Gold, Silver Rate Today Highlights: MCX Gold, MCX Silver prices drop as oil surges on continued Strait of Hormuz blockade

Gold prices in the national capital moved lower on Thursday, slipping by Rs 900 to Rs 1.56 lakh per 10 grams, while silver witnessed a sharp drop to Rs 2.50 lakh per kilogram, tracking weak cues from global markets.

In the previous session, the yellow metal had settled at Rs 1,57,000 per 10 grams. According to the All India Sarafa Association, gold of 99.9 per cent purity declined by Rs 900 to Rs 1,56,100 per 10 grams, inclusive of all taxes.

Silver also recorded a steep fall, losing Rs 5,300 to settle at Rs 2,50,000 per kg, down from Rs 2,55,300 per kg in the prior trading session.

1 Gm Gold 22 Kt - Rs 14,490

1 Gm Gold 24 Kt - Rs 15,810

Silver Per Kg: Rs 2,59,500

"Gold and silver prices have seen recent declines, raising questions on ETF investments. Broad fundamentals for gold remain positive, and while short‑term volatility may persist, the long‑term outlook is supportive. Investors can continue to allocate to gold ETFs as a hedge against uncertainty. Silver, however, appears more lackluster, with investment demand subdued and only industrial usage offering some support. At current levels, investors may reduce exposure to silver ETFs, but consider adding on further dips. Overall, gold remains a resilient long‑term play, while silver requires a more cautious, opportunistic approach,” says Hareesh V, Head of Commodity Research, Geojit Investments Limited.

Today, gold is down as inflation risk due to the Strait of Hormuz closure is weighing on the metal.

Spot gold is currently trading with a daily loss of around 1% at $4689.

The US-Iran tensions continue to run high as the US awaits Iran's response. US demands that Iran should hand over its stocks of highly enriched Uranium. Iran is not willing to resume negotiations while a US naval blockade on its ports is in place. Meanwhile, Iran is firing on ships and seizing vessels as the US navy is intercepting tankers carrying Iranian oil.

Today's US data include S&P Global US PMIs.

The US Dollar at 98.77 is up by 0.20% for the day on safe haven bids, says Praveen Singh, Head of commodities at Mirae Asset ShareKhan.

Manoj Kumar Jain told ET that gold and silver are currently experiencing significant volatility, with frequent price fluctuations. He expects silver to maintain a crucial support level near $64 per troy ounce, while gold is likely to remain above $4,550 per troy ounce on a weekly closing basis.

He noted that both metals may continue to see choppy movements this week, driven by changes in the dollar index, shifts in crude oil prices, and ongoing uncertainty surrounding a potential US-Iran peace agreement.

For gold, he identified a support band between $4,720 and $4,681 per troy ounce, with resistance expected in the range of $4,785 to $4,818. In the case of silver, support is seen between $76.00 and $74.00, while resistance for the day is placed between $79.80 and $81.40 per troy ounce.

On the Multi Commodity Exchange of India, gold has support levels between Rs 1,51,500 and Rs 1,50,650, while resistance is pegged at Rs 1,53,650 to Rs 1,54,700. Silver, meanwhile, is expected to find support in the Rs 2,45,500 to Rs 2,42,000 range, with resistance seen between Rs 2,51,200 and Rs 2,54,800.
He advised traders to consider booking profits on existing long positions in both metals and wait for price corrections before entering fresh long trades.

Silver spot (in Rs per kilo) : 243937.00

Standard gold (99.5) : 150584.00

Pure gold (99.9) : 151189.00

Silver prices declined on Thursday, falling by Rs 4,205 to Rs 2,44,159 per kilogram as traders trimmed their positions.

On the Multi Commodity Exchange of India, silver futures for May delivery dropped Rs 4,205, or 1.69 per cent, to settle at Rs 2,44,159 per kg, with a trading volume of 1,281 lots.

Market experts attributed the decline largely to selling pressure from participants, which dragged prices lower.

In the global market, silver was also under pressure, trading 2.06 per cent lower at USD 76.10 per ounce in New York.

A Reuters survey of economists suggested that the US Federal Reserve may delay interest rate cuts for at least six months this year, as energy-driven inflation pressures persist. Market expectations for a 25-basis-point rate cut in December have eased to 23 per cent from 28 per cent a week earlier. Prior to the conflict, markets had anticipated two rate cuts during the year.

A rate cut by Federal Reserve is likely to drive up gold prices.

Gold and silver began Thursday’s session on a weak note on the Multi Commodity Exchange of India, as firm crude oil prices intensified worries about inflation and the possibility of interest rates remaining elevated for an extended period. Market sentiment was also cautious due to uncertainty surrounding stalled negotiations between the United States and Iran.

