Gold and silver prices declined on the Multi Commodity Exchange on Wednesday. Renewed tensions in the Middle East pushed crude oil prices higher, raising worries that inflation may stay elevated and delay interest rate cuts. MCX silver futures for July 2026 delivery dropped Rs 700 to Rs 2,66,011 per kg. Gold futures for August 2026 fell to Rs 1,59,342 per 10 grams. In the prior session, silver had risen 0.13 percent. The U.S. military reported that Iranian missile attacks aimed at Bahrain, Kuwait and other regional sites were either intercepted or missed their targets. Diplomatic talks between Washington and Tehran showed little progress. Oil prices gained more than 1 percent in early trading, adding to concerns over higher energy costs. Internationally, spot gold eased 0.2 percent to $4,476.50 per ounce, while U.S. gold futures for August slipped 0.3 percent to $4,504.40. Spot silver declined 0.5 percent to $74.73 per ounce. Platinum fell 0.2 percent to $1,932.25 and palladium dropped 0.3 percent to $1,365.25. Analyst Manoj Kumar Jain said gold holds support at $4,480-$4,434 per ounce with resistance at $4,555-$4,592. Silver support lies at $73.30-$72.00 and resistance at $76.60-$78.80. On MCX, gold support is seen at Rs 1,58,500-Rs 1,57,700 and resistance at Rs 1,60,000-Rs 1,60,650. Silver support is at Rs 2,63,300-Rs 2,60,000 with resistance at Rs 2,70,000-Rs 2,73,350. Jain noted a prior buy call on silver near Rs 2,64,000 that reached its Rs 2,71,000 target. He suggested waiting for dips before new long positions. In Delhi, 22-carat gold stood at Rs 1,14,672 per 8 grams and 24-carat at Rs 1,25,088. Mumbai prices were Rs 1,14,552 and Rs 1,24,968 respectively. Chennai listed 22-carat at Rs 1,15,992 and 24-carat at Rs 1,26,536. Hyderabad showed Rs 1,14,552 and Rs 1,24,968.
