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Gold and silver prices opened sharply lower on Multi Commodity Exchange (MCX) on Friday as rising energy prices revived inflation concerns and strengthened expectations that interest rates could stay elevated for longer. Investors were also closely monitoring talks between U.S. President Donald Trump and Chinese President Xi Jinping.
In the domestic market, MCX silver futures for July 2026 delivery dipped Rs 11,700 or 4% to Rs 2,79,458 per kg. Gold futures for June 2026 delivery were down Rs 1,600 or 1%% Rs 1,60,355 per 10 grams. In the previous session, silver and gold ended flat.
Market sentiment toward gold remained under pressure as higher crude oil prices pushed inflation worries back into focus, driving bond yields and the U.S. dollar higher. That, in turn, has weakened expectations of near-term rate cuts, weighing on bullion prices.
In the international market, spot gold fell for a fourth straight session, declining 0.8% to $4,613.19 per ounce, its weakest level since May 6. The precious metal has fallen 2.1% so far this week. Among other precious metals, spot silver dropped 3.1% to $80.93 per ounce, platinum slipped 1.7% to $2,021.75, while palladium declined 0.9% to $1,423.75.
Trump is set to hold a series of meetings with Xi in Beijing, with the discussions expected to focus on economic issues, preserving the fragile trade truce and addressing geopolitical tensions, including the Middle East conflict.
The U.S. president is also expected to seek China’s support in resolving the conflict launched alongside Israel in late February, though analysts believe Beijing is unlikely to provide the backing Washington is seeking.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are expected to remain volatile in today’s session amid fluctuations in the dollar index and the outcome of the U.S.-China Presidents’ summit.
He said gold has support at $4,634-4,600 per troy ounce and resistance at $4,722-4,770, while silver has support at $83.00-80.00 and resistance at $87.70-90.00 per troy ounce.
On the MCX, gold has support at Rs 1,60,300-1,59,100 and resistance at Rs 1,63,200-1,64,400, while silver has support at Rs 2,85,500-2,78,800 and resistance at Rs 2,96,600-3,02,000.
Jain advised investors to avoid fresh buying positions in gold and silver at current levels ahead of the outcome of the meeting between the U.S. and Chinese presidents.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,19,168/8 grams while pure gold (24 carat) prices stand at Rs 1,29,816/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,19,048/8 grams while pure gold (24 carat) prices stand at Rs 1,29,872/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,20,408/8 grams while pure gold (24carat) prices stand at Rs 1,31,352/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,19,048/8 grams while pure gold (24 carat) prices stand at Rs 1,29,872/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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