a stop loss below Rs 1,48,800 and targets of Rs 1,53,000-1,54,400.

For silver, he suggested buying around Rs 2,29,000-2,27,000, with a stop loss below Rs 2,24,000 and targets of Rs 2,34,400-2,38,000.

Read more: Explained: Why South Korea bought gold after 13 years and what it means for yellow metal investors?

Gold rates in physical markets

Gold Price Today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,11,872 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,22,032 per 8 grams.

Gold Price Today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,11,712 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,872 per 8 grams.

Gold Price Today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,11,192 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,304 per 8 grams.

Gold Price Today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,11,712 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,872 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)