Gold prices rise Rs 6,400/10g in 3 days; silver jumps Rs 13,000/kg despite Middle East tensions. Big rally brewing?

Gold and silver prices opened higher for a third straight session on the MCX on Friday, supported by a weaker dollar and efforts by the U.S. Treasury Department to keep longer-term yields under control. The U.S. dollar was headed for a weekly decline, making dollar-priced commodities more affordable for holders of other currencies.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 1,915 at Rs 2,45,158 per kg. Gold futures for October 2026 delivery rose by Rs 1,205 to Rs 1,60,630 per 10 grams. In the last three sessions, silver has jumped Rs 13,000, while gold has risen nearly Rs 6,500/10 grams.

Markets are pricing in a 64% probability that the Fed will leave interest rates unchanged in September, while the probability of a rate hike stands at 36%, according to the CME FedWatch Tool.

Gold is traditionally viewed as a hedge against economic turmoil and inflation, but higher interest rates can weigh on demand for the non-yielding asset.

On the geopolitical front, Bessent said the United States would impose “the toughest sanctions in history” on Iran, adding that the move could reduce the need for new major military operations.

Also read: Gold prices jump 7% to log best weekly gain in 8 months. Start of another yellow metal bull run?

Gold, silver international prices

Spot gold was flat at $4,514.23 per ounce after touching its highest level since early June in the previous session. The metal was up 3.2% for the week. U.S. gold futures were steady at $4,571.20.Among other precious metals, spot silver was unchanged at $68.03 per ounce. Platinum rose 1.1% to $1,846.29, while palladium was steady at $1,333.11. All three metals were headed for weekly gains.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,535-4,500 per troy ounce, while resistance is at $4,600-4,640. Silver has support at $66.60-65.00 per troy ounce, with resistance at $69.10-71.00 in today’s session.

On the MCX, gold has support at Rs 1,58,000-1,56,650 and resistance at Rs 1,60,600-1,61,800, while silver has support at Rs 2,41,000-2,38,800 and resistance at Rs 2,46,600-2,50,000.

Jain suggested buying gold on dips around Rs 1,58,500-1,57,000, with a stop loss below Rs 1,55,500 and a target of Rs 1,60,600-1,61,800. He also recommended buying silver around Rs 2,41,000-2,39,000, with a stop loss below Rs 2,35,500 and a target of Rs 2,46,600-2,50,000.

Read more: Explained: Why South Korea bought gold after 13 years and what it means for yellow metal investors?

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,16,928/8 grams while pure gold (24 carat) prices stand at Rs 1,27,544/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,16,808/8 grams while pure gold (24 carat) prices stand at Rs 1,27,424/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,16,808/8 grams while pure gold (24 carat) prices stand at Rs 1,27,424/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,16,808/8 grams while pure gold (24carat) prices stand at Rs 1,27,424/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)