On the MCX, gold and silver futures have entered a period of consolidation following the recent announcement of a two-week ceasefire between the United States and Iran. During Friday’s session, MCX Gold for June 2026 delivery slipped 0.5% to trade at Rs. 1,53,434 per 10 grams, while silver for May 2026 delivery fell by Rs. 1,701 to Rs. 2,42,067 per kg. Despite the pause in formal hostilities, market participants remain cautious as the ceasefire faces immediate stress from ongoing naval tensions in the Strait of Hormuz and reports of continued military operations in Lebanon.

This recent volatility follows a historic downturn in March, where gold prices plummeted 12% to $4,608 per ounce—the metal’s weakest monthly performance since 2013. According to the World Gold Council, this “counter-intuitive” sell-off occurred despite high geopolitical risk, driven primarily by a desperate need for liquidity and massive deleveraging across global asset classes.

While the near-term outlook remains sensitive to the stability of the Middle East truce, early April has shown signs of a stabilizing floor, supported by positive ETF inflows. However, with domestic prices still below their lifetime highs, experts suggest that a push toward the $5,000 per ounce milestone remains a distant target until clear regional stability is achieved.