Gold, Silver Rally on Peace Hopes, Geopolitical Calm

On Friday, gold and silver prices commenced higher on the Multi-Commodity Exchange of India. Sentiment was buoyed by receding concerns over inflation and high interest rates, attributed to easing geopolitical tensions and hopes for a US-Iran peace deal.

Silver futures for May 2026 delivery on the MCX saw a notable increase of Rs 1,458, reaching Rs 2,50,086 per kg. Gold futures for June 2026 delivery remained relatively stable at Rs 1,53,079 per 10 grams.

Internationally, spot gold was steady at $4,789.67 per ounce, on track for its fourth consecutive weekly gain. Spot silver, despite a slight dip, also maintained its upward trend for the week.

Market sentiment was further supported by a 10-day ceasefire between Lebanon and Israel, which began on Thursday. US President Donald Trump also indicated that US-Iran talks might resume over the weekend.

Earlier fears linking rising energy prices to inflation and prolonged high interest rates had previously impacted gold prices negatively. However, with the current de-escalation, analysts like Manoj Kumar Jain of Prithvi Finmart suggest that gold and silver are likely to find support at key levels.

Jain anticipates continued volatility due to fluctuations in the dollar index, crude oil prices, and the progression of US-Iran peace talks. He recommends a buy-on-dips strategy for both metals, advising accumulation on declines as long as prices remain above specific thresholds.

Specific support and resistance levels were provided for both MCX and international markets, guiding potential trading strategies. For instance, MCX gold has immediate support at Rs 1,52,500 and resistance at Rs 1,54,200. For silver, support is seen at Rs 2,45,500 with resistance at Rs 2,51,500.

Additionally, current retail prices for standard gold (22 carat) and pure gold (24 carat) were reported in Delhi, Mumbai, Chennai, and Hyderabad.