In domestic trading, silver futures for May 2026 delivery dropped sharply by Rs 6,144, or 2.4 per cent, to Rs 2,42,220 per kg. Gold contracts for June 2026 delivery also declined, slipping Rs 938, or 0.7 per cent, to Rs 1,51,719 per 10 grams. This came after the previous session, where silver had surged nearly 2 per cent, or around Rs 4,000, while gold closed largely unchanged.

Higher crude prices tend to push up input and transportation costs, which can add to inflationary pressures and increase the likelihood of tighter monetary policy. While gold is typically viewed as a safeguard against inflation, rising interest rates often reduce its attractiveness as investors shift towards assets that offer returns.

In the global market, spot gold prices were down 0.7 per cent at $4,705.09 per ounce as of 0215 GMT, while U.S. gold futures for June delivery fell 0.6 per cent to $4,722.10. Spot silver also declined, dropping 1.4 per cent to $76.64 per ounce.

Higher oil prices tend to push up transportation and production costs, which can fuel inflation and increase the likelihood of tighter monetary policy.

Although gold is traditionally viewed as a hedge against inflation, elevated interest rates tend to reduce its appeal by making interest-bearing assets more attractive.

Geopolitical tensions also remained in focus after Iran seized two vessels in the Strait of Hormuz on Wednesday, tightening its control over the critical route. This followed US President Donald Trump’s decision to halt planned attacks, with no indication of peace talks resuming.

The US continued its naval blockade of Iranian maritime trade, while Iran’s parliament speaker and chief negotiator Mohammad Baqer Qalibaf indicated that a comprehensive ceasefire would only be meaningful if the blockade was lifted.

According to experts, the sharp pullback has been was largely driven by profit booking after an extended rally. Concern about inflation amid the US Iran War led markets to bet that central banks will hold interest rates steady for longer or even hike them, and that’s a major headwind for non-yielding bullion. A stronger US dollar too made gold less attractive.

One of the strongest pillars supporting gold remains continued central bank demand. Even during the recent correction, central banks such as China, Poland, and Russia have added to their gold reserves, reinforcing its role as a strategic asset. Notably, gold has increasingly replaced US Treasuries as a preferred reserve asset in recent years, highlighting a broader diversification away from dollar dependence.

Crude oil remained firm, with Brent holding above the $100 per barrel mark, supported by larger-than-anticipated declines in US gasoline and distillate inventories, along with a lack of progress in diplomatic talks.

“The sight of Brent oil back at triple digits is keeping inflation worries at the forefront, and is putting gold on the back foot today,” said Tim Waterer, chief market analyst at KCM Trade, according to Reuters.

Gold prices moved lower in volatile trading on Thursday, as rising crude oil rates heightened concerns about inflation and the possibility of interest rates staying elevated for longer. At the same time, investors continued to await clarity on stalled negotiations between the United States and Iran.

Spot gold declined 0.7 per cent to $4,705.09 per ounce as of 0215 GMT, while US gold futures for June delivery slipped 0.6 per cent to $4,722.10.

Despite the mid-week recovery, gold has declined nearly 11% since the onset of the US-Israeli conflict with Iran on February 28.

Rising oil prices have fueled inflation concerns, which in turn have weighed on the appeal of bullion as higher interest rates reduce the attractiveness of non-yielding assets.

Separately, Federal Reserve chief nominee Kevin Warsh told US lawmakers on Tuesday that he had not committed to cutting interest rates, stressing his independence while outlining plans for broader reforms at the central bank.

“Gold is seeing a bit of a reprieve as rates along the curve dropped here and in the hope that the Strait of Hormuz business gets worked out after Donald Trump's statements. But the situation is very tenuous and uncertain,” Bart Melek, global head of commodity strategy at TD Securities told Reuters.

Geopolitical tensions remain elevated. Iran seized two vessels in the Strait of Hormuz on Wednesday, while US President Donald Trump indicated that the blockade on Iran would stay in place, with no clear timeline set for a ceasefire. There were also no visible signs of peace talks resuming.

Elsewhere, the Israel-Lebanon ceasefire came under strain after Israeli drone strikes in Lebanon reportedly left at least three people dead.

“Perceived bargain-hunting after Tuesday's losses is also featured in (gold and silver) precious metals markets,” Jim Wyckoff, senior analyst at Kitco Metals told Reuters.

Spot silver climbed 1.5% to $77.84 per ounce, platinum rose 1.4% to $2,064.95, and palladium added 1% to reach $1,548.34.

Gold prices moved higher on Wednesday, recovering from a decline in the previous session that had pushed the metal to its lowest level in over a week. The rebound was supported by a drop in longer-term US Treasury yields and selective buying at lower levels, even as market participants waited for clarity on the potential restart of US-Iran negotiations.

By 11:17 a.m. EDT (1517 GMT), spot gold had gained 0.5% to $4,732.79 per ounce, after rising as much as 1% earlier in the day. In contrast, Tuesday saw the sharpest single-day fall since March 26. Meanwhile, US gold futures for June delivery advanced 0.7% to $4,750.20.

