Gold and silver prices opened sharply lower on the Multi Commodity Exchange (MCX) on Thursday as fresh tensions in the Middle East and rising oil prices weighed on sentiment after the US launched fresh attacks on Iran. In the domestic market, MCX silver futures for July 2026 delivery were down Rs 5,012 (2%) to Rs 2,30,492 per kg. Gold futures for August 2026 delivery slipped Rs 1,573 (1%) to Rs 1,46,444 per 10 grams. In the previous session, gold ended in the red, while silver gained slightly. Another sentiment dampener is soaring inflation amid the West Asia crisis. U.S. consumer inflation increased at its fastest pace in three years in May as the Middle East conflict raised the price of gasoline and other energy products, giving more ammunition for the Federal Reserve to ‌keep interest rates ⁠unchanged into ⁠2027.The Consumer Price Index increased 4.2% in the 12 months through May, the largest gain since April 2023, the Labor Department's Bureau of Labor Statistics said on Wednesday. Although gold is traditionally viewed as a hedge against inflation, rising interest rates tend to reduce the appeal of the non-yielding asset. In the international market, gold prices rebounded from a six-month low on Thursday on short-covering. Spot gold rose 0.4% to $4,089.12 per ounce by 0215 GMT, after hitting its lowest since November 21 at $4,022.09 earlier in the day. U.S. gold futures for August delivery were down 0.5% at $4,111.10.Spot silver rose 0.3% to $63.86 per ounce, platinum gained 0.6% to $1,673.75, and palladium climbed 2.2% to $1,239.89.How should you trade gold?According to Manok Kumar Jain of Prithvi Finmart, gold has support at $4,040-$3,985 per troy ounce and resistance at $4,155-$4,210 per troy ounce in today's session. Silver has support at $62.50-$61.10 per troy ounce, while resistance is placed at $66.60-$69.10 per troy ounce.On MCX, gold is seen finding support in the Rs 1,47,200-Rs 1,45,800 range and facing resistance at Rs 1,49,100-Rs 1,50,500. Silver has support at Rs 2,32,200-Rs 2,28,800 and resistance at Rs 2,39,100-Rs 2,42,400.Jain recommends buying gold in the Rs 1,47,000-Rs 1,45,800 range with a strict stop loss below Rs 1,44,400, targeting Rs 1,49,800-Rs 1,51,100. He also suggests buying silver in the Rs 2,34,000-Rs 2,31,000 range with a stop loss below Rs 2,26,600, targeting Rs 2,39,100, Rs 2,42,400 and Rs 2,45,000.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,19,272/8 grams while pure gold (24 carat) prices stand at Rs 1,19,200/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,09,152/8 grams while pure gold (24 carat) prices stand at Rs 1,19,080/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,10,392/8 grams while pure gold (24carat) prices stand at Rs 1,20,432/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,09,152/8 grams while pure gold (24 carat) prices stand at Rs 1,19,080/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)