Gold and silver prices commenced on a positive note on the Multi Commodity Exchange this Thursday, buoyed by a weaker U.S. dollar and declining crude oil prices, which provided a favourable backdrop for the precious metals. Investors also considered the renewed optimism surrounding a potential resolution to the U.S.-Israeli conflict with Iran. In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 753, reaching Rs 2,63,711 per kg. Gold futures for August 2026 delivery increased by Rs 840, reaching Rs 1,59,366 per 10 grams. In the previous session, silver and gold concluded with declines of up to 1.45%.
Market sentiment showed signs of improvement following the announcement from the Trump administration on Wednesday regarding an agreement between Israel and Lebanon to implement a ceasefire. This development has raised hopes that a more comprehensive agreement could ultimately contribute to resolving the ongoing conflict involving Iran. Meanwhile, the Republican-controlled U.S. House of Representatives passed a resolution aimed at preventing President Donald Trump from continuing the conflict with Iran.
The action underscored increasing discomfort among certain factions of his own party regarding the ongoing conflict, which has persisted for three months now. In the international market, spot gold increased by 0.7% to $4,461.09 per ounce, while U.S. gold futures for August delivery rose by 0.5% to $4,487.90. Among other precious metals, spot silver increased by 0.6% to $73.13 per ounce. Platinum increased by 0.7%, reaching $1,872.11, whereas palladium saw a rise of 0.9%, settling at $1,313.51 per ounce.
Jigar Trivedi indicated that MCX Gold August futures could progress towards Rs 159,000 per 10 grams, bolstered by favourable momentum in global bullion markets. On the downside, Rs 157,700 per 10 grams is anticipated to serve as a crucial support level. Investors are currently focusing on the upcoming U.S. nonfarm payrolls data scheduled for Friday, which may offer new insights into the Federal Reserve’s interest rate path.