The yield on benchmark 10-year US Treasuries edged down by 0.2%, offering some relief to bullion.

Closing rates silver spot (in Rs per kilo): 2,48,682.00

Standard gold (99.5): 1,51,507.00

Pure gold (99.9): 1,52,116.00

Gold prices declined by Rs 300 to Rs 1,57,000 per 10 grams, while silver plunged by Rs 2,700 to Rs 2,55,000 per kilogram in the national capital on Wednesday, amid uncertainty over US-Iran peace negotiations. According to the All India Sarafa Association, gold of 99.9 per cent purity slipped to Rs 1,57,000 per 10 grams (inclusive of taxes). Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said gold weakened after plans for a second round of US-Iran peace talks collapsed, even as US President Donald Trump extended the ceasefire. He noted that the lack of progress has kept geopolitical uncertainty elevated, supporting crude oil and the US dollar while weighing on precious metals. He added that market participants are likely to stay cautious and track further developments from both sides, with price movements expected to remain volatile until clearer signals emerge. In global markets, spot silver rose 1.46 per cent to $77.80 per ounce, while gold gained 0.48 per cent to $4,742.97 per ounce.

Manav Modi, commodities analyst at Motilal Oswal Financial Services Ltd, told ET that gold remains under pressure from a mix of macroeconomic factors and geopolitical uncertainty, keeping price movements muted even as conflict risks persist. “The dollar strengthened to near two-week highs on safe-haven demand and hawkish undertones from Federal Reserve Chair nominee Kevin Warsh, reducing the appeal of non-yielding assets like gold by making them more expensive for overseas buyers,” said the analyst.

In Delhi, 22-carat gold is priced at Rs 1,13,992 per 8 grams, while 24-carat gold stands at Rs 1,24,344. In Mumbai, 22-carat gold is slightly lower at Rs 1,13,872 per 8 grams, with 24-carat gold at Rs 1,24,224.

​Precious metals are expected to stay volatile this week, according to experts cited by ET. Fluctuations in the dollar index, swinging crude oil prices, and uncertainty around the Middle East peace deal will determine the movement of gold and silver prices. The yellow metal sees support in the range of $4,681 to $4,640 per troy ounce, while resistance is seen between $4,770 and $4,818. Silver, on the other hand, has support at $74.00 to $70.70 and resistance at $78.80 to $80.40 per troy ounce for the current session, according to Manoj Kumar Jain, cited by ET.

“Gold traded positive after a gap-up opening, supported by ongoing ceasefire hopes, although conflicting statements from Trump regarding extension of the ceasefire have kept volatility elevated.

The mixed signals on geopolitical developments are creating uncertainty across asset classes, leading to sharp but short-lived moves in gold. Market focus is now shifting towards the US Fed policy due on 29 April, which will be a key trigger for direction. Technically, support is seen near ₹151000, while resistance is placed around ₹155000. Gold is expected to remain volatile and range-bound, reacting to both geopolitical updates and macro cues,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

The Fed Chair nominee Warsh was somewhat hawkish in his yesterday's testimony to the US Senate Banking Committee. He expressed concerns over inflation, upheld Fed's independence as supreme and called for smaller balance sheet to enable rate cuts. His views, rallying oil prices due to approaching US-Iran ceasefire deadline and surge in US retail sales in March weighed heavily on gold to take it down by $100 to $4720.

US retail sales rose the most in more than a year as gas prices surged.

The metal is recovering from its yesterday's low of $4668 as the President Trump extended the ceasefire without any deadline, though its blockade remains in place.

Gold, currently at $4758, up by 0.80% for the day, is expected to range trade. Signs of US removing blockade can help it test the resistance at $4800/$4850. Support is at $4725/$4660.

Overall short term outlook remains somewhat bearish, says Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.

Gold futures climbed on Wednesday, gaining Rs 1,879 to reach Rs 1,53,550 per 10 grams, supported by renewed buying interest from traders amid firm demand in the physical market.

On the Multi Commodity Exchange, June delivery contracts advanced by Rs 1,879, or 1.24 per cent, to trade at Rs 1,53,550 per 10 grams, with a turnover of 8,393 lots.

Market participants attributed the upward movement to fresh positions being added in the market.

In the international market, gold futures in New York also moved higher, rising 1.30 per cent to $4,780.96 per ounce.

Silver spot (in Rs per kilo) : 249677.00

Standard gold (99.5) : 151640.00

Pure gold (99.9) : 152250.00

Manoj Kumar Jain told ET that gold and silver are expected to witness continued price swings during the week, influenced by changes in the dollar index, trends in crude oil, and ongoing uncertainty surrounding a potential US-Iran peace agreement.

