Key facts
- Gold and silver prices declined on Tuesday, ending a three-day rally.
- The market is awaiting further details on a preliminary peace agreement between the US and Iran.
- MCX silver futures for July 2026 delivery fell 0.5% to Rs 2,50,001 per kg.
- August 2026 gold futures on MCX saw a marginal decline to Rs 1,52,842 per 10 grams.
- International spot gold rose slightly to $4,315.87 per ounce, while spot silver fell 1% to $69.29 per ounce.
Gold and silver prices experienced a downturn on Tuesday, breaking a three-day upward trend. This shift occurred as investors sought more concrete information regarding a preliminary peace agreement reportedly reached between the United States and Iran. The lack of public details surrounding this agreement has created market uncertainty.
On the Multi Commodity Exchange (MCX), silver futures for July 2026 delivery saw a decrease of Rs 1,457, or 0.5%, settling at Rs 2,50,001 per kilogram. Similarly, gold futures for August 2026 delivery experienced a slight reduction, closing at Rs 1,52,842 per 10 grams. This follows a previous session where gold had gained nearly 2% and silver saw a marginal increase.
The market's reaction is linked to statements made by US President Donald Trump, who indicated on Monday that the US and Iran had signed a preliminary accord to end hostilities in the Gulf. However, both nations have acknowledged that negotiations for a lasting truce are ongoing, and the specifics of the initial agreement remain undisclosed.
Internationally, spot gold saw a modest rise of 0.2% to $4,315.87 per ounce as of 0231 GMT, after reaching its highest point since June 5 on Monday with a 3.6% surge. In contrast, spot silver declined by 1% to $69.29 per ounce. Other precious metals also saw declines, with platinum slipping 0.9% to $1,751.55 and palladium falling 1.6% to $1,327.27.
Manoj Kumar Jain of Prithvi Finmart advised that gold and silver prices are expected to remain volatile throughout the week. This anticipated fluctuation is attributed to the dynamic nature of crude oil prices, shifts in the dollar index, and the forthcoming monetary policy decision from the Federal Reserve. Jain provided key support and resistance levels for both gold and silver on MCX, and also offered buying recommendations with specific price targets and stop-loss levels.