Gold and silver prices traded higher on the Multi Commodity Exchange (MCX) on Tuesday, tracking gains in international bullion markets.
MCX gold price for August futures rose ₹128, or 0.09%, to ₹1,42,530 per 10 grams. MCX silver price for September futures gained ₹3,029, or 1.36%, to ₹2,25,663 per kg.
In the international market, spot gold price was up 0.2% at $4,026.17 per ounce, while US gold futures for August delivery were steady at $4,040.60 per ounce. Spot silver advanced 1% to $58.88 per ounce.
Despite Tuesday’s gains, precious metals have remained under pressure. Gold prices have declined 11.2% so far in June, marking their fourth consecutive monthly decline and the steepest quarterly fall since April 2013. Silver prices have also witnessed a sharp correction.
During the first half of CY26, Comex gold prices have fallen more than 7%, while silver has corrected over 16%. In the domestic market, while MCX gold price has gained roughly 4% on a in 2026 so far, MCX silver price has declined more than 5% during the same period.
The weakness in gold prices followed the escalation of the US-Iran war in the Middle East, which pushed energy prices higher, fuelled inflation concerns and raised expectations of further US Federal Reserve interest rate hikes.
Markets are currently pricing in three Fed rate hikes this year, with the CME FedWatch Tool indicating a 64% probability of a rate increase in September.
Gold vs Silver: Which commodity to buy in H2 CY26?
Looking ahead to the second half of CY26, analysts expect both precious metals to remain volatile, although silver is widely seen as having stronger upside potential.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities expects gold prices to decline further towards $3,700 per ounce in the coming months.
“However, ahead of the festive season, jewellery demand from India could provide support. MCX gold price has a strong support zone of ₹1,33,000 – ₹1,35,000 per 10 grams, while resistance is seen around ₹1,50,000 per 10 grams during H2 CY26,” Trivedi said.
He believes silver could stage a stronger recovery after witnessing a steep correction of more than 23% during the previous quarter.
Supported by structural demand from AI infrastructure, renewable energy and other industrial applications, Comex silver price is expected to find support in the $53-$55 per ounce range before rebounding in the second half of the year.
“Resistance for silver is around $65 per ounce. For MCX silver price, ₹2,00,000 per kg should act as a strong floor, while ₹2,50,000 per kg remains the key resistance level. Bullion may remain under pressure in July, but silver could witness a strong recovery from August onwards. We recommend accumulating silver after the next couple of weeks,” Trivedi added.
Silver may outperform, but gold remains a portfolio hedge
Kaveri More, Commodity Analyst – Technical Research at Choice Broking, also expects silver to outperform gold during H2 CY26, although she cautions that the metal is likely to remain significantly more volatile.
“A supportive backdrop of potential Fed rate cuts, easing real interest rates, sustained industrial demand from the solar and electric vehicle (EV) sectors, and the possibility of the gold-to-silver ratio reverting towards historical averages could help silver deliver stronger returns,” More said.
However, she believes gold continues to retain its importance as the preferred safe-haven asset, backed by sustained central bank buying and its ability to preserve value during periods of macroeconomic uncertainty.
“If inflation remains elevated or the US Federal Reserve delays rate cuts, both metals could remain under pressure, with silver likely to witness sharper corrections. Investors with a higher risk appetite may consider allocating a larger share to silver for capital appreciation, while conservative investors should maintain a balanced allocation with gold as a defensive hedge,” she said.
Overall, analysts believe silver offers relatively stronger upside potential in the second half of CY26, driven by improving industrial demand and expectations of easier monetary policy. Gold, meanwhile, is expected to remain an important portfolio stabiliser, providing protection against economic and geopolitical uncertainties.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
