Silver jumps Rs 4,500/kg, gold rebounds despite easing US-Iran tensions. What should your strategy be?

Gold and silver futures opened higher on the Multi Commodity Exchange (MCX) on Wednesday, even as easing geopolitical tensions following progress in US–Iran talks in Geneva weighed on safe-haven demand for precious metals.

MCX Gold futures due April 2026 rose Rs 1,885, or 1.2%, to Rs 1,53,303 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery gained Rs 4,556, or 2%, to Rs 2,33,339 per kg.

In the international market, gold edged 0.2% lower to around $4,867 per ounce, while silver slipped by a similar margin to about $73.30 per ounce. Analysts at ANZ told Reuters that gold prices eased as a firmer US dollar weighed on the market, while lower U.S. Treasury yields provided only limited support. They added that trading in Asia remained subdued, with investors staying cautious amid uncertainty. Optimism over easing geopolitical tensions following positive signals from the Iran-US talks in Geneva further dampened safe-haven demand for gold.


How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing sharp price volatility, though key support levels are likely to hold. He expects silver to maintain support at $63.90 per troy ounce and gold to hold $4,770 per troy ounce on a weekly closing basis.

He added that gold and silver are likely to remain volatile amid fluctuations in the dollar index, ongoing US-Iran talks, upcoming key US economic data, and broader geopolitical tensions.

In the near term, gold has support in the $4,880-4,824 range and resistance at $4,955-5,000 per troy ounce. Silver has support at $71.20-68.80 and resistance at $76-78.40 per troy ounce in the current session.

On MCX, he sees gold support at Rs 1,49,800-1,47,700 and resistance at Rs 1,53,150-1,55,500. Silver has support at Rs 2,24,400-2,18,800 and resistance at Rs 2,32,200-2,36,000. Jain advised avoiding fresh positions in both metals this week, citing the holiday in Chinese markets and developments around the US-Iran talks.

Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,13,192 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,472 per 8 grams.

Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,13,072 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,352 per 8 grams.

Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,14,552 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,24,965 per 8 grams.

Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,13,072 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,23,352 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)