Gold, Silver Ease on Profit Booking as Iran War Keeps Oil Prices Elevated Ahead of US Fed Decision | Commodity Market Today

Gold and silver prices eased during Thursday’s session after rising sharply a day earlier, with investors locking in gains ahead of key US economic data and next week’s Federal Reserve policy decision.

The decline in bullion remained limited as the conflict between the US and Iran entered its second week, keeping demand for safe-haven assets firm. Crude oil prices stayed elevated as traders assessed the risk of disruption across important energy shipping routes in West Asia.

MCX gold August futures were trading near ₹1,45,080 per 10 grams, while MCX silver September futures were around ₹2,25,836 per kg. MCX crude oil August futures were quoted near ₹8,560 per barrel.

Gold Prices Ease After Two-Week High

Gold prices came under mild pressure after spot gold touched a two-week high above $4,165 an ounce in the previous session. It later settled near $4,130, gaining more than 1% for the day.

The rally was supported by a weaker US dollar, technical buying and fresh safe-haven demand as tensions between Washington and Tehran intensified. Gold, however, gave up part of its intraday gains after oil prices rose more than 3%, reviving concerns that higher energy costs could keep inflation elevated.

Higher inflation can reduce the chances of an early reduction in interest rates, which tends to limit the appeal of non-yielding assets such as gold.

A Reuters poll indicated that the Federal Reserve may leave rates unchanged through 2026. CME FedWatch data showed a 76% probability of a rate increase in September, according to the latest commodity report. Investors are now awaiting US Initial Jobless Claims, S&P Global Flash PMI numbers and next week’s Federal Open Market Committee decision.

Silver Slips on Profit Booking

Silver prices also moved lower as traders booked profits following Wednesday’s gains.

Spot silver had risen more than 1% in the previous session and closed around $59.70 an ounce after briefly moving close to $62. MCX silver had ended at ₹2,26,998 per kg, up 1.44%, while MCX gold closed 1.96% higher at ₹1,45,680 per 10 grams.

While the immediate move reflected profit booking, geopolitical uncertainty and a softer dollar continued to provide support. Silver’s industrial demand outlook also remained in focus as investors tracked the movement in base metals and economic activity indicators.

For the latest city-wise physical bullion prices, check the Gold Rate Today and Silver Rate Today here

Iran War Keeps Crude Oil Prices Elevated

Crude oil remained the strongest segment of the commodity market as the Iran war raised concerns over the movement of oil and fuel supplies through West Asia.

Brent crude had climbed above $95 per barrel, while WTI crossed $88 in the previous session. MCX crude oil closed 3.19% higher at ₹8,410 per barrel.

Oil prices extended gains for a fourth consecutive session on Wednesday after the US carried out another night of strikes on Iranian targets and Tehran continued retaliatory attacks. The escalation kept the Strait of Hormuz, a key route for global oil shipments, in focus.

Supply concerns increased after Yemen’s Houthis claimed missile and drone attacks on two Saudi-flagged tankers. Saudi Arabia had not confirmed any damage at the time of the report.

Traders are also assessing the risk of disruption at the Bab el-Mandeb Strait. Any prolonged blockage could force tankers to travel around the Cape of Good Hope, increasing freight expenses, insurance premiums and delivery times.

Base Metals

Base metals showed a mixed trend, with copper easing to around $13,800 per tonne after touching a six-week high.

Copper prices continued to receive support from tighter scrap supply in China, maintenance shutdowns at smelters and falling domestic inventories. LME copper inventories declined to their lowest level since March, while resilient demand from China limited the downside.

Gold, Silver and Crude Oil: Key Levels to Watch

Kotak Neo Commodity Research expects MCX gold August futures to trade sideways within a range of ₹1,44,285 to ₹1,46,320. MCX silver September futures are also expected to remain sideways between ₹2,22,095 and ₹2,33,020.

MCX crude oil carries a sideways-to-bullish bias, with the expected range placed between ₹8,315 and ₹8,870.

For MCX gold, immediate support is placed at ₹1,44,356, while resistance is seen at ₹1,45,804 and ₹1,46,251. Silver has support at ₹2,24,002 and resistance at ₹2,27,670 and ₹2,28,803.

MCX crude oil has immediate support at ₹8,437, while resistance is placed at ₹8,683 and ₹8,758.

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