Gold and silver prices commenced the day with a slight decline on the Multi Commodity Exchange on Wednesday, even as optimism surrounding a potential U.S.-Iran peace agreement has tempered expectations for additional U.S. interest rate increases. Investors are keenly anticipating further information regarding the proposed deal as well as the results of the Federal Reserve’s policy meeting. In the domestic market, MCX silver futures for July 2026 delivery experienced a decline of Rs 864 (0.3%), settling at Rs 2,49,241 per kg. Gold futures for August 2026 delivery experienced a slight decrease, settling at Rs 1,52,472 per 10 grams. In the previous session, gold concluded on an upward trajectory, whereas silver finished lower.

Markets continued to evaluate the specifics of the interim U.S.-Iran agreement designed to resolve the Middle East conflict. U.S. President Donald Trump asserted that the agreement would inhibit Tehran’s pursuit of a nuclear weapon, whereas a U.S. official suggested that Iran would be permitted to recommence oil sales upon the signing of the accord. Meanwhile, oil prices hovered close to a three-month low, driven by expectations that Iranian crude might re-enter global markets, thereby alleviating inflationary concerns. In the international market, spot gold increased by 0.3% to $4,341.12 per ounce as of 0230, approaching the one-week high reached on Monday. U.S. gold futures for August delivery increased by 0.2%, reaching a price of $4,361.10. Other precious metals experienced an upward movement. Spot silver advanced 0.3% to $70.38 per ounce, platinum climbed 0.5% to $1,812.80, while palladium gained 0.3% to $1,355.65.

Manoj Kumar Jain indicated that gold has support at $4,315-$4,270 per troy ounce, while resistance is positioned at $4,385-$4,420 per troy ounce. Silver, meanwhile, exhibits support in the range of $68.00 to $65.50 per troy ounce, while facing resistance between $72.40 and $74.00 per troy ounce. On MCX, gold exhibits support within the Rs 1,51,800-Rs 1,51,150 range, while resistance is observed at Rs 1,54,000-Rs 1,54,700. Silver exhibits support within the range of Rs 2,48,000 to Rs 2,44,400, while resistance is observed between Rs 2,53,000 and Rs 2,56,300.

Jain indicated that Prithvi Finmart had advised purchasing gold on Tuesday within the range of Rs 1,51,100 to Rs 1,50,000, with a stop loss set below Rs 1,48,800 and target prices of Rs 1,52,600 to Rs 1,53,800. The firm had also advised purchasing silver within the Rs 2,48,800-Rs 2,46,000 range, with a stop loss set below Rs 2,43,300 and targets established at Rs 2,53,000-Rs 2,55,500. Investors who have established long positions in accordance with these recommendations should rigorously follow the designated stop losses and realise profits at the specified target levels, he added.