Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Thursday, even as the dollar remained subdued. Renewed attacks between the U.S. and Iran and upcoming US inflation data kept markets focused on the outlook for interest rates.In the domestic market, MCX silver futures for September 2026 delivery were down Rs 1,500 to Rs 2,42,276 per kg. Gold futures for October 2026 delivery declined by Rs 182 to Rs 1,53,581 per 10 grams.The U.S. dollar remained weak, helping make dollar-denominated metals cheaper for investors holding other currencies.Markets are awaiting U.S. producer price index data due at 1230 GMT, followed by consumer inflation figures on Friday. The CME FedWatch Tool showed a 60% probability of a U.S. rate increase this month. Higher interest rates typically reduce the appeal of assets that do not offer a yield.Geopolitical tensions have added another layer of support. Iran said on Wednesday that it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers. It marked the biggest wave of attacks on shipping by both sides since the six-month-old war began.Gold, silver international pricesSpot gold was 0.3% higher at $4,412.84 per ounce. U.S. gold futures for December delivery slipped 0.1% to $4,457.10.Among other precious metals, spot silver gained 0.2% to $67.42 an ounce, while platinum declined 0.6% to $1,885.02 and palladium rose 0.2% to $1,355.50.How should you trade gold?Manoj Kumar Jain of Prithvifinmart expects gold and silver prices to remain volatile this week, driven by fluctuations in crude oil prices and the dollar index, as well as ahead of the U.S. inflation data.He sees gold finding support at $4,420-$4,385 per troy ounce, with resistance at $4,484-$4,510, while silver has support at $67.40-$66.00 and resistance at $69.10-$70.40 in today’s session.On the MCX, Jain expects gold to have support at Rs 1,52,500-Rs 1,51,650 and resistance at Rs 1,54,400-Rs 1,55,500. For silver, he sees support at Rs 2,41,400-Rs 2,39,100 and resistance at Rs 2,45,800-Rs 2,48,000.He recommends traders holding long positions in gold and silver book profits ahead of the U.S. inflation data, while fresh buying can be considered on dips, with gold in the Rs 1,52,000-Rs 1,51,000 range and silver in the Rs 2,39,100-Rs 2,36,000 range.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,13,272/8 grams while pure gold (24 carat) prices stand at Rs 1,23,560/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,13,152/8 grams while pure gold (24 carat) prices stand at Rs 1,23,440/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,13,152/8 grams while pure gold (24 carat) prices stand at Rs 1,23,440/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,13,152/8 grams, while pure gold (24carat) prices stand at Rs 1,23,440/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)