Gold and silver prices continued to soften on July 12 after witnessing a sharp weekly correction. Global uncertainty and Middle East tensions remain the key factors influencing bullion prices.
Highlights
- Gold and silver prices declined further on July 12 across major Indian cities.
- MCX gold fell ₹3,885 per 10 grams during the past week, while silver dropped ₹14,819 per kg.
- In Delhi, 24K gold was priced at ₹1,44,480 per 10 grams and silver at ₹2,35,000 per kg.
- Global bullion markets remained volatile amid Middle East tensions and fluctuations in bond yields and crude oil prices.
- Market participants are closely watching the impact of developments around the Strait of Hormuz on commodity markets.
Gold and silver prices continued their downward trend on July 12, offering some relief to buyers after a week of sharp corrections in both domestic and international bullion markets. The decline comes despite ongoing geopolitical tensions in the Middle East, with investors closely monitoring global developments that could influence commodity prices in the coming days.
According to the latest bullion market rates, 24-carat gold in Delhi was priced at ₹1,44,480 per 10 grams, while 22-carat gold stood at ₹1,32,450 per 10 grams. Silver prices were quoted at ₹2,35,000 per kilogram in most major cities, including Delhi, Mumbai, Kolkata, Bengaluru, Lucknow and Patna. In Chennai, Hyderabad and Kerala, silver was slightly higher at ₹2,40,000 per kilogram.
The past week witnessed a notable correction in precious metals. On the Multi Commodity Exchange (MCX), gold settled at ₹1,43,480 per 10 grams on July 10, compared with ₹1,47,365 a week earlier, marking a weekly decline of ₹3,885. Silver also fell sharply by ₹14,819 per kilogram during the same period, closing at ₹2,22,680.
International markets also remained volatile. COMEX gold ended the week near $4,128.90 per ounce, while silver closed around $60.30 per ounce. Analysts attribute the fluctuations to changing expectations around global interest rates, movements in US bond yields, crude oil prices and uncertainty surrounding geopolitical developments.
One of the major concerns for commodity markets remains the situation in the Middle East. Investors are keeping a close watch on developments related to the Strait of Hormuz, a strategically important shipping route for global energy supplies. Any disruption in the region could increase market volatility and influence the direction of gold, silver and crude oil prices.
For retail buyers, the recent correction may present a better opportunity to purchase jewellery or make long-term investments. However, experts advise checking local jewellers’ rates before making purchases, as prices vary across cities due to taxes, making charges and local demand.
With global uncertainties still elevated, bullion prices are expected to remain volatile in the coming sessions, making it important for investors to closely track international developments before taking investment decisions.
