Silver slides Rs 1,600/kg; gold flat as Iran war jitters, rising oil keep investors on edge. Wait or buy?

Gold and silver prices opened marginally lower on the Multi Commodity Exchange of India (MCX) on Tuesday, as escalating tensions in the Middle East and rising crude oil prices weighed on sentiment.

US President Donald Trump warned that Iran would face serious consequences if it missed his 8 p.m. EDT Tuesday deadline to reopen the strait, saying the country “could be taken out” if it failed to comply. He added that the US could destroy all of Iran’s bridges and power plants “within four hours” if no agreement is reached.

MCX silver futures for May 2026 were down Rs 1,579, or 0.7%, at Rs 2,31,800 per kg. Meanwhile, gold futures for June 2026 delivery fell Rs 356, or 0.2%, to Rs 1,49,625 per 10 grams.


In the international market, gold prices were largely steady. Spot gold held firm at $4,646.69 per ounce as of 0100 GMT, while US gold futures for June delivery edged 0.2% lower to $4,674.40 per ounce. In contrast, silver prices came under pressure, with spot silver declining 0.9% to $72.11 per ounce.

Market expectations around monetary policy have shifted significantly following the Iran conflict, with traders now largely pricing out the possibility of rate cuts this year. Prior to the escalation, markets had been factoring in two rate reductions.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index, crude oil prices, and the ongoing US-Iran conflict. He noted that gold has support in the $4,640–4,615 range and resistance at $4,720–4,770 per troy ounce. Silver, meanwhile, has support at $70.70–68.00 and resistance between $76.00–78.40 per troy ounce for the session.

On the domestic front, he said MCX gold has support at Rs 1,48,500-1,47,200 and resistance at Rs 1,51,100-1,52,600, while MCX silver has support at Rs 2,29,200-2,25,000 and resistance at Rs 2,36,600-2,41,000.

Jain recommends buying gold on dips around Rs 1,48,000 with a stop loss below Rs 1,46,600 for a target of Rs 1,50,500. He also suggests buying silver on dips around Rs 2,29,000, with a stop loss below Rs 2,24,400 for a target of Rs 2,36,000.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,10,592/8 grams while pure gold (24 carat) prices stand at Rs 1,20,640/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,472/8 grams while pure gold (24 carat) prices stand at Rs 1,20,520/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,11,928/8 grams while pure gold (24 carat) prices stand at Rs 1,22,104/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,472/8 grams while pure gold (24 carat) prices stand at Rs 1,20,520/8 grams.

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