Gold and silver prices saw a significant rally on the Multi Commodity Exchange of India (MCX) on Wednesday. The primary catalyst was the US decision to extend the ceasefire with Iran indefinitely, easing concerns over potential inflation spikes and prolonged high interest rates.
US President Donald Trump announced the indefinite extension of the truce with Iran on Tuesday. This announcement, however, appeared unilateral, lacking immediate confirmation from Iran or US ally Israel regarding their agreement to continue the two-week truce.
Domestic Precious Metals Rally on MCX
In the domestic market, commodity prices climbed sharply. MCX silver futures for May 2026 delivery jumped Rs 4,800, marking a 2% gain to reach Rs 2,49,423 per kg.Gold futures for June 2026 delivery also gained substantially, rising Rs 2,000 or 1.3%, settling at Rs 1,53,699 per 10 grams. This rally suggests that immediate geopolitical de-escalation is boosting safe-haven demand in India.
Global Yellow Metal Prices Climb; Trade Expert Insights
The upward momentum was mirrored in global markets. Spot gold rose 0.6% to $4,739.94 per ounce as of 0105 GMT, recovering from its lowest level since April 13 in the previous session. US gold futures for June delivery also moved higher, climbing 0.8% to $4,758.60.Spot silver followed suit, rising 1% to $77.47 per ounce. Despite the rally, expert Manoj Kumar Jain cautioned that the market remains volatile. He pointed to potential fluctuations in the dollar index, crude oil prices, and continued uncertainty around the US-Iran peace deal.
Strategic Outlook for Gold and Silver
Jain provided specific technical advice for traders. He noted that gold has support in the global range of $4,681 to $4,640 per troy ounce, while resistance is anticipated between $4,770 and $4,818.For silver, support is identified at $74.00 to $70.70, with resistance expected between $78.80 to $80.40 per troy ounce. On the domestic MCX, gold support stands at Rs 1,50,500 to Rs 1,48,800, with resistance visible between Rs 1,52,800 and Rs 1,54,200.
The expert advised traders to hold long positions in gold, provided the price sustains above the Rs 1,48,000 level on a closing basis. He recommended booking profits around the Rs 1,54,000 to Rs 1,55,000 range. Conversely, he cautioned against taking fresh long positions in silver after it breached the Rs 2,45,000 level in the prior session.
Local Gold and Silver Rates Across Major Indian Cities
For retail investors, current gold and silver rates across major Indian metros were reported. Standard gold (22 carat) prices in Delhi stood at Rs 1,13,992 per 8 grams, while pure gold (24 carat) stood at Rs 1,24,344 per 8 grams.In Mumbai, 22 carat gold prices were reported at Rs 1,13,872 per 8 grams, and pure gold at Rs 1,24,224 per 8 grams. Chennai saw standard gold priced at Rs 1,14,392 per 8 grams, with pure gold at Rs 1,24,792 per 8 grams. Hyderabad reported standard gold at Rs 1,13,872 per 8 grams, while pure gold remained at Rs 1,24,224 per 8 grams.
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