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Meanwhile, silver July futures contracts also showed strength, opening higher at Rs 1,06,695 per kg, up by Rs 810 or 0.76%.
On Thursday, both gold and silver settled on a positive note in domestic and international markets. Gold August futures settled at Rs 98,392 per 10 grams, gaining 1.75%, while silver July futures settled at Rs 1,05,885 per kg, up 0.47%.
Prices of both metals surged again amid escalating tensions in the Middle East between Israel and Iran. Safe-haven demand lifted gold prices past the $3,400 per troy ounce mark globally. In Indian markets, gold futures crossed the Rs 1 lakh per 10 grams level for the first time ever.
The dollar index also fell, supporting prices of precious metals. Today, the US Dollar Index, DXY, was hovering near the 98.23 mark, down by 0.31 or 0.32%.
The escalation in the Middle East has also led to rising concerns over potential disruptions in global oil supplies, particularly through critical routes like the Strait of Hormuz.The Israeli government confirmed early on Friday that it had launched airstrikes against Iran, with explosions reported in Tehran. These strikes were part of Israel’s ongoing efforts to cripple Iran’s nuclear infrastructure and ballistic missile capabilities.Further, the U.S. PPI and Core PPI data released on Thursday indicate taming inflation in the U.S. and give some room to the U.S. Fed for interest rate cuts. The U.S. jobless claims surged to 248,000 and also supported prices of precious metals.
“Gold prices hit 6-week highs and prices sustaining above $3,400 could show further strength in the upcoming session,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions; gold prices could hold its key support level of $3,330 per troy ounce and silver prices could also hold $35.00 per troy ounce levels on a weekly closing basis,” he added.
What analysts say?
Renisha Chainani, Head of Research at Augmont, stated that unless there is a sudden shift in global risk sentiment or aggressive monetary tightening, gold will likely remain firm, potentially heading towards Rs 1,05,000 in the medium term.
Manav Modi, Senior Analyst at Motilal Oswal Financial Services, commenting on gold’s performance in 2025, highlighted that the yellow metal has risen over 30% since the start of the year, though it has also experienced significant fluctuations.
Modi pointed to factors such as President Trump’s tariff changes, geopolitical tensions, and concerns about global growth as the causes of this volatility. While the initial US-China tariffs were imposed and later reduced, the ongoing market uncertainty and weak US economic data have continued to support gold prices.
Looking at the long term, Modi sees strong support for gold in the range of Rs 88,000-90,000 per 10 grams and recommends a “buy on dips” approach for investors. He predicts that gold prices could reach Rs 1,00,000-1,06,000 in the next 12-15 months, assuming key support levels remain intact.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
– Gold has support at Rs 98,000-97,650 and resistance at Rs 99,000-99,600
– Silver has support at Rs 1,05,000-1,04,200 and resistance at Rs 1,07,000-1,07,700
Jain suggests buying gold above Rs 98,500 with a stop loss of Rs 98,000 for a target of Rs 99,500 and also suggests buying silver around Rs 1,05,000 with a stop loss of Rs 1,03,800 for a target of Rs 1,07,000.
Further, Rahul Kalantri, VP – Commodities at Mehta Equities, stated that gold has support at Rs 97,920-97,490 while resistance is at Rs 99,650-1,00,640. Silver has support at Rs 1,05,559-1,05,050 while resistance is placed at Rs 1,07,730-1,08,250.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,288/8 grams while pure gold (24 carat) prices stand at Rs 61,064/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,944/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,544/8 grams.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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