Silver prices gain over ₹8,300 to cross ₹2.68L
What's the story
Gold and silver prices surged on the Multi Commodity Exchange (MCX) today, as investors closely monitored US-Iran negotiations and tariff-related uncertainties. The April 2026 gold futures contract rose by over ₹482 or 0.3% to ₹1,60,191 per 10gm while March 5, 2026 silver futures contract jumped by ₹8,340 or 3.2% to ₹2,68,009 per kg.
Diplomatic developments
US-Iran talks make some progress, mediator Oman says
In Geneva, the US and Iran have made some headway in talks over Tehran's nuclear program, as reported by mediator Oman. However, despite hours of discussions on Thursday, no concrete breakthrough was reached that could eliminate the possibility of US strikes. This comes amid a massive military buildup in the region.
Market stability
Gold prices remain unchanged in international market
Internationally, gold prices remained largely unchanged on Friday. Spot gold was little changed at $5,187.39 per ounce as of 01:46 GMT after hitting a three-week high earlier this week. Meanwhile, spot silver rose 0.6% to $88.81 per ounce, extending gains after hitting another three-week high on Wednesday.
Expert insights
Market expert recommends buying gold, silver on dips
Market expert Jain has predicted continued volatility in the current session due to dollar index fluctuations, US-Iran talks developments, and upcoming US PPI data release. He recommends buying gold on dips around ₹1,59,100-₹1,58,000 with a stop loss below ₹1,56,500 for targets of ₹1,60,600-₹1,61,800. Jain also suggests buying silver in the ₹2,58 lakh-₹2.53 lakh range with a stop loss below ₹2,48,800 for targets of ₹2.62 lakh-₹2.68 lakh.