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Gold price today: Gold rate jumped more than 1% on the MCX on Wednesday (6 May) morning on healthy spot demand amid a weaker dollar, a decline in the crude oil prices driven by hopes that the US and Iran will resume their talks to settle their conflict.
MCX gold June futures rose by nearly ₹2,000, or more than 1%, to ₹1,51,740 per 10 grams, while MCX silver July futures jumped by ₹6,300, or nearly 3%, to ₹2,50,724 per kg in early deals.
In the previous session, MCX gold's June contracts closed at ₹1,49,838 per 10 grams, rising 0.3%, while MCX silver's July contracts closed at ₹2,44,420 per kg, gaining 0.2%.
Wednesday's gains in precious metals can be attributed to a decline in crude oil prices, which dropped for the second consecutive day, weighing on the US dollar.
Brent Crude fell 2% to trade below the $110 per barrel, driven by expectations that oil supply through the Strait of Hormuz can resume as US President Donald Trump indicated a possible peace deal with Iran may be reached.
The dollar index declined by 0.20%, making greenback-backed bullion cheaper for buyers in overseas currencies.
"Gold is rising as signs of de-escalation in the Middle East pushed oil prices lower, easing inflation concerns," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, noted.
Trivedi highlighted media reports which suggested, "US Defence Secretary Hegseth saying the ceasefire remains intact, while Secretary of State Rubio confirmed that offensive operations have ended as Washington pivots toward safeguarding shipping routes in the Strait of Hormuz."
“President Trump said the US will temporarily stop helping stranded ships leave the Hormuz Strait to see if a deal with Iran can be reached. However, the blockade on ships going to and from Iranian ports will continue,” Trivedi added.
Gold has faced significant selling pressure since the start of the US-Iran war, as higher energy prices fueled inflation fears and raised expectations that central banks may keep interest rates higher for longer. There are also fears that a 'higher-for-longer' energy price may even lead to further policy tightening.
As per MCX data, domestic spot gold prices are down 7% since 28 February 2026- the day when the combined forces of the US and Israel attacked Iran.
"Gold has support at $4,535 and $4,500 while resistance is at $4,622 and $4,681 per troy ounce, and silver has support at $72 and $70, while resistance is at $75.50 and $77.40 per troy ounce in today’s session," Manoj Kumar Jain of Prithvifinmart Commodity Research said.
"MCX gold has support at ₹1,49,100 and ₹1,48,400 and resistance is at ₹1,50,500 and ₹1,51,800, while silver has support at ₹2,41,400 and ₹2,38,800 and resistance at ₹2,48,000 and ₹2,51,500," said Jain.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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