Gold Approaches ₹1.6 Lakh as Silver Prices Rise Amid Middle East Ceasefire Hopes
Silver gains, gold nears Rs 1.6 lakh as Israel-Lebanon ceasefire fuel Middle East resolution hopes. Key levels to watch today
Image: The Economic Times
Gold and silver prices increased on the Multi Commodity Exchange (MCX) due to a weaker U.S. dollar and easing crude oil prices. Gold futures for August 2026 reached ₹1,59,366 per 10 grams, while silver futures rose to ₹2,63,711 per kg, driven by optimism over a ceasefire between Israel and Lebanon.
- 01Gold futures for August 2026 delivery rose by ₹840 to ₹1,59,366 per 10 grams.
- 02MCX silver futures for July 2026 delivery increased by ₹753 to ₹2,63,711 per kg.
- 03Spot gold in international markets climbed 0.7% to $4,461.09 per ounce.
- 04The U.S. House of Representatives passed a resolution to limit President Trump's military actions against Iran.
- 05Investors are awaiting U.S. nonfarm payrolls data for insights into future Federal Reserve interest rate decisions.
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On Thursday, gold and silver prices opened higher on the Multi Commodity Exchange (MCX), buoyed by a weaker U.S. dollar and falling crude oil prices. Gold futures for August 2026 delivery rose by ₹840 to ₹1,59,366 per 10 grams, while silver futures for July 2026 delivery increased by ₹753 to ₹2,63,711 per kg. This uptick in market sentiment followed the announcement of a ceasefire agreement between Israel and Lebanon, which raised hopes for a broader resolution to ongoing conflicts involving Iran. In international markets, spot gold prices climbed 0.7% to $4,461.09 per ounce, while spot silver gained 0.6% to $73.13 per ounce. Analysts suggest that gold prices may advance towards ₹159,000 per 10 grams, with key support expected at ₹157,700. Investors are also closely monitoring upcoming U.S. nonfarm payrolls data, which could influence the Federal Reserve's interest rate decisions.
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The rise in gold and silver prices could influence investment decisions and consumer spending in the jewelry market.
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