Mumbai: Gold and silver prices witnessed a significant rally on Wednesday amid the ongoing wedding season, with positive global cues driving strong gains in domestic futures trading.
On the Multi Commodity Exchange (MCX), gold prices climbed more than 1 percent, reaching ₹1,51,740 per 10 grams — up approximately ₹2,000 from the previous session’s close of ₹1,49,838. Silver recorded an even sharper increase, surging nearly 3 percent or more than ₹6,300 to trade at ₹2,50,724 per kilogram, compared to its last close of ₹2,44,420.
Market observers pointed to three key factors behind the uptick. First, a notable decline in crude oil prices provided support. Brent crude fell around 2 percent, slipping below $110 per barrel, as hopes grew for resumed oil supply through the Strait of Hormuz following signals from US President Donald Trump regarding a possible peace agreement with Iran.
Second, a weaker US dollar index, which eased by 0.20 percent, made the yellow metal more attractive to buyers holding other currencies, boosting demand. Third, easing inflation concerns linked to lower energy prices further supported precious metals, as noted by Jigar Trivedi, Senior Research Analyst at IndusInd Securities. He highlighted that signs of reduced Middle East tensions were lowering oil prices and, in turn, inflation fears.
Since the US-Israel strike on Iran on February 28, 2026, domestic spot gold prices have declined about 7 percent, as elevated energy costs earlier fueled inflation worries and expectations of prolonged high interest rates by central banks.
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Experts offered technical levels for the day. Manoj Kumar Jain of Prithvi Finmart Commodity Research suggested gold support at $4,535 and $4,500 per ounce, with resistance at $4,622 and $4,681. For silver, support was seen at $72 and $70, with resistance at $75.50 and $77.40 per ounce. On MCX, gold support levels were placed at ₹1,49,100 and ₹1,48,400 per 10 grams, with resistance at ₹1,50,500 and ₹1,51,800. Silver support stood at ₹2,41,400 and ₹2,38,800 per kg, with resistance at ₹2,48,000 and ₹2,51,500.
Analysts advised closely monitoring developments in US-Iran talks. While a deal could pressure prices by further lowering oil costs, the current mix of a softer dollar and geopolitical uncertainties continues to provide underlying support. Investors may consider buying near established support levels.