Gold and silver prices opened higher on the Multi Commodity Exchange (MCX) on Thursday as a softer U.S. dollar and easing crude oil prices lent support to the precious metal. Investors also weighed renewed optimism around a potential resolution to the U.S.-Israeli conflict with Iran. In the domestic market, MCX silver futures for July 2026 delivery were up Rs 753 to Rs 2,63,711 per kg. Gold futures for August 2026 delivery were up Rs 840 at Rs 1,59,366 per 10 grams. In the previous session, silver and gold ended lower by up to 1.45%.Market sentiment improved after the Trump administration said on Wednesday that Israel and Lebanon had agreed to implement a ceasefire, raising hopes that a broader agreement could eventually help end the conflict involving Iran.Meanwhile, the Republican-controlled U.S. House of Representatives passed a resolution seeking to prevent President Donald Trump from continuing the war against Iran. The move highlighted growing unease within sections of his own party over the conflict, which has now lasted three months.In the international market, spot gold climbed 0.7% to $4,461.09 per ounce, while U.S. gold futures for August delivery advanced 0.5% to $4,487.90. Among other precious metals, spot silver gained 0.6% to $73.13 per ounce. Platinum rose 0.7% to $1,872.11, while palladium added 0.9% to $1,313.51 per ounce.How should you trade gold?Jigar Trivedi from IndusInd Securities said MCX Gold August futures may advance towards Rs 159,000 per 10 grams, supported by positive momentum in global bullion markets. On the downside, Rs 157,700 per 10 grams is expected to act as a key support level.Investors are now turning their attention to Friday's U.S. nonfarm payrolls data, which could provide fresh signals on the Federal Reserve's interest rate trajectory.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,14,672/8 grams while pure gold (24 carat) prices stand at Rs 1,25,088/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 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 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)