Gold, Silver Rate Today Live Updates: Precious metals remain volatile; gold up 0.16%, silver jumps 1%

China’s central bank continued adding to its gold reserves for a 17th consecutive month, official data showed.

Its holdings stood at 74.38 million fine troy ounces at the end of March, up from 74.22 million in the previous month.

UBS has lowered its June-end gold price forecast to $5,200 per ounce, citing a tougher near-term macroeconomic backdrop for bullion.

The bank said the current environment marks a shift away from the earlier disinflation trend, creating fresh short-term challenges for gold.

Investor expectations for US interest rates remain a drag on gold, with markets widely seeing no chance of a Federal Reserve rate cut this year.

Higher-for-longer rates continue to weigh on bullion, as gold does not offer any yield compared with interest-bearing assets.

Gold prices have fallen 12% since the war began, even though the metal is usually seen as a safe-haven asset during geopolitical turmoil.

Higher oil prices have raised inflation concerns, but the resulting pressure on interest rates has hurt gold, as higher rates reduce the appeal of non-yielding assets.

Analysts said uncertainty around the conflict and possible mediation between the US and Iran is keeping both bullish and bearish bets in check.

Zain Vawda of MarketPulse by OANDA said the confusion around the situation has kept gold trading in a narrow range over the past two weeks.

Commodity strategist Nitesh Shah of WisdomTree said gold was getting support from renewed dip buying as liquidity returned after the Easter holiday period.

He said trading activity was picking up again, helping prices recover, although dollar strength and pressure from the bond market continued to act as headwinds.

Gold’s upside remained limited on Tuesday as the US dollar stayed near highs and benchmark 10-year Treasury yields moved higher, making bullion less attractive.

A stronger dollar makes gold more expensive for holders of other currencies, while rising yields reduce the appeal of the non-yielding metal.

Gold prices inched higher on Tuesday as investors closely watched the uncertain course of the US-Israel war on Iran, though gains were limited by a stronger dollar and higher oil prices.

Spot gold was up 0.2% at $4,655.89 an ounce by 1204 GMT, after rising as much as 1% earlier in the session.

US gold futures were down 0.1% at $4,680.50.

Gold prices eased in futures trade on Tuesday, even as retail rates showed a mixed trend across major Indian cities.

Gold prices declined by Rs 610 to Rs 1.49 lakh per 10 grams in futures trade, as surging crude oil prices and escalating tensions in West Asia kept investors cautious and weighed on demand for the safe-haven metal.

Amid the Middle East conflict, gold prices are likely to see limited upside in the short-term, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.

MCX gold is currently moving in the Rs 1,49,000–Rs 1,50,000 range, with selling pressure becoming evident at higher levels. The inability to sustain upward moves points to weakening momentum. A breakout above Rs 1,50,000 could restore strength and take prices towards Rs 1,52,000–Rs 1,55,000. Conversely, a drop below Rs 1,47,000 may extend the decline towards Rs 1,45,000–Rs 1,40,000. The overall trend remains cautious amid ongoing macroeconomic uncertainty.

The opening bullion rates showed that 1 gram of 22 karat gold was priced at Rs 13,860, while 1 gram of 18 karat gold was priced at Rs 11,560.

Gold and silver futures witnessed choppy trade on the Multi Commodity Exchange (MCX), swinging between gains and losses before edging higher later in the morning session. Gold futures for June 5 were trading at Rs 1,50,228 around 11:35 am, marking a modest rise of Rs 247 or 0.16%. The metal had earlier dipped to Rs 1,49,625, down 0.23%, before rebounding to an intraday high of Rs 1,50,474, gaining 0.32%.

Silver futures for May 5 followed a similar volatile pattern. After falling to Rs 2,31,800 in early trade, down 0.67%, the metal recovered sharply to touch a high of Rs 2,35,547, up nearly 1%. It was later seen trading at Rs 2,34,500, higher by Rs 1,121 or 0.48%.

