Gold and silver prices opened marginally lower on the Multi Commodity Exchange (MCX) on Wednesday despite growing optimism around a potential U.S.-Iran peace agreement, which has reduced expectations of further U.S. interest rate hikes. Investors are also awaiting additional details on the proposed deal and the outcome of the Federal Reserve's policy meeting.In the domestic market, MCX silver futures for July 2026 delivery were down Rs 864 (0.3%) at Rs 2,49,241 per kg. Gold futures for August 2026 delivery declined marginally to Rs 1,52,472 per 10 grams. In the previous session, gold ended higher, while silver closed in the red.Markets continued to assess details of the interim U.S.-Iran agreement aimed at ending the Middle East conflict. U.S. President Donald Trump said the deal would prevent Tehran from acquiring a nuclear weapon, while a U.S. official indicated that Iran would be allowed to resume oil sales once the agreement is signed.Meanwhile, oil prices remained near a three-month low on expectations that Iranian crude could return to global markets, helping ease concerns around inflation.In the international market, spot gold rose 0.3% to $4,341.12 per ounce as of 0230 GMT, trading close to the one-week high touched on Monday. U.S. gold futures for August delivery gained 0.2% to $4,361.10. Other precious metals also moved higher. Spot silver advanced 0.3% to $70.38 per ounce, platinum climbed 0.5% to $1,812.80, while palladium gained 0.3% to $1,355.65.How should you trade gold?Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,315-$4,270 per troy ounce, while resistance is placed at $4,385-$4,420 per troy ounce. Silver, meanwhile, has support at $68.00-$65.50 per troy ounce and resistance at $72.40-$74.00 per troy ounce.On MCX, gold has support in the Rs 1,51,800-Rs 1,51,150 range and resistance at Rs 1,54,000-Rs 1,54,700. Silver has support at Rs 2,48,000-Rs 2,44,400 and resistance at Rs 2,53,000-Rs 2,56,300.Jain said Prithvi Finmart had recommended buying gold on Tuesday in the Rs 1,51,100-Rs 1,50,000 range with a stop loss below Rs 1,48,800 and targets of Rs 1,52,600-Rs 1,53,800. The firm had also advised buying silver in the Rs 2,48,800-Rs 2,46,000 range with a stop loss below Rs 2,43,300 and targets of Rs 2,53,000-Rs 2,55,500.Investors who have taken long positions based on these recommendations should strictly adhere to the prescribed stop losses and book profits at the indicated target levels, he added.Gold, Silver rates today, 17 June, across major citiesGold price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,11,112/8 grams, while pure gold (24 carat) prices stand at Rs 1,21,208/8 grams.Gold price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,10,992/8 grams, while pure gold (24 carat) prices stand at Rs 1,21,088/8 grams.Gold price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,12,472/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,696/8 grams.Gold price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,10,992/8 grams, while pure gold (24 carat) prices stand at Rs 1,21,088/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)