Gold and silver prices traded in a narrow range on Tuesday as investors weighed easing geopolitical risks against expectations that US interest rates could remain elevated for longer.
On the Multi Commodity Exchange (MCX), August 2026 gold futures were trading around ₹1.55 lakh per 10 grams, holding above the key psychological level.
Silver futures were hovering near ₹2.45 lakh per kg, extending their consolidation after recent volatility.
Gold remains above key support
Gold has been consolidating after correcting from record highs earlier this year.
According to technical levels cited in the report:
Resistance levels
- ₹1.58 lakh
- ₹1.60 lakh
Support levels
- ₹1.53 lakh
- ₹1.50 lakh
Market participants are watching for a breakout beyond these levels to gauge the next trend.
Silver trades in a broad range
Silver prices remained under pressure following sharp corrections from all-time highs.
Silver resistance levels
- ₹2.55 lakh
- ₹2.65 lakh
Silver support levels
- ₹2.40 lakh
- ₹2.35 lakh
While industrial demand remains supportive, elevated interest rates and a stronger dollar have limited gains.
Global bullion prices
In international markets:
| Commodity | Price |
|---|---|
| Spot Gold | $4,328/oz |
| US Gold Futures | $4,352/oz |
Investors are closely tracking upcoming US inflation data, which could influence expectations regarding future Federal Reserve policy.
Stronger inflation readings could delay interest-rate cuts and weigh on precious metals.
Safe-haven demand eases
The ceasefire between Israel and Iran has reduced some of the safe-haven demand that had supported bullion prices in recent weeks.
However, lingering geopolitical uncertainties and purchases by central banks continue to provide support to gold.
Long-term outlook
Analysts remain positive on the long-term outlook for gold despite near-term volatility.
Silver continues to draw support from its industrial applications, particularly in:
- Solar energy
- Electric vehicles
- Electronics
- Renewable energy infrastructure
These sectors are expected to drive structural demand over the coming years.
Near-term outlook
Analysts expect gold and silver to remain rangebound in the near term as traders await clarity on:
- US inflation data
- Bond yields
- Dollar movement
- Geopolitical developments
Until then, market participants are likely to focus on technical support and resistance levels.
Key levels
| Commodity | Current Level | Resistance | Support |
|---|---|---|---|
| Gold | ₹1.55 lakh/10 gm | ₹1.58-1.60 lakh | ₹1.53-1.50 lakh |
| Silver | ₹2.45 lakh/kg | ₹2.55-2.65 lakh | ₹2.40-2.35 lakh |
TL;DR:
Gold futures held above ₹1.55 lakh per 10 grams on MCX, while silver traded near ₹2.45 lakh per kg. Easing geopolitical tensions and expectations of prolonged higher US rates kept bullion prices rangebound.
AI summary:
- MCX gold remained above ₹1.55 lakh per 10 grams.
- Silver consolidated near ₹2.45 lakh per kg.
- Israel-Iran tensions have eased after the ceasefire.
- Markets are awaiting US inflation data.
- Analysts expect bullion prices to remain rangebound.
