Gold, Silver Rise as Oil Prices Slide After US-Iran Pause | Commodity Markets Today

Gold and silver opened the week on a stronger note after crude oil prices slumped, with investors reassessing inflation risks following a pause in hostilities between the United States and Iran.

The sharp fall in oil prices weighed on the dollar, helping precious metals recover from last week's losses. Markets are now shifting their focus to the US Federal Reserve's policy meeting, Japan's interest rate decision and a series of economic releases expected later this week.

Gold Recovers From Multi-Month Lows

Spot gold rose nearly 1% towards $4,120 an ounce, rebounding from its lowest level in about nine months after easing geopolitical tensions reduced fears of prolonged supply disruptions and fresh inflationary pressures.

On the domestic market, MCX Gold August futures climbed around 0.5% to ₹1,43,784 per 10 grams in early trade, while MCX Silver September futures gained more than 1% to ₹2,24,550 per kg.

The move was supported by a softer US dollar after crude oil prices dropped sharply. A weaker greenback makes dollar-denominated commodities more attractive for overseas buyers, supporting demand for precious metals.

Looking for today's city-wise bullion prices? Check our latest Gold Rate Today and Silver Rate Today pages.

Oil Slides as Geopolitical Premium Eases

Crude oil prices fell sharply after the United States refrained from launching fresh strikes on Iran for a second consecutive night, while Tehran also paused retaliatory operations.

Brent crude dropped more than 5% to around $91.89 a barrel, briefly slipping below the $90 mark during the session. US West Texas Intermediate (WTI) crude fell over 5% to around $84.64 a barrel after touching its lowest level in nearly a week.

The decline reflected a sharp unwinding of the geopolitical risk premium that had driven oil prices higher over the past two weeks. Although tensions remain elevated, hopes that crude shipments through the Strait of Hormuz will continue uninterrupted eased immediate supply concerns.

Oil prices, however, remain well above levels seen at the start of the year, with Brent still up sharply in 2026 after the conflict expanded beyond the Strait of Hormuz into the Red Sea.

Investor attention is now turning to a busy week for global markets.

The US Federal Reserve is widely expected to leave interest rates unchanged at its policy meeting, although markets will closely watch the accompanying commentary for clues on the timing of the next rate move. The Bank of Japan's policy decision, US GDP data and China's manufacturing PMI are also scheduled this week and could influence sentiment across commodities.

Technical Levels to Watch

According to Kotak Neo Commodity Research, MCX Gold (August) is expected to trade in the ₹142,686-₹145,114 range, while MCX Silver (September) is seen moving between ₹220,993 and ₹227,643. MCX Crude Oil (August) is likely to trade in the ₹7,971-₹8,499 band, while MCX Copper (August) may remain in the ₹1,323-₹1,343 range. Immediate support for MCX Gold August is placed at ₹143,149, with resistance at ₹144,651, ₹145,114 and ₹146,616. MCX Crude Oil August has support at ₹8,072, while resistance is seen at ₹8,398, ₹8,499 and ₹8,826

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