Gold experienced an uptick on the Multi Commodity Exchange of India on Friday, as apprehensions regarding inflation and elevated interest rates subsided. Investor sentiment continued to be bolstered by optimism regarding a potential peace agreement between the U.S. and Iran, even in the face of new attacks in the region. In a statement on Truth Social, Donald Trump indicated that U.S. forces had eliminated Iranian assets linked to the conflict, which encompassed small vessels and unmanned aerial vehicles. He cautioned Iran regarding additional military measures should it not achieve a nuclear accord. In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 2,361 or 1% to reach Rs 2,60,901 per kg.

Gold futures for June 2026 delivery increased by Rs 585, reflecting a rise of 0.3%, bringing the price to Rs 1,52,846 per 10 grams. Silver has increased for a single session, whereas gold has risen for a second consecutive session. Market sentiment was bolstered by remarks from the Trump administration suggesting that the ceasefire remains in effect and that optimism for a U.S.-Iran agreement persists, providing support for gold prices. Globally, spot gold increased by 0.7% to $4,719.85 per ounce as of 0218. The precious metal has appreciated by 2.3% thus far this week, while U.S. gold futures for June delivery have increased by 0.4% to $4,728.30. Among other precious metals, spot silver increased by 1.6% to $79.74 per ounce, platinum appreciated by 1.3% to $2,048.08, and palladium advanced by 1.2% to $1,498.62.

Manoj Kumar Jain noted that precious metals are experiencing significant price fluctuations, with silver expected to maintain support around $74.00 per troy ounce, while gold is anticipated to remain above the $4,555.00 per troy ounce support level on a weekly closing basis. Jain anticipates that gold and silver prices will exhibit volatility in today’s session, influenced by fluctuations in the dollar index, movements in crude oil prices, and in anticipation of the U.S. non-farm payroll data. He stated that gold has support in the range of $4,664 to $4,610 per troy ounce, whereas resistance is positioned between $4,740 and $4,800 per troy ounce. Silver exhibits support within the range of $78.00 to $75.50 per troy ounce, while facing resistance between $82.40 and $84.80 per troy ounce.

On MCX, Jain indicated that gold has support levels at Rs 1,51,500-1,50,800 and resistance levels at Rs 1,53,150-1,54,000. Silver exhibits support within the range of Rs 2,55,500 to Rs 2,51,000, while encountering resistance between Rs 2,62,000 and Rs 2,66,600. He advised purchasing silver during price corrections near Rs 2,54,000, with a stop loss set beneath Rs 2,48,800, aiming for targets in the range of Rs 2,60,000 to Rs 2,63,500.