Gold Silver News, Gold Price Today News, Iran Israel Ceasefire: U.S. President Donald Trump announced a “complete and total ceasefire” between Israel and Iran late Monday, raising hopes of an end to the intense 12-day conflict that forced millions to flee Tehran and sparked fears of broader regional escalation. The news triggered a pullback in gold and silver prices, with gold slipping near $3,350 per ounce and silver hovering around $36.
However, the announcement was quickly clouded by conflicting developments. The Israeli military reported that Iran launched two volleys of missiles toward Israel in the early hours of Tuesday, while Iranian Foreign Minister Seyed Abbas Araghchi denied any formal agreement had been reached.
โAs of now, there is NO โagreementโ on any ceasefire or cessation of military operations,โ Araghchi said in a statement on social media platform X at 4:16 a.m. Tehran time. He added, โIf Israel stopped its aggression no later than 4 a.m., we have no intention to continue our response afterwards.โ
In what appeared to be a calculated de-escalation, Iran launched a symbolic missile barrage at a U.S. airbase in Qatar, which had already been evacuated. The missiles were intercepted, causing no damage. Reports suggest Iran gave prior warning to both the U.S. and Qatar before the attack. President Trumpโs ceasefire declaration followed shortly thereafter.
On the other hand Donald Trump again criticized Federal Reserve Chairman Jerome Powell before his Congress Testimony
Gold and Silver Retreat After Spike on War Fears
Gold and silver prices had surged earlier on safe-haven demand following U.S. airstrikes on Iranโs nuclear facilities over the weekend. Gold once again tested the $3,400 per troy ounce level, while silver briefly climbed past $36. However, both metals retreated after the ceasefire announcement, with profit booking dragging prices lower.
The ongoing volatility in the Middle East and uncertainty over the ceasefireโs durability continues to drive fluctuation in the precious metals market. Meanwhile, the U.S. dollar index slipped below the 98 mark, which may lend support to gold and silver at lower levels.
Market Commentary
Manoj Kumar Jain, Director, Prithvi Finmart, said:
โWe expect gold and silver to remain volatile this week due to dollar index fluctuations, geopolitical tensions, and the Fed Chairmanโs testimony. Gold is likely to hold support at $3,240 and silver at $34.00 on a weekly closing basis.โ
- Gold: Support at $3,366โ$3,330 | Resistance at $3,411โ$3,427
- Silver: Support at $35.80โ$35.50 | Resistance at $36.45โ$36.74
- MCX Gold: โน98,850โโน98,440 support | โน99,800โโน1,00,200 resistance
- MCX Silver: โน1,06,000โโน1,05,000 support | โน1,07,400โโน1,08,000 resistance
Jain advises buying silver on dips near โน1,05,000 with a stop loss at โน1,04,000 and a target of โน1,07,000.
Kedia Commodity reports that the market is witnessing fresh buying interest, with open interest rising by 0.33% to 14,786.
- Gold: Immediate support at โน98,880 | Deeper support at โน98,365 | Resistance at โน99,870, which if breached could lead to โน1,00,345
- Silver: Support at โน1,06,355 | Likely downside test at โน1,05,945 | Resistance at โน1,07,130, with potential to hit โน1,07,495 on a breakout
Motilal Oswal Group Gold Silver Prediction
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
