Gold and silver prices in the last one week recovered to some extent. While the gold rate rose from Rs 1,40,792/10g on July 17, to Rs 1,44,089/10 gm on July 23, the silver price was up from Rs 2,15,936/kg to Rs 2,22,108/kg in the same timeframe, as per data from Multi Commodity Exchange of India Limited (MCX). A mild recovery raised hopes of many gold and silver investors about further price rise as they have been witnessing modest price growth for some months after peaks early this year. Which factors triggered the price rise of these precious metals and can the recovery continue for some time?Gold rates from July 17-23, 2026 (as per MCX) Date Gold Price (₹/10g) Daily Change (₹/10g) 23-Jul-26 1,44,089 -464 22-Jul-26 1,44,553 1,867 21-Jul-26 1,42,686 894 20-Jul-26 1,41,792 1,000 17-Jul-26 1,40,792 — Silver rates from July 17-23, 2026 (as per MCX) Date Silver Price (₹/kg) Daily Change (₹/kg) 23-Jul-26 2,22,834 -2,762 22-Jul-26 2,25,596 1,924 21-Jul-26 2,23,672 4,203 20-Jul-26 2,19,469 3,533 17-Jul-26 2,15,936 — Reasons behind gold, silver prices rise Vedika Narvekar, research analyst, Anand Rathi Share and Stock Brokers, told ET Wealth Online that US President Donald Trump's proposed tariff measures and continued central bank buying are providing a supportive backdrop for gold. “The recovery appears to be driven more by bargain hunting after the recent correction than by a decisive shift in fundamentals,” says Narvekar. Explaining the reason behind the price rise, Manav Modi, commodities analyst, Motilal Oswal Financial Services Ltd, says despite the challenging interest rate backdrop, gold continued to attract dip-buying, with investors rebuilding long positions and increasing inflows into gold-backed exchange-traded funds as a hedge against geopolitical uncertainty and stretched equity market valuations. What should current gold and silver investors do now? Narvekar says for long-term investors, panic selling after such a price correction is not the right strategy. For new precious metal investors, Narvekar’s advise is to avoid chasing the recent rebound, specially as geopolitical tensions have re-escalated and crude oil prices have climbed back towards the $100/barrel mark, keeping market volatility elevated. How should investors invest in precious metals? Narvekar advises adopting a staggered investment approach as it will help average purchase costs and reduces the risk of entering the market at temporary highs. Can gold and silver prices rise further? Modi says market participants will now closely monitor developments in the Middle East and the upcoming Federal Reserve meeting for further direction on bullion prices. Prithviraj Kothari, managing director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. (IBJA), says gold's key support and resistance levels sit near $4,000 and $4,200, while silver's crucial zones are $55 and $63, determining the metals' next major moves. Narvekar opines that on the MCX, key resistance levels are Rs 1,47,400 and Rs 1,52,000 per 10 grams, while immediate support is placed at Rs 1,39,000, followed by a stronger support near Rs 1,36,000.