Gold and price of silver opened sharply lower on Multi Commodity Exchange (MCX) on Friday, as rising energy prices reignited inflation fears and reinforced expectations that interest rates could stay high for longer. Investors were also closely following the negotiations between the American president Donald Trump and Chinese president Xi Jinping.
In the domestic market, MCX silver futures for July 2026 delivery fell by Rs 11,700 or 4 per cent to Rs 2,79,458 per kg. Gold futures for delivery in June 2026 were down by Rs 1,600 or 1%% Rs 1,60,355 per 10 grams. In the previous session, silver and gold finished flat.
Market sentiment towards gold remained under pressure due to rising crude oil prices. oil price brought inflation fears back to the forefront, causing bond yields and the US dollar to rise. This, in turn, weakened expectations of short-term rate cuts, weighing on bullion prices.
In the international market, spot gold fell for a fourth consecutive session, down 0.8 percent to $4,613.19 an ounce, its lowest level since May 6. The precious metal has fallen 2.1% so far this week. Among other precious metals, spot silver fell 3.1% to $80.93 an ounce, platinum slipped 1.7% to $2,021.75, while palladium fell 0.9% to $1,423.75.
Trump is expected to hold a series of meetings with Xi in Beijing, with discussions expected to focus on economic issues, preserving the fragile trade truce and resolving geopolitical tensions including the Middle East conflict.
The American president should also seek ChinaBeijing’s support in resolving the conflict launched alongside Israel in late February, although analysts say Beijing is unlikely to provide the support Washington seeks.
How to trade gold?Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile in today’s session due to fluctuations in the dollar index and the outcome of the summit of US and Chinese presidents.
He said gold had support between $4,634 and $4,600 per troy ounce and resistance between $4,722 and $4,770, while silver had support between $83.00 and $80.00 and resistance between $87.70 and $90.00 per troy ounce.
On the MCX, gold has support at Rs 1,60,300-1,59,100 and resistance at Rs 1,63,200-1,64,400, while silver has support at Rs 2,85,500-2,78,800 and resistance at Rs 2,96,600-3,02,000.
Jain advised investors to avoid further long positions in gold and silver at current levels ahead of the outcome of the meeting between the US and Chinese presidents.
Gold prices on physical marketsGold Price Today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,19,168/8 grams while pure gold (24 carat) prices stand at Rs 1,29,816/8 grams.
Gold Price Today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,19,048/8 grams while pure gold (24 carat) prices stand at Rs 1,29,872/8 grams.
Gold Price Today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,20,408/8 grams while pure gold (24 carat) prices stand at Rs 1,31,352/8 grams.
Gold Price Today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,19,048/8 grams while pure gold (24 carat) prices stand at Rs 1,29,872/8 grams.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
