Gold, silver rates today: Gold and silver prices in India declined on Friday, mirroring weakness in global bullion markets, which are on track for a weekly loss amid escalating tensions from the US-Iran conflict in the Middle East.
MCX gold for June futures slipped ₹26, or 0.02%, to ₹1,51,735 per 10 grams, with prices down over 2% so far this week. Meanwhile, MCX silver for May futures dropped ₹1,928, or 0.80%, to ₹2,39,585 per kg, extending its weekly losses to more than 6%.
On the international front, spot gold gained 0.6% to $4,721.15 per ounce on Friday, after climbing over 1% earlier in the session, though it remains down more than 2% for the week so far. Meanwhile, spot silver advanced 1.4% to $76.49 per ounce, but is still lower by 3.37% on a weekly basis.
Since the onset of the US–Iran conflict, gold prices have declined by more than 10%, while silver has fallen even more sharply, dropping around 18%.
Why have gold and silver prices remained under pressure?
Both precious metals declined sharply throughout March as the US-Iran war bolstered the dollar and heightened concerns about rising inflation, dampening demand for gold.
More recently, the situation has reached a stalemate. The critical Strait of Hormuz remains closed, even as military activity from the involved nations has eased. This has left investors uncertain, often reacting to statements from Donald Trump, which have alternated between raising hopes for a resolution and signalling the possibility of renewed attacks.
Meanwhile, Iran’s Foreign Minister Abbas Araqchi was expected to visit Islamabad on Friday to explore options for reviving peace negotiations with the United States, though no direct meeting with US officials was planned, according to a Reuters report.
In a separate development, Israel and Lebanon agreed to extend their ceasefire by three weeks.
Is it the right time to buy gold and silver?
Kaynat Chainwala, AVP – Commodity Research, Kotak Securities, said that gold and silver are under near‑term pressure primarily because elevated crude oil, sustained by Strait of Hormuz disruptions and the US‑Iran ceasefire uncertainty, is reinforcing the case for prolonged higher interest rates.
Chainwala further noted that in the long run, once the rates narrative shifts or geopolitical risk begins weighing more clearly on growth, gold has strong structural support to reassert itself. Silver presents a more nuanced outlook.
“While near‑term volatility may persist due to liquidity pressures and shifting Fed expectations, the medium‑term outlook remains supported by geopolitical uncertainty, stagflation risks, and ongoing structural shifts in global reserve allocation. Any price weakness, in that context, reflects cyclical macro pressures rather than a deterioration in underlying fundamentals,” she said.
On the MCX gold prices outlook, Ponmudi R, CEO of Enrich Money, said that the bullion is trading near the ₹1,52,000– ₹1,53,200 zone, indicating consolidation after the recent recovery, with near-term momentum moderating while the broader structure remains constructive.
“On the downside, ₹1,50,300– ₹1,50,000 acts as immediate support; a break below could extend weakness toward ₹1,48,000– ₹1,45,000, with deeper support near ₹1,40,000– ₹1,38,000. On the upside, resistance is seen at ₹1,55,500– ₹1,57,000, followed by ₹1,58,000– ₹1,60,000; a sustained breakout is needed to revive bullish momentum. Overall, the trend remains constructive with a consolidation bias, with dips likely to attract buying interest as long as key supports hold,” he added.
On the MCX silver prices, he opined that MCX Silver futures witnessed a weak-to-consolidation week, with prices currently hovering around ₹2,44,000– ₹2,45,000 after a pullback.
“The ₹2,40,000– ₹2,38,000 zone is acting as a crucial support, and holding above it may keep the market stable; however, a break below this level could drag prices toward ₹2,32,000– ₹2,30,000. On the upside, resistance is placed at ₹2,48,000– ₹2,50,000, and only a sustained move above this range can revive bullish momentum toward ₹2,55,000 and higher. Overall, the weekly trend remains neutral to slightly bearish, with strength returning only on a breakout above ₹2,50,000,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
