Gold and silver prices extended losses in the afternoon, trading sharply lower on the Multi Commodity Exchange (MCX) of India on Monday, as rising tensions in the Middle East and inflation concerns driven by higher crude oil prices strengthened expectations of elevated global interest rates.
MCX silver futures due May 2026 fell Rs 26,262, or 11.5%, to Rs 2,00,510 per kg. Meanwhile, gold futures for April 2026 delivery declined Rs 12,984, or 9%, to Rs 1,31,508 per 10 grams.
In the international market, gold prices fell sharply on Monday, declining more than 5% reaching its weakest level of 2026. Gold prices recorded their steepest weekly decline in 43 years, falling more than 10% last week and closing below $4,500 per troy ounce in the spot markon Friday.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart noted that both gold and silver are witnessing very high volatility, with silver likely to face strong resistance near $80 per troy ounce and gold around $4,840 in the near term.
He added that prices are expected to remain volatile in today’s session amid fluctuations in the dollar index, crude oil prices, and the ongoing US-Iran conflict. Gold has support in the $4,505-$4,440 range and resistance between $4,600-$4,664 per troy ounce, while silver has support at $64.00-$60.00 and resistance at $72.40-$76.00 per troy ounce.
On the MCX, gold has support at Rs 1,42,200-Rs 1,39,100 and resistance at Rs 1,46,000-Rs 1,47,700, while silver has support at Rs 2,18,000-Rs 2,10,000 and resistance at Rs 2,32,000-Rs 2,37,700. Jain advised traders to wait for stability in precious metals before taking fresh positions, while suggesting that small investors continue gradual accumulation through SIP mode amid the current market correction.
Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,152 per 8 grams, while pure gold (24 carat) prices are at Rs 1,29,888 per 8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,032 per 8 grams, while pure gold (24 carat) prices are at Rs 1,16,768 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,08,952 per 8 grams, while pure gold (24 carat) prices are at Rs 1,18,856 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,032 per 8 grams, while pure gold (24 carat) prices are at Rs 1,16,768 per 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)
