Gold rate today: MCX gold price rises above ₹1.59 lakh per 10 grams, silver flat amid uncertainty over US-Iran talks

Gold prices in India opened higher on Tuesday, following gains in global bullion prices, amid uncertainty over the US-Iran peace talks. Silver prices on the Multi Commodity Exchange (MCX) opened flat.

MCX gold rate for August futures contracts opened 0.13% higher at ₹1,59,449 per 10 grams as against its previous close of ₹1,59,241 level. MCX silver price for July futures contracts opened 0.01% higher at ₹2,66,202 per kg as against its previous close of ₹2,66,163 level.

In the international market, gold prices were steady as investors awaited further details on the status of the US-Iran talks amid conflicting news.

Spot gold price was steady at $4,481.53 per ounce, while US gold futures for August delivery gained 0.1% to $4,511.20. Spot silver price rose 0.5% to $75.21 per ounce.

The uncertainty over the US-Iran peace talks and a potential ceasefire have kept investors on the edge, while expectations of interest rate hikes by the US Federal Reserve have been weighing on the gold prices.

Lebanon had announced a partial ceasefire between Hezbollah and Israel. But earlier, Iranian state media said that Tehran was halting indirect negotiations with the US and might end the ceasefire, citing the war in Lebanon. US President Donald Trump, meanwhile, said that talks with Iran were ongoing “at a rapid pace.”

“Gold prices have retreated from recent record highs as rising Treasury yields and a firmer US dollar reduce the appeal of bullion, while uncertainty over the Fed’s policy path limits fresh safe-haven inflows. Investors now await this week’s US monthly employment report and remarks from Federal Reserve officials for further clues on the timing of future policy moves,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.

Market participants are now waiting for the US nonfarm payroll and employment reports, both due later in the week, to assess resilience in the labour market amid mounting concerns about inflation due to the Middle East conflict.

Gold Price Outlook

Trivedi expects MCX gold price for June futures may remain under pressure today, tracking a subdued trend in global bullion prices.

“MCX gold price may face resistance at ₹1,59,500 - ₹1,59,700 levels, while support is seen at ₹1,59,000 - ₹1,58,700 zone. Resistance for MCX silver price is placed at ₹2,68,000 - ₹2,69,000 levels, and support is expected to be at ₹2,65,000 - ₹2,63,000 levels,” said Trivedi.

Ponmudi R, CEO of Enrich Money said that a decisive move above the ₹1,60,000 level could help strengthen momentum, while a sustained breakout above this zone may push MCX gold prices toward the ₹1,62,000 – ₹1,63,000 range.

“On the downside, immediate support is placed near ₹1,59,000, and a break below this level may extend weakness toward the ₹1,58,400 – ₹1,58,000 zone. Overall, the near-term bias remains cautiously positive, supported by the gap-up opening and improving sentiment,” said Ponmudi R.

However, he added that a decisive breakout above resistance levels remains crucial to reinforce momentum further, while global risk sentiment continues to influence direction.

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