On Wednesday, Gold prices on the Multi-Commodity Exchange (MCX) jumped in early trade amid a decline in oil prices and the US dollar after President Donald Trump extended the US-Iran ceasefire. At around 9:20 am, Gold 5th June futures contracts rose 0.98% to Rs. 1,53,150 per 10 grams on MCX, while Silver May futures contracts advanced 1.63% to Rs. 2,48,693 per kg.
Brent crude futures declined 0.2% to $98.27 a barrel. West Texas Intermediate (WTI) futures fell 0.3% to $89.39.
Gold has fallen by over 10% since the start of the US-Iran war. In contrast, silver has declined more sharply, dropping nearly 17% over the same period.
24K gold fell from Rs. 54 to Rs. 1,54,750 per 10 grams. 22K gold declined by Rs. 50 to Rs. 1,41,850. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,54,750, while Delhi was at Rs. 1,54,900, and Chennai at Rs. 1,55,010.
US gold prices rose on Wednesday after hitting a one-week low in the previous session, supported by lower oil prices after the US extended a ceasefire with Iran.
Spot gold rose 0.6% to $4,739.94 per ounce. US gold futures for June delivery gained 0.8 % to $4,758.60.
Spot silver rose 1% to $77.47 per ounce, platinum gained 0.8% to $2,052.99, and palladium edged up 1.3% at $1,552.75.
Also Read: Is Gold Still a Safe Investment in 2026? Here's What Experts Say
"With this ceasefire extension, the markets perceive a de-escalation in the crisis," said Marex analyst Edward Meir. "If the ceasefire ends and hostilities resume, we will see the dollar strengthen, oil and interest rates go up, and that should pressure gold prices."
Internationally, gold has support at $4,681 and $4,640, while resistance is at $4,770 and $4,818 per troy ounce, and silver has support at $74 and $70.70, while resistance is at $78.80 and $80.40 per troy ounce.
On MCX, gold has support at Rs. 1,50,500 and Rs. 1,48,800, and resistance is at Rs. 1,52,800 and Rs. 1,54,200, while silver has support at Rs. 2,40,000 and Rs. 2,36,600, and resistance at Rs. 2,48,000 and Rs. 2,51,500.
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