He highlighted that gold has a support zone between $4,681 and $4,640 per troy ounce, while resistance is likely in the $4,770 to $4,818 range. For silver, support is seen between $74.00 and $70.70, with resistance placed at $78.80 to $80.40 per troy ounce for the current session.

In the domestic market, he said gold on the MCX finds support in the Rs 1,50,500 to Rs 1,48,800 band, while resistance is expected between Rs 1,52,800 and Rs 1,54,200. Silver, meanwhile, has support levels between Rs 2,40,000 and Rs 2,36,600, with resistance in the Rs 2,48,000 to Rs 2,51,500 range.

Jain advised traders to maintain long positions in gold as long as prices hold above Rs 1,48,000 on a closing basis, suggesting profit booking in the Rs 1,54,000 to Rs 1,55,000 zone. He also recommended refraining from initiating fresh long positions in silver after it crossed the Rs 2,45,000 mark in the previous session.

Gold and silver prices began Wednesday’s session on a firmer note on the Multi Commodity Exchange of India, following the United States’ decision to prolong its ceasefire with Iran. The move helped calm fears of a sharp rise in inflation and reduced expectations that interest rates would remain elevated for an extended period.

On Tuesday, US President Donald Trump announced that the truce with Iran would be continued indefinitely, just hours before its scheduled expiry. However, the statement appeared to be one-sided, as there was no immediate response from Iran or US ally Israel on whether they would support extending the ceasefire, which has been in place for the past two weeks.

In the domestic derivatives market, silver futures for May 2026 delivery on MCX surged by Rs 4,800, or 2%, to Rs 2,49,423 per kilogram. Gold futures for June 2026 delivery also moved higher, rising Rs 2,000, or 1.3%, to Rs 1,53,699 per 10 grams.

The sharp rise in gold ETF investments was supported by a strong rally in gold prices and heightened volatility in equity markets. Gold prices climbed around 63 per cent during FY26, reaching close to ₹1.5 lakh by March 31, 2026, driven by increased safe-haven demand amid geopolitical tensions.

Meanwhile, equities underperformed, with the BSE Sensex falling about 5 per cent over the year and declining nearly 15 per cent in the final quarter. This shift in sentiment led investors to channel funds into gold ETFs, which attracted net inflows of ₹31,561 crore in the March quarter alone, marking the highest quarterly inflow of the year.

According to Vikram Dhawan, commodities head and fund manager at Nippon India Mutual Fund, investment demand and jewellery demand for gold have historically moved in opposite directions during periods of sharp price increases.

Data from the Association of Mutual Funds in India (AMFI) showed that inflows in Gold ETFs surged 364 per cent year-on-year, growing more than four-and-a-half times, making gold ETFs the fastest-expanding segment across all fund categories, including equity, debt and hybrid. The figure for FY26 also far exceeded the earlier annual inflow band of ₹700–15,000 crore.

Incremental inflows rose sharply as well, increasing by ₹54,015 crore compared to the previous year, well above the historical range of ₹2,500–10,000 crore. In contrast, other mutual fund segments delivered mixed performance on a year-on-year basis. Debt and equity funds witnessed declines of 84 per cent and 17 per cent, respectively, while index funds saw a 56 per cent drop. On the other hand, hybrid funds and other ETFs recorded growth of 30 per cent and 65 per cent.

Investors also tracked proceedings at the Senate Banking Committee, where former Federal Reserve Governor Kevin Warsh is being considered for the role of Fed chief. Warsh called for "regime change" at the US central bank, including a revised approach to managing inflation and changes in communication practices that may limit forward guidance on monetary policy.

"Traders will be watching and listening very closely to (Warsh's) comments. With that hearing, you should expect lots of ups and downs in volatility," Haberkorn added.

Spot silver declined 3.9 per cent to $76.76 per ounce, platinum fell 2.7 per cent to $2,033.37, and palladium slipped 0.6 per cent to $1,541.56.

"Stronger yields and the dollar are putting pressure on gold, along with a lot of headlines and mixed signals coming out about the Iran situation, causing energies to move higher, putting pressure on metals," Bob Haberkorn, senior market strategist at RJO Futures told Reuters.

Gold prices continued to decline on Tuesday, pressured by a stronger US dollar and rising Treasury yields, while market participants waited for developments on potential US-Iran talks and the confirmation hearing of Federal Reserve Chair nominee Kevin Warsh.

Spot gold dropped 2.2 per cent to $4,712.04 per ounce by 1:46 p.m. EDT (1746 GMT), marking its lowest level in more than a week. US gold futures for June delivery also settled 2.3 per cent lower at $4,719.60.

The US dollar strengthened 0.2 per cent against a basket of currencies, making dollar-denominated bullion more expensive for investors holding other currencies. At the same time, benchmark 10-year US Treasury yields moved higher, adding further pressure on gold prices.