Gold and silver prices maintained their upward momentum for the third straight session on Monday, starting notably higher on the Multi Commodity Exchange after the announcement of a preliminary agreement between U.S. and Iranian officials aimed at resolving their conflict. In the domestic market, silver futures for July 2026 delivery increased by Rs 7,200 (2%) to reach Rs 2,53,345 per kg. Gold futures for August 2026 delivery rose by Rs 3,301 (2%) to settle at Rs 1,53,829 per 10 gm. With today’s gain, silver has risen by over Rs 18,000 in just three days, while gold has increased by nearly Rs 6,000. In the previous session, both ended on a positive note, albeit just marginally.
The proposed deal, which includes an end to the U.S. blockade of Iran and the reopening of the Strait of Hormuz, is expected to be formally signed in Switzerland on Friday, according to Pakistani Prime Minister Shehbaz Sharif. The recent development adversely affected the U.S. dollar, causing it to drop to a 10-day low, which in turn heightened the attractiveness of dollar-denominated bullion for those holding other currencies. Oil prices saw a drop of more than 4%, easing concerns about inflation and the likelihood of rising interest rates. In the international market, spot gold rose by 2% to $4,304.11 an ounce, reaching its highest level since June 9.
Meanwhile, U.S. gold futures for August delivery also experienced a 2% increase, reaching $4,325.20. Among other precious metals, spot silver increased by 3.1% to 70.07 an ounce, platinum rose by 3.1% to 1,771.27, and palladium gained 3.3% to 1,325.76. According to Jigar Trivedi, MCX gold could increase to Rs 1,53,000. Manoj Kumar Jain indicated that gold has support levels at Rs 1,49,700–1,48,650 on MCX, with resistance observed at Rs 1,51,150–1,52,200. He noted that Prithvi Finmart’s earlier recommendation to buy gold for a target of Rs 1,51,100 and silver for a target of Rs 2,45,000 was achieved on Friday.
Moving forward, he suggests initiating new positions in gold within the range of Rs 1,49,700–1,48,800, with a stop loss set below Rs 1,47,700 and target levels of Rs 1,51,150–1,52,200. For silver, support is positioned at Rs 2,43,300–2,40,000 and resistance at Rs 2,49,100–2,52,500. Jain recommends entering the market within the range of Rs 2,44,400 to Rs 2,41,000, with a stop loss positioned below Rs 2,37,700, and targeting Rs 2,51,000 to Rs 2,53,500.