Gold and silver prices eased after recent gains despite geopolitical tensions in the Middle East.
Global market movements, crude oil prices and inflation concerns continue to influence bullion rates.
Highlights:
- Gold and silver prices witnessed a decline on July 31.
- COMEX gold slipped 0.47% to $4,141.20 per ounce, while silver traded at $58.860 per ounce.
- MCX gold had closed at ₹1,43,320 per 10 grams, while silver settled at ₹2,19,888 per kg.
- Rising tensions between the US and Iran and higher crude oil prices are keeping bullion markets volatile.
- In Delhi, 24K gold was priced at ₹1,44,490 per 10 grams.
- Bullion prices are expected to remain volatile amid geopolitical and inflation concerns.
Gold and silver prices declined on Friday, July 31, after witnessing gains in the previous session following the US Federal Reserve’s decision to keep interest rates unchanged. Despite the earlier support from the Fed’s policy stance, bullion prices came under pressure as global markets reacted to fresh geopolitical developments and rising crude oil prices.
On the international market, COMEX gold slipped 0.47% to $4,141.20 per ounce, while silver traded at $58.860 per ounce. In India, MCX gold had closed at ₹1,43,320 per 10 grams, and silver settled at ₹2,19,888 per kilogram in the previous trading session.
Market experts say renewed tensions between the United States and Iran have increased uncertainty in global markets. Fresh missile attacks between the two countries have pushed crude oil prices higher, raising concerns about inflation. Higher energy costs could complicate the global inflation outlook, leading to increased volatility in precious metals.
According to the latest retail prices, 24-carat gold was selling at ₹1,44,490 per 10 grams in Delhi and Lucknow, while it was priced at ₹1,44,340 in Mumbai and Chennai. 22-carat gold was available at ₹1,32,460 in Delhi and Lucknow and ₹1,32,310 in Mumbai and Chennai.
Silver prices also remained elevated across major cities, with retail rates hovering around ₹2.35 lakh per kilogram.
Analysts believe gold prices could remain volatile in the coming days as investors closely monitor developments in the Middle East, crude oil prices, inflation trends and expectations regarding future interest rate decisions by major central banks.
For investors, experts recommend tracking both global economic developments and domestic bullion prices before making fresh purchases, as geopolitical risks continue to influence precious metal markets.
