Silver crashes Rs 14,000/kg, gold dips Rs 2,600/10 grams as Trump's plan to hit Iran ‘very hard’ reignites inflation fears. What’s next?

EconomicTimes2026/04/02 04:00

By:EconomicTimes

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Gold and silver prices opened sharply lower on the Multi Commodity Exchange of India (MCX) on Thursday after U.S. President Donald Trump signalled that the United States would continue its military action in Iran in the coming weeks.

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In a televised address, Trump said the United States would strike Iran “extremely hard” over the next two to three weeks and push it back into the “Stone Ages,” adding that U.S. strategic objectives in the conflict were nearing completion.

MCX silver futures due May 2026 were down Rs 13,613 or 5.5% to Rs 2,29,888 per kg. Meanwhile, gold futures for June 2026 delivery fell Rs 2,574or 1.6% to Rs 1,51,161 per 10 grams.

Meanwhile, Brent crude prices surged more than 4%, while the 10-year U.S. Treasury yield and the dollar index moved higher, putting pressure on gold prices. Among other metals, spot silver fell more, dropping 2.9% to $72.95 per ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said that precious metals are witnessing sharp volatility, though key support levels are likely to hold. He expects silver to sustain above $64 per troy ounce and gold to hold around $4,470 per troy ounce on a weekly closing basis. He added that both metals may remain volatile in the near term due to fluctuations in the dollar index, crude oil prices, and the ongoing US-Iran conflict.

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Jain noted that gold has support in the $4,770–$4,714 range, with resistance seen at $4,840–$4,884 per troy ounce. For silver, support is placed at $73.80–$71.10, while resistance is pegged at $78.00–$80.40 per troy ounce for the day.

On the MCX, gold is seen finding support at Rs 1,52,200–1,50,800 and facing resistance at Rs 1,54,800–1,56,000. Silver, meanwhile, has support at Rs 2,40,000–2,34,400 and resistance at Rs 2,47,700–2,51,200.

He advised investors to consider booking profits in gold and silver on rallies and to avoid initiating fresh long positions at higher levels, especially ahead of the long weekend.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,12,288/8 grams while pure gold (24 carat) prices stand at Rs 1,22,488/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,168/8 grams while pure gold (24 carat) prices stand at Rs 1,22,368/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,12,408/8 grams while pure gold (24 carat) prices stand at Rs 1,22,624/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,168/8 grams while pure gold (24 carat) prices stand at Rs 1,22,368/8 grams.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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