Market experts pointed out that precious metals are not reacting strongly to global geopolitical uncertainties, indicating a lack of traditional safe-haven buying. Silver prices, in particular, continue to fluctuate within a narrow band, with key resistance placed around Rs 2,33,000–Rs 2,34,000. A sustained move above this level could support further upside, while a fall below Rs 2,30,000 may intensify selling pressure.

Meanwhile, global cues remained subdued, with international prices of precious metals trading largely unchanged.

In Delhi's market, 22 carat gold costs Rs 1,10,592/8 grams while 24 carat is priced at at Rs 1,20,640/8 grams.

Gold and silver prices started Tuesday on a softer note on the Multi Commodity Exchange (MCX), as higher crude oil prices and intensifying Middle East tensions dampened investor sentiment. Nervousness in the markets grew after Donald Trump issued a stern warning to Iran over his 8 p.m. EDT deadline to reopen the strait, cautioning that failure to comply could invite swift and severe military action targeting key infrastructure.

Reflecting the cautious mood, MCX silver futures for May 2026 dropped by Rs 1,579, or 0.7%, to Rs 2,31,800 per kg. Gold futures for June 2026 also declined by Rs 356, or 0.2%, to Rs 1,49,625 per 10 grams.

MCX gold is expected to find support in the Rs 1,47,200–Rs 1,48,500 range, while resistance is seen between Rs 1,51,100 and Rs 1,52,600. Analysts, cited by ET, advise keeping a close eye on global trends as market conditions remain volatile.

The recent dip in gold prices could prompt buyers to bring forward their jewellery purchases for the April–July wedding season, with many likely to place advance orders around Akshaya Tritiya, according to Arun Narayan, chief executive of Tanishq, Titan’s jewellery arm.

He told ET that demand patterns are expected to vary by region, with eastern and northern markets favouring 18-carat and lightweight designs, while consumers in the west and south may show a preference for heavier pieces.

​Spot gold remained largely unchanged at $4,646.69 per ounce by 0100 GMT, while US gold futures for June delivery slipped 0.2% to $4,674.40.
Earlier on Monday, Iran said that it was aiming for a permanent end to its war with the US and Israel, pushing back against pressure to reopen the Strait of Hormuz as Trump warned the country could be “taken out” if no deal is reached by Tuesday night.

Analysts said bullion prices recovered amid value buying following the recent decline in precious metals.

"Gold prices recovered on Monday as traders engaged in bargain buying, supported by a pullback in the US dollar and a decrease in oil prices," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said, PTI quoted.

He added that precious metals are expected to remain sensitive to incoming geopolitical developments in West Asia, which will continue to play a crucial role in shaping market direction in the domestic markets.

Ravinder Kumar, Senior Research Analyst at SMC Global Securities noted that institutional demand has shown signs of moderation. According to the latest World Gold Council data, central banks purchased about 19 tonnes of gold recently, compared with 26 tonnes in 2025. Despite the slowdown, he said central banks continue to prioritize gold as a key reserve asset.

He added that gold demand in India and China remains strong, supported by currency depreciation trends over the past year.

However, a recent appreciation in the Indian rupee has contributed to downward price adjustments on the MCX. Kumar also flagged that a sharp rise in oil prices--estimated at around 75 per cent--could push global inflation higher, reinforcing gold's traditional role as a hedge, even as near-term pressures persist. A sustained break above USD 4,800 could open the path toward USD 5,100, he said.

Dinesh Somani, Founder, Intellitrade, highlighted that the ongoing Middle East conflict has, unusually, had a negative impact on bullion prices.

"For the first time, the war has weighed on gold despite its safe-haven status," he said, noting that prices fell from around USD 5,600 per ounce on COMEX to near USD 4,100 during the recent correction.

Somani attributed the decline to a combination of factors, including fading ETF demand, slower central bank buying and expectations of higher interest rates amid rising crude oil prices. He also pointed out that some central banks have offloaded gold reserves, adding to market pressure.

