Synopsis: Gold and silver prices remained rangebound on MCX as traders balanced easing geopolitical concerns with expectations of higher-for-longer US interest rates. Gold futures continue to hold above the crucial Rs. 1.55 lakh level, while silver remains in a consolidation phase after recent volatility.
Gold and silver prices in India continued to trade within a narrow range on Tuesday as investors assessed global macroeconomic developments, including the fragile Israel-Iran ceasefire, persistent inflation concerns, and expectations surrounding future US Federal Reserve policy decisions. Global bullion markets have witnessed heightened volatility in recent weeks, keeping domestic precious metals traders cautious.
On the Multi Commodity Exchange (MCX), gold futures for August 2026 were trading around Rs. 1,55,000 per 10 grams during the session, remaining above the psychologically important Rs. 1.55 lakh mark. The contract continues to witness consolidation after the sharp correction seen from its record highs earlier this year.
Technically, immediate resistance for MCX gold is placed near Rs. 1,58,000–1,60,000, while strong support is visible around Rs. 1,53,000 and Rs. 1,50,000. A decisive move beyond either side could determine the next directional trend for the yellow metal.
Meanwhile, MCX silver futures were hovering near Rs. 2.45 lakh per kg, remaining under pressure after witnessing significant corrections from their all-time highs. Silver continues to trade in a broad consolidation range as industrial demand optimism is being offset by concerns regarding elevated interest rates and a stronger US dollar. For silver, immediate resistance is seen around Rs. 2.55 lakh, followed by Rs. 2.65 lakh, while support levels are placed near Rs. 2.40 lakh and Rs. 2.35 lakh.
Globally, spot gold was trading near $4,328 per ounce, while US gold futures were around $4,352 per ounce. Market participants are closely monitoring upcoming US inflation data, which could significantly influence expectations regarding future Federal Reserve policy actions. Analysts note that stronger inflation readings may further delay rate cuts and weigh on precious metals.
The recent ceasefire between Israel and Iran has reduced some safe-haven demand for bullion. However, lingering geopolitical uncertainty and continued central bank purchases continue to provide structural support to gold prices. According to market analysts, gold’s long-term outlook remains positive despite near-term volatility.
Silver, on the other hand, continues to benefit from its dual role as both a precious and industrial metal. Long-term demand remains supported by growth in solar energy installations, electric vehicles, advanced electronics, and renewable energy infrastructure, which are expected to drive structural consumption growth over the coming years.
For the near term, analysts expect both gold and silver to remain rangebound as markets await clearer signals from inflation data, bond yields, the US dollar, and global geopolitical developments. Traders are likely to focus on support and resistance zones while maintaining a cautious stance amid elevated volatility.
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