Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Thursday, as investors closely tracked talks between U.S. President Donald Trump and Chinese President Xi Jinping, while also watching for developments in the Iran conflict. In the domestic market, MCX silver futures for July 2026 delivery dipped Rs 3,359 or 1.1% to Rs 2,96,879 per kg. Gold futures for June 2026 delivery were down Rs 1,159 or 0.7%% Rs 1,61,027 per 10 grams. In the previous session, silver rallied over Rs 21,000, while gold gained 6% or nearly Rs 9,000. The drop also comes amid a one-time price adjustment following the central government's hike in customs duty on imports of gold, silver, and other precious metals. When import duties rise, imported bullion becomes more expensive, causing domestic prices to trade at a wider premium compared to international COMEX and LBMA prices. As a result, MCX futures contracts quickly adjust to reflect the higher landed cost of imports. In the international market, spot gold was steady at $4,688.43 per ounce, while U.S. gold futures for June delivery slipped 0.2% to $4,695. Among other precious metals, spot silver fell 0.9% to $87.18 per ounce, platinum declined 0.4% to $2,129.15, and palladium slipped 0.3% to $1,495.75.Trump is set to hold a series of meetings with Xi in Beijing, with the discussions expected to focus on economic issues, preserving the fragile trade truce and addressing geopolitical tensions, including the Middle East conflict.The U.S. president is also expected to seek China’s support in resolving the conflict launched alongside Israel in late February, though analysts believe Beijing is unlikely to provide the backing Washington is seeking.How should you trade gold?Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index and the outcome of the summit between the U.S. and Chinese Presidents.He said gold has support at $4,681-4,634 per troy ounce, while resistance is placed at $4,740-4,770 per troy ounce. Silver has support at $86.60-84.00, while resistance is seen at $92.00-95.00 per troy ounce in today’s session.On the MCX, Jain said gold has support at Rs 1,60,200-1,58,000 and resistance at Rs 1,64,400-1,66,600, while silver has support at Rs 2,94,400-2,88,000 and resistance at Rs 3,04,000-3,10,000.He advised investors to avoid taking fresh buying positions at current levels ahead of the outcome of the summit between the U.S. and Chinese Presidents.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,18,928/8 grams while pure gold (24 carat) prices stand at Rs 1,29,728/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,18,808/8 grams while pure gold (24 carat) prices stand at Rs 1,29,608/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,12,008/8 grams while pure gold (24carat) prices stand at Rs 1,30,944/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,18,808/8 grams while pure gold (24 carat) prices stand at Rs 1,29,608/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)