Tensions intensified on Sunday after US President Donald Trump issued a sharply worded Easter Sunday social media post directed at Tehran. He warned that Iran’s power plants and bridges could be targeted on Tuesday if the strategic Strait of Hormuz is not reopened.
MCX silver futures due May 2026 were down Rs 2,030 or 1% to Rs 2,30,465 per kg. Meanwhile, gold futures for June 2026 delivery fell Rs 1,047 or 0.7% to Rs 1,48,633 per 10 grams. In the previous session, the white metal plunged nearly 5% while gold ended marginally lower.
In the international market, gold prices declined sharply on Monday, falling more than 1%. Spot gold dropped 1.2% to $4,620.68 per ounce as of 0047 GMT, while U.S. gold futures for April delivery slipped 0.7% to $4,647.10. Meanwhile, spot silver also moved lower, declining 1% to $72.28 per ounce.
Market expectations around monetary policy have shifted significantly, with traders now largely pricing out the possibility of any rate cuts this year. Prior to the Iran war, there were expectations of two rate reductions during the year.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing heightened volatility, although both gold and silver are expected to hold key support levels in the near term. He noted that silver could sustain above $62 per troy ounce, while gold may hold the $4,420 level on a closing basis this week.He added that prices are likely to remain volatile amid fluctuations in the dollar index, crude oil prices, and the ongoing US-Iran conflict. For the current session, gold has support in the $4,620–4,580 range and resistance at $4,720–4,770 per troy ounce. Silver, meanwhile, has support at $70.70–68.00 and resistance at $76.00–78.40 per troy ounce.On the domestic front, he said gold on MCX has support at Rs 1,47,200–1,45,500 and resistance at Rs 1,51,100–1,53,350. Silver is seen finding support at Rs 2,28,000–2,22,400, while resistance is placed at Rs 2,37,700–2,42,200.
Jain advised investors to consider booking profits in long positions on every rise and to wait for corrective dips before initiating fresh long positions in gold and silver.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,10,792/8 grams while pure gold (24 carat) prices stand at Rs 1,20,856/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,672/8 grams while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,11,592/8 grams while pure gold (24 carat) prices stand at Rs 1,21,736/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,672/8 grams while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
-1024x683.jpg "Strait Outta Hormuz: Getting the Iran Oil Story Straight")