"In the absence of fresh triggers, gold is likely to remain range-bound," Somani said, pegging the near-term band between USD 4,100 and USD 4,970 per ounce.

Analysts broadly agree that while geopolitical risks remain, the interplay of inflation, oil prices and monetary policy will be the dominant drivers in the near term, keeping gold in a choppy consolidation phase rather than a decisive trend.

In the international market, spot silver rose 0.5% to USD 73.37 per ounce and gold gained 0.14% to USD 4,682.80 per ounce.

"Spot gold was trading with a gain of around 0.2% at USD 4,680 per ounce as crude prices retreated amid the possibility of a ceasefire in the Iran conflict ahead of US President Donald Trump's April 7 deadline," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.

However, the upside in gold may remain capped due to strong US macroeconomic data, he added, noting that encouraging jobs numbers could keep bullion prices choppy and volatile.

Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said geopolitics remains the primary driver this week, with developments around the Strait of Hormuz expected to overshadow scheduled macro releases.

She added that traders will closely monitor FOMC minutes, US Core Personal Consumption Expenditures, and Consumer Price Index; their market impact may remain limited unless the geopolitical backdrop stabilises meaningfully.

Silver prices jumped Rs 5,000 to Rs 2.42 lakh per kilogram in the national capital on Monday, while gold advanced to Rs 1.53 lakh per 10 grams due to easing crude oil rates and a weak US dollar, PTI reported.

According to the All India Sarafa Association, the white metal appreciated by Rs 5,000, or 2.11%, to Rs 2,42,000 per kg (inclusive of all taxes) from Friday's closing level of Rs 2,37,000 per kg.

Gold of 99.9% purity also advanced by Rs 2,300, or 1.52%, to Rs 1,53,800 per 10 grams (inclusive of all taxes). It had settled at Rs 1,51,500 per 10 grams in the previous session.

Brent oil prices climbed as the war continued to disrupt global energy supplies, fuelling inflation concerns.
While gold is traditionally seen as a hedge against inflation, elevated interest rates tend to dampen demand for the non-yielding asset.

The 10-year US Treasury yield and the dollar index gained, supported ‌by data on Friday showing that US nonfarm payrolls in March increased by the most since December 2024, while the unemployment rate fell to 4.3%.

"The latest robust NFP ⁠print has reinforced hawkish central bank nerves, while persistent oil-driven inflation fears continue to crowd out gold's traditional safe-haven sparkle," said Tim Waterer, chief market analyst, KCM Trade.

Traders have almost completely priced out any chances of a US Federal Reserve rate cut this year, compared with the two reductions expected before the Iran war began.

Spot silver fell 0.9% to $72.31 per ounce, spot platinum shed 0.3% to $1,983.62, while palladium gained 0.7% to $1,511.94.

"Markets are looking for another so-called headline risk that is coming out later, as Trump holds a press conference pertaining to the current U.S.-Iran situation," said Kelvin Wong, a senior market analyst at OANDA, as quoted Reuters.

Meanwhile, Trump has threatened to rain "hell" on Tehran if it does not reopen the Strait of Hormuz by Tuesday, although ⁠recent US ‌intelligence assessments suggest Iran is unlikely to reopen the crucial oil shipping waterway any time soon.

Investors also weighed an Axios report that said ⁠the US, Iran and a group of mediators are discussing a potential 45-day ceasefire that could pave the way for a permanent end to the war.

Gold prices slipped on Monday as a firmer U.S. dollar, buoyed by a strong U.S. jobs report, further dampened rate cut bets, while markets awaited remarks from US President Donald Trump amid escalating conflict with Iran.

Spot gold slipped 0.4% to $4,658.90 per ounce by 0706 GMT, while U.S. gold futures ‌for June ⁠delivery rose ⁠0.1% to $4,684.30 in thin trade amid holiday closures across parts of Asia and Europe.

Silver prices jumped Rs 2,273 to Rs 2.34 lakh per kilogram in futures trade on Monday, tracking firm global trends amid geopolitical tensions in West Asia.
On the Multi Commodity Exchange, the white metal for May delivery appreciated by Rs 2,273, or 1 per cent, to Rs 2,34,768 per kg.

