Gold and silver prices opened slightly lower on the Multi Commodity Exchange (MCX) on Friday as investors weighed uncertainty surrounding the prolonged Middle East conflict against reports of a possible extension of the U.S.-Iran ceasefire agreement. This comes despite concerns over inflation and the U.S. interest rate outlook continued to keep sentiment cautious.In the domestic market, MCX silver futures for July 2026 delivery were down Rs 1,518 or 0.5% to Rs 2,68,018 per kg. Gold futures for June 2026 delivery slipped marginally by Rs 609 at Rs 1,56,316 per 10 grams. In the previous session, silver and gold ended up to 2% higher. U.S. inflation accelerated at its fastest pace in three years during April, driven largely by higher energy prices linked to the Iran conflict. The data reinforced expectations among economists that the Federal Reserve could keep interest rates unchanged well into next year.Federal Reserve Bank of New York President John Williams said monetary policy remains appropriately positioned given the current economic outlook. He added that inflation is likely to stay elevated in the near term before easing later in the year.In the international market, Spot gold rose 0.2% to $4,499.56 per ounce by 0231 GMT, although the metal remained down around 0.2% for the week so far. U.S. gold futures slipped 0.1% to $4,529.80 per ounce. Among other precious metals, spot silver gained 0.1% to $75.67 per ounce, while palladium rose 0.4% to $1,373.14. Both metals were on track for weekly gains. Platinum, however, fell 0.4% to $1,915.53 and was headed for a weekly decline. How should you trade gold?Manoj Kumar Jain said gold and silver prices are expected to remain volatile during today’s session amid fluctuations in crude oil prices, movement in the dollar index and ongoing hopes surrounding a potential US-Iran peace deal.Gold is seen finding support in the $4,500-4,467 per troy ounce range, while resistance is placed between $4,574 and $4,600 per troy ounce. Silver has support at $74.40-72.00 per troy ounce, whereas resistance is expected around $78.80-80.40 per troy ounce.On the MCX, gold has support at Rs 156,100-155,500 and resistance at Rs 157,700-158,650. Silver is likely to find support at Rs 265,500-261,000, while resistance is placed at Rs 274,400-278,000.Given the weekend session and ongoing US-Iran peace deal negotiations, profit booking is advised in existing long positions in both gold and silver on every rise.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,960/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,14,432/8 grams while pure gold (24 carat) prices stand at Rs 1,24,840/8 grams. Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,15,992/8 grams while pure gold (24carat) prices stand at Rs 1,26,536/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,14,432/8 grams while pure gold (24 carat) prices stand at Rs 1,24,840/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)