Gold, Silver Rate Today Highlights: MCX Gold, MCX Silver volatile ahead of Akshaya Tritiya; what should investors do?

Closing rates silver spot (in Rs per kilo): 2,49,940.00

Standard gold (99.5): 1,51,048.00

Pure gold (99.9): 1,51,655.00

According to Jateen Trivedi, gold prices remained confined within a narrow range, with limited movement as investors stayed cautious ahead of key developments expected over the weekend following the ceasefire. He noted that the absence of new catalysts kept the metal in a phase of sideways consolidation, despite persistent underlying uncertainties. Overall, gold is expected to continue trading within a range, though with a tendency for volatility, reacting quickly to any significant updates over the weekend.

In global markets, spot gold was marginally lower at $4,786.90 per ounce, whereas silver recorded a gain of 1.12 per cent to reach $79.28 per ounce.

Silver prices in the national capital dropped sharply on Friday, falling by Rs 5,700 to settle at Rs 2.53 lakh per kilogram, while gold also weakened, slipping to Rs 1.56 lakh per 10 grams amid muted domestic demand.

Data from the All India Sarafa Association showed that silver declined by Rs 5,700, or 2.2 per cent, to Rs 2,53,000 per kg, inclusive of taxes. Gold of 99.9 per cent purity also saw a reduction of Rs 1,600, or 1.01 per cent, reaching Rs 1,56,200 per 10 grams, inclusive of all levies.

Market participants are currently assigning a 27% probability to a 25-basis-point rate cut by the Federal Reserve in December. Prior to the conflict, expectations were for two rate cuts during the year.

"While we expect further downside pressure (on gold) as the year progresses, ongoing geopolitical risks are likely to keep prices supported above a firm floor of $3,500/oz, underpinned by gold's safe-haven characteristics," BMI, a unit of FitchSolutions, said in a note.

India has granted approval to 15 prominent banks to import gold and silver through to March 2029.

A government notification issued on Friday stated that major institutions such as State Bank of India, HDFC Bank and Bank of India, among others, have been authorised to bring in these precious metals during the period from April 1, 2026 to March 31, 2029.

Since the outbreak of the Iran war in late February, gold prices have dropped by more than 8%, weighed down by concerns that elevated energy costs could drive inflation higher and keep global interest rates elevated for longer. Although gold is traditionally viewed as a hedge against inflation, higher interest rates tend to dampen demand as the metal does not offer any yield.

Spot silver slipped 0.2% to $78.26 per ounce, though it remained on track for a fourth consecutive weekly gain. Platinum declined 0.5% to $2,075.30, while palladium edged up 0.1% to $1,552.91, with both metals poised for a third straight week of gains.

Silver spot (in Rs per kilo): 247930.00

Standard gold (99.5): 150752.00

Pure gold (99.9): 151358.00

Gold and silver prices started Friday’s session on a positive note on the Multi Commodity Exchange of India, supported by easing concerns over inflation and interest rates as expectations grew around a possible US-Iran peace agreement.

On the domestic exchange, silver futures for May 2026 delivery advanced by Rs 1,458, or 0.5%, to Rs 2,50,086 per kg. Gold futures for June 2026 delivery, however, remained largely unchanged at Rs 1,53,079 per 10 grams.

In global markets, gold prices showed little movement but were on track to register a fourth consecutive weekly gain. Spot gold stood at $4,789.67 per ounce as of 0229 GMT, reflecting a weekly rise of 0.9%. US gold futures for June delivery were also steady at $4,809.30. Spot silver, on the other hand, edged down 0.2% to $78.26 per ounce, though it too was set to log its fourth straight week of gains.

Investor sentiment improved following geopolitical developments, including the implementation of a 10-day ceasefire between Lebanon and Israel on Thursday. US President Donald Trump also signalled that fresh talks between the United States and Iran could take place over the weekend.

Earlier, gold prices had come under pressure, declining more than 8% since the conflict involving Iran began in late February, as rising energy costs raised concerns about higher inflation and the possibility of interest rates remaining elevated for longer.

The US dollar strengthened after touching a six-week low in the previous session, though it remained on course for a second straight weekly decline. A softer dollar generally makes commodities priced in the currency more attractive for international buyers.

Oil prices declined, reducing inflationary pressures, as expectations grew that the conflict involving Iran might be nearing resolution.

"Investors are now watching closely for concrete progress in US-Iran negotiations. Any progress or extension of the current fragile ceasefire could further calm oil markets and inflation fears, potentially unlocking more upside for gold," Tim Waterer, chief market analyst at KCM Trade told Reuters.

A 10-day ceasefire between Lebanon and Israel came into effect on Thursday, while US President Donald Trump indicated that the next round of discussions between the United States and Iran could take place over the weekend.

Gold prices remained broadly unchanged on Friday and were set to post a fourth consecutive weekly rise, supported by optimism surrounding a potential US-Iran agreement, which has helped ease concerns over rising inflation and persistently high interest rates.

Spot gold was steady at $4,789.67 per ounce as of 0229 GMT, reflecting a weekly gain of 0.9%. US gold futures for June delivery also showed little movement, holding at $4,809.30.

Gold exchange-traded funds (ETFs) attracted inflows of ₹31,561 crore during the March 2026 quarter, representing nearly a sixfold jump from the same period last year, as investors turned to the traditional safe-haven asset amid rising geopolitical uncertainty. In line with this strong trend, the assets under management (AUM) of gold funds expanded threefold over the past year to reach ₹1.71 lakh crore.

Spot silver declined 1% to $78.29 per ounce. The silver market is on track for a sixth consecutive year of structural deficit, with 762 million troy ounces withdrawn from inventories since 2021, heightening the possibility of a fresh liquidity crunch despite softer demand projections, according to the Silver Institute and Metals Focus.

Among other precious metals, platinum dropped 0.6% to $2,096.20, while palladium slipped 0.7% to $1,561.50.

David Meger, director of metals trading at High Ridge Futures, told Reuters, "If we do see some type of easing of US-Iran tensions or an end to the war, there will be a stronger likelihood of Federal Reserve rate cuts down the road... And that could support the precious metals complex."

At present, market participants are pricing in a 32% probability of a US rate cut this year.

Gold prices remained largely unchanged on Thursday, following a surge to a one-month high in the previous session.

Spot gold was almost flat at $4,785.57 per ounce as of 1:36 p.m. ET (1736 GMT), while US gold futures ended 0.3% lower at $4,808.30.

Silver prices rose by Rs 1,700 to reach Rs 2.58 lakh per kilogram in the national capital on Thursday, supported by consistent demand and positive global cues, even as market participants kept an eye on geopolitical developments and currency fluctuations.

Data from the All India Sarafa Association showed the metal increased by Rs 1,700, or close to 1 per cent, to Rs 2,58,700 per kg (inclusive of all taxes), compared with the previous closing level of Rs 2,57,000 per kg.

In contrast, gold of 99.9 per cent purity declined by Rs 200 to Rs 1,57,800 per 10 grams (inclusive of all taxes). The precious metal had settled at Rs 1,58,000 per 10 grams on Wednesday.