Analysts said the gains in silver prices came as investors tracked developments in West Asia following fresh warnings from US President Donald Trump over the Strait of Hormuz.

Gaurav Garg, Research Analyst at Lemonn Markets Desk, said crude oil prices edged down to USD 111.33 per barrel, reflecting a slight decrease, as traders remain vigilant amid geopolitical uncertainties.

In the international markets, silver futures for the May contract gained 0.2 per cent to USD 73.06 per ounce on the Comex.

Silver prices have remained volatile after Trump issued a fresh ultimatum to Iran and warned of strikes on its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened, Renisha Chainani, Head of Research at Augmont, said.

Domestic precious metal prices are likely to remain on a moderately bullish trajectory in FY2026–27, as sustained geopolitical tensions, fears of escalating trade wars and rising global recession risks continue to support demand for safe-haven assets. However, analysts caution that persistently high interest rates may restrict strong upward movement.

The outlook follows a sharp rally in FY26, when silver futures surged by Rs 1,41,431, or 142.2%t, rising from Rs 99,461 per kg on April 1, 2025. During the same period, gold advanced Rs 60,258, or 67%, from Rs 90,503 per 10 grams.

The year marked one of the most robust performances for precious metals in decades, with silver climbing more than 142 per cent and gold gaining around 67 per cent. The gains were fuelled by tariff actions under Trump, geopolitical uncertainty, strong central bank purchases, tightening supply conditions and broader global economic concerns.

“The outlook for gold and silver for fiscal 2026-27 will remain moderately bullish. Since the global economy is going through a rough patch due to geopolitical tensions, trade wars and fear of global recession, demand for safe-haven assets will rise,” said Aamir Makda, Commodity & Currency Analyst at Choice Broking, in an interview with PTI.

Gold prices in Ahmedabad are currently at Rs 14,918 per gram for 24 karat (99.9% purity), Rs 13,675 per gram for 22 karat (91.6% purity), and Rs 11,190 per gram for 18 karat (75% purity).

Gold prices in India are currently at Rs 14,913 per gram for 24-carat (99.9% purity), Rs 13,670 per gram for 22-carat (91.6% purity), and Rs 11,185 per gram for 18-carat gold.

So far this month, gold has dropped around 15%, marking its sharpest monthly decline since October 2008. The fall has been driven mainly by a stronger US dollar, which has risen over 2% since the West Asia crisis began on February 28.

A recent report by Fitch Ratings has highlighted rising risks in India’s gold loan segment amid a fall in gold prices, stressing the need for stronger risk management by non-bank financial institutions (NBFIs).

The agency noted that lower gold prices can reduce the value of collateral pledged against loans, which may weaken lenders’ ability to recover money in case of defaults. It added that a decline in gold prices puts pressure on collateral coverage, making active and careful risk management even more important.

Gold and silver are expected to move in a tight range this week, with a mild upward bias, as investors watch geopolitical tensions in the Middle East and key global economic cues, analysts said. Domestically, the Reserve Bank of India’s monetary policy announcement due mid-week will also be in focus.

Pranav Mer of JM Financial Services noted that developments in the Gulf region will remain crucial, as any rise or easing in tensions could impact prices.

Investors will also keep an eye on major global data, including services PMI readings and US indicators such as durable goods data, GDP, the PCE index, and inflation numbers.

Silver prices fell on the MCX, continuing their decline after a sharp drop in the previous session. The metal remained under pressure as a stronger dollar and rising geopolitical tensions weakened investor sentiment, while reduced expectations of US rate cuts further weighed on prices.

Gold started the week on a weak note, as prices opened lower on the MCX, weighed down by a stronger dollar and escalating tensions in the Middle East.

Concerns that the US Federal Reserve may postpone interest rate cuts further added pressure on the metal, extending the mild weakness seen in the previous session.