Gold prices commenced trading on the Multi Commodity Exchange on Thursday at a lower level, despite the dollar’s continued subdued performance. Renewed hostilities between the United States and Iran, coupled with forthcoming inflation data from the U.S., have maintained market attention on the trajectory of interest rates. In the domestic market, MCX silver futures for September 2026 delivery experienced a decline of Rs 1,500, settling at Rs 2,42,276 per kg. Gold futures for October 2026 delivery experienced a decrease of Rs 182, settling at Rs 1,53,581 per 10 grams. The U.S. dollar exhibited continued weakness, which contributed to a decrease in the cost of dollar-denominated metals for investors utilising alternative currencies.

Markets are anticipating the release of U.S. producer price index data scheduled for 1230, with consumer inflation figures set to follow on Friday. The CME FedWatch Tool indicated a 60% likelihood of an increase in U.S. interest rates this month. Higher interest rates generally diminish the attractiveness of assets that lack a yield. Geopolitical tensions have introduced an additional layer of support. Iran announced on Wednesday that it had conducted attacks on 10 vessels in proximity to the Strait of Hormuz, following the U.S. action of sinking five Iranian oil tankers. It represented the most significant surge of assaults on maritime operations by both parties since the onset of the six-month conflict.

Spot gold experienced an increase of 0.3%, reaching a price of $4,412.84 per ounce. U.S. gold futures for December delivery experienced a decline of 0.1%, settling at $4,457.10. Among other precious metals, spot silver increased by 0.2% to $67.42 per ounce, while platinum experienced a decline of 0.6% to $1,885.02, and palladium saw a rise of 0.2% to $1,355.50. Manoj Kumar Jain anticipates that gold and silver prices will experience volatility this week, influenced by variations in crude oil prices and the dollar index, particularly in light of the upcoming U.S. inflation data. He observes gold establishing support within the range of $4,420-$4,385 per troy ounce, with resistance positioned at $4,484-$4,510. In contrast, silver shows support at $67.40-$66.00 and resistance at $69.10-$70.40 in the current session.

On the MCX, Jain anticipates that gold will find support in the range of Rs 1,52,500 to Rs 1,51,650, while resistance is expected between Rs 1,54,400 and Rs 1,55,500. For silver, he identifies support at Rs 2,41,400-Rs 2,39,100 and resistance at Rs 2,45,800-Rs 2,48,000. He advises traders with long positions in gold and silver to secure profits prior to the release of U.S. inflation data, while suggesting that new purchases may be contemplated during price dips, with gold priced between Rs 1,52,000 and Rs 1,51,000, and silver between Rs 2,39,100 and Rs 2,36,000.