Gold and silver prices climb up to 1% on MCX amid a decline in crude oil; experts highlight key levels to watch
AI Summary
Gold and silver prices increased on the MCX due to easing crude oil prices and diplomatic efforts to resolve the Middle East conflict. MCX gold rose by 0.63% to ₹1,42,279 per 10 grams, while silver increased by 1.11% to ₹2,20,825 per kg. Despite these gains, tensions in the region remain high, which could impact future price movements.
Gold and silver prices rose on the MCX on Tuesday, 21 July, morning as easing crude oil prices amid reports of diplomatic efforts to end the Middle East conflict supported sentiment for precious metals.
MCX gold August delivery was 0.63% up at ₹1,42,279 per 10 grams, and MCX silver September contracts were 1.11% up at ₹2,20,825 per kg around 9:15 am.
US gold prices also rose after Brent crude prices dropped below $90 per barrel as the US ended its latest round of airstrikes targeting Iran.
However, tensions remain elevated despite signs of diplomatic efforts to end the conflict in the region.
The US military said it ended its latest round of airstrikes targeting Iran. Meanwhile, as per reports, Lebanese President Joseph Aoun is meeting with US President Donald Trump in Washington on Tuesday, as pressure builds for Beirut to disarm Hezbollah.
Iran-backed Houthis said they would impose a naval blockade on Saudi Arabia, opening a potential new front in the US-Iran war and raising the threat to global energy supplies and trade beyond the Gulf.
A fresh escalation in the US-Iran conflict drove oil prices above $90 per barrel, stoking fears of monetary tightening by the US Federal Reserve and other global central banks to curb higher inflation.
Gold prices tend to fall during monetary tightening as higher interest rates increase the opportunity cost of holding a non-yielding asset like gold.
(This is a developing story. Please check back for fresh updates.)
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Original Article
Published on Livemint