Gold and silver prices exhibited a mixed opening on the Multi Commodity Exchange of India on Monday, as stalled US-Iran peace negotiations propelled oil prices upward. This development has heightened concerns that persistently high inflation could compel central banks to maintain elevated interest rates for an extended duration. Expectations for a swift resolution to the 10-week-long U.S.-Iran conflict diminished following U.S. President Donald Trump’s rejection of Iran’s response to a U.S. peace proposal, which he deemed “unacceptable.”

In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 3,000 or 1.1%, reaching Rs 2,64,922 per kg. Gold futures for June 2026 delivery experienced a decline of Rs 532, reflecting a decrease of 0.3%, settling at Rs 1,52,000 per 10 grams. In the previous session, the white metal concluded at Rs 3,500 higher, whereas gold remained unchanged. On Sunday, Prime Minister Narendra Modi urged citizens to refrain from purchasing gold for weddings over the upcoming year. The request formed a component of a broader initiative focused on conserving fuel and foreign exchange reserves, with the Prime Minister additionally promoting the reinstatement of work-from-home practices.

In the international market, spot gold experienced a decline of 0.6%, settling at $4,684.32 per ounce, while U.S. gold futures for June delivery fell by 0.8%, reaching $4,692.70. The dollar appreciated, resulting in an increase in the cost of dollar-denominated bullion for purchasers using alternative currencies. Among other precious metals, spot silver experienced an increase of 0.7%, reaching a price of $80.88 per ounce. Platinum decreased by 0.6%, settling at $2,042.71, whereas palladium experienced a decline of 0.4%, reaching $1,484.99. Manoj Kumar Jain indicated that gold and silver prices are anticipated to exhibit volatility this week, influenced by fluctuations in the dollar index, variations in crude oil prices, and in anticipation of forthcoming U.S. inflation data.

Jain indicates that gold finds support in the range of $4,681 to $4,640 per troy ounce, whereas resistance is observed between $4,770 and $4,810 per troy ounce. Silver exhibits support within the range of $78.80 to $76.60, whereas resistance is identified between $82.40 and $84.80 per troy ounce in the current trading session. On MCX, gold exhibits support levels at Rs 1,51,650-1,50,800 and resistance levels at Rs 1,53,350-1,54,200. In contrast, silver shows support at Rs 2,58,800-2,55,500 and resistance at Rs 2,66,600-2,70,000. He recommended purchasing silver during price corrections within the Rs 2,58,800-2,55,500 range, with a stop loss set beneath Rs 2,51,000 and target levels of Rs 2,66,600-2,70,000.