Silver Rockets to Rs 13,500/kg, Gold Gains Rs 3,700/10 gms as Iran War Ceasefire Eases Inflation Fears: Is It the Right Time to Buy?
Gold and silver prices surged sharply on the Multi Commodity Exchange of India (MCX) on Wednesday, largely reflecting gains in global bullion markets. This rally was sparked by U.S. President Donald Trump announcing a two-week ceasefire with Iran, which alleviated energy-driven inflation concerns.
Current Price Movements
– Silver:
– MCX silver futures (May 2026) climbed by Rs 13,422, marking a 6% increase, reaching Rs 2,44,770 per kg.
– Gold:
– June 2026 futures for gold rose by Rs 3,655, or 2.4%, now priced at Rs 1,53,944 per 10 grams.
– International Market:
– Spot gold reached a near three-week high, increasing 2.3% to $4,812.49 per ounce.
– Earlier in the session, prices surged over 3%, hitting levels not seen since March 19.
– U.S. gold futures for June delivery also saw an uptick of 3.4%, now at $4,841.60.
– Meanwhile, spot silver rose 4.9% to $76.48 per ounce.
The geopolitical landscape shifted just ahead of Trump’s deadline for Iran to reopen the Strait of Hormuz, a vital route for 20% of the world’s oil supply, or face potential military action. “This will be a double-sided CEASEFIRE!” Trump noted on social media, intensifying market reactions.
Expert Insights on Trading Gold and Silver
Manoj Kumar Jain of Prithvi Finmart highlighted the increased volatility in gold and silver prices. Key support levels are expected to hold strong, with:
– Gold Support:
– Estimated at $4,664–$4,615 per ounce.
– Gold Resistance:
– Positioned at $4,840–$4,910 per ounce.
– Silver Support:
– Around $69.10–$66.60 per ounce.
– Silver Resistance:
– Expected at $76.00–$80.00 per ounce.
On the MCX:
– Gold Support:
– Between Rs 1,48,500–Rs 1,47,200, with resistance at Rs 1,53,350–Rs 1,55,000.
– Silver Support:
– Targeted around Rs 2,27,700–Rs 2,24,000, with resistance at Rs 2,36,650–Rs 2,44,000.
Recommended Trading Strategies
For investors looking to capitalize on current market trends:
– Gold: Consider buying above Rs 1,51,100 with a stop loss below Rs 1,48,500, aiming for targets of Rs 1,55,000–Rs 1,56,600.
– Silver: A buy recommendation is suggested above Rs 2,36,000, with a stop loss below Rs 2,30,000 and targets ranging from Rs 2,42,000–Rs 2,45,000.
Current Physical Market Prices
– Gold Prices in Major Cities:
– Delhi:
– Standard gold (22 carat): Rs 1,09,992/8 grams
– Pure gold (24 carat): Rs 1,19,984/8 grams.
– Mumbai:
– Standard gold (22 carat): Rs 1,09,872/8 grams
– Pure gold (24 carat): Rs 1,19,864/8 grams.
– Chennai:
– Standard gold (22 carat): Rs 1,10,872/8 grams
– Pure gold (24 carat): Rs 1,20,952/8 grams.
– Hyderabad:
– Standard gold (22 carat): Rs 1,09,872/8 grams
– Pure gold (24 carat): Rs 1,19,864/8 grams.
In conclusion, with gold and silver prices on the rise, now could be the opportune moment for investors to consider purchasing these precious metals. Always remember to weigh the risks and consult market experts before making significant investment decisions.