Gold, Silver Rate Today Live Updates: Gold, silver prices rally strongly as oil drops on hope of US-Iran talks

Gold prices rose more than 1% on Wednesday, buoyed ​by a weaker dollar, while ​softer oil prices eased fears of inflation and higher-for-longer ​interest rates, amid hopes of a US-Iran peace deal.

Spot gold was up 1.7% at $4,633.31 per ounce, as of 0225 GMT. U.S. gold futures for June delivery rose 1.7% to $4,643.20.

Gold prices jumped Rs 2,947 to Rs 1.52 lakh per 10 grams in futures trade on Wednesday amid cooling oil rates and a weak US dollar, with traders reacting to signs that the US and Iran may be moving closer to a deal.

On the Multi Commodity Exchange, the yellow metal appreciated by Rs 2,947, or 1.97 per cent, to Rs 1,52,700 per 10 grams in a business turnover of 9,273 lots.

Analysts said the price of the yellow metal rose as crude oil prices dropped after reports that Washington and Tehran were closing in on an agreement to bring an end to the war.

Iran has also announced that the Strait of Hormuz could reopen after US President Donald Trump paused his "Project Freedom" to guide commercial ships out of the economically vital waterway, according to reports.

"Gold prices surged on Wednesday, driven by a weaker dollar and easing crude oil prices amid speculation around potential US-Iran peace talks," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Gold futures on the Multi Commodity Exchange (MCX) surged sharply on Wednesday, with the June 5, 2026 contract rising Rs 2,893, or 1.93%, to Rs 1,52,646 per 10 grams. The contract touched an intraday high of Rs 1,52,885 after opening at Rs 1,52,000, while trading volumes stood at 4,926 lots with open interest of 9,222 lots.

The bullish trend extended to deferred contracts as August gold futures climbed Rs 2,744, or 1.79%, to Rs 1,56,042 per 10 grams, while October contracts advanced Rs 3,225, or 2.07%, to Rs 1,59,175. The October series also hit its day’s high at the same level, reflecting sustained strength in long-duration gold contracts on MCX.

Manoj Kumar Jain of Prithvi Finmart told ET that silver is expected to find a floor around $68 per troy ounce, while gold could continue to hold above the $4,440 mark on a weekly closing basis.

According to him, volatility is likely to persist in the near term, driven by movements in the dollar index and crude oil prices, as well as anticipation around the upcoming US non-farm payroll data.

For gold, he identified a support zone between $4,535 and $4,500, with resistance levels placed in the $4,622 to $4,681 range per troy ounce. Silver, on the other hand, is expected to see support between $72 and $70, while facing resistance in the $75.50 to $77.40 band for the day.

On the MCX, gold is seen having support in the Rs 1,49,100 to Rs 1,48,400 range, with resistance between Rs 1,50,500 and Rs 1,51,800. Silver is likely to find support between Rs 2,41,400 and Rs 2,38,800, while resistance is expected in the Rs 2,48,000 to Rs 2,51,500 range.

He advised investors to consider booking profits on long positions in both metals during price rallies, at least until there is clarity on a potential US-Iran peace agreement.

Gold upside may remain limited as investors have largely priced out interest rate hikes by the US Federal Reserve, with the possibility of further tightening gaining traction, analysts said.

Renewed flare-ups in the region, including missile interceptions by the United Arab Emirates, have weakened confidence in the four-week ceasefire efforts, said Renisha Chainani, Head - Research at Augmont, adding that higher crude oil prices and global bond yields are expected due to tighter monetary policy ahead.

The fragile security situation around the Strait of Hormuz, including reported missile strikes and competing claims of control, has reinforces concerns over energy-led inflation and a prolonged period of tighter monetary policy by central banks, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities said.

Silver prices climbed Rs 1,500 to Rs 2.51 lakh per kilogram in the national capital on Tuesday, tracking a firm trend in global markets as geopolitical tensions in West Asia kept the commodity sentiment supported. The white metal had closed at Rs 2,49,500 per kg in the previous session.