Gold and silver prices experienced a significant decline on the Multi Commodity Exchange on Wednesday. This downturn was influenced by renewed tensions in the Middle East, a strengthening dollar, and increasing oil prices, all of which negatively impacted market sentiment following Iran’s retaliation in response to US airstrikes. In the domestic market, silver futures for July 2026 delivery decreased by Rs 4,528 (2%), bringing the price to Rs 2,34,000 per kg. Gold futures for August 2026 delivery decreased by Rs 2,555, representing a 2% decline, settling at Rs 1,49,888 per 10 grams. The two concluded the prior session with negative performance. The dollar strengthened, resulting in higher costs for gold for purchasers using alternative currencies. Simultaneously, oil prices increased by 1%, heightening inflation apprehensions and bolstering the belief that interest rates may stay elevated for an extended duration.

Gold is traditionally regarded as a hedge against inflation; however, increasing interest rates generally diminish the attractiveness of this non-yielding asset. In the international market, spot gold declined by 1.8% to $4,187.59 per ounce, marking its lowest point in 11 weeks. Among other precious metals, spot silver experienced a decline of 1.5%, settling at $64.43 per ounce. Platinum experienced a decline of 2.8%, settling at $1,678.10, whereas palladium saw a decrease of 0.8%, priced at $1,212.31 per ounce. Manoj Kumar Jain indicated that gold has support at $4,220-$4,174 per troy ounce, while resistance is observed at $4,340-$4,385.

Silver exhibits support levels ranging from $61.20 to $59.10 per troy ounce, while resistance is identified between $67.70 and $70.00. On MCX, gold exhibits support at Rs 1,51,150-Rs 1,50,000 and faces resistance at Rs 1,53,500-Rs 1,54,400. Silver exhibits support levels between Rs 2,33,300 and Rs 2,28,800, while resistance is observed in the range of Rs 2,41,400 to Rs 2,45,000. He advised traders to exercise patience before establishing new positions in gold and silver, while long-term investors might contemplate increasing their holdings via the SIP method amid the ongoing market correction.