Gold Price Today: Gold and silver prices witnessed a sharp decline in both domestic futures and retail markets during early trading on Monday, as escalating geopolitical tensions in the Middle East and a surge in crude oil prices weighed heavily on precious metals.
On the Multi Commodity Exchange (MCX), gold futures for the August 5 expiry fell by more than ₹1,900, while silver futures plunged over ₹5,300, reflecting weak market sentiment.
MCX Gold and Silver Prices Today
Gold futures opened with a significant gap-down on the MCX. The August contract touched an intraday low of ₹1,41,557 per 10 grams, compared to the previous session’s closing price of ₹1,43,478.
At the latest update:
- MCX Gold: ₹1,42,065 per 10 grams, down ₹1,413 (0.98%)
- MCX Silver: ₹2,18,660 per kg, down ₹4,004 (1.80%)
The decline comes as investors reacted to rising crude oil prices and heightened uncertainty in global financial markets.
Technical Outlook for MCX Gold
According to Ponmudi R, CEO of Enrich Money, gold is currently showing a bearish trend after opening lower.
He highlighted that immediate support for MCX Gold lies between ₹1,41,000 and ₹1,40,500, with stronger support seen around ₹1,39,300 to ₹1,38,700.
On the upside, the first resistance zone is between ₹1,42,500 and ₹1,43,000, where previous support has now turned into resistance. If prices manage to sustain above this range, gold could recover towards ₹1,43,600 to ₹1,44,000.
24 Carat and 22 Carat Gold Rates in India Today
The weakness in futures markets also impacted physical gold prices across the country.
According to bullion market data:
- 24 Carat Gold Price: ₹1,42,640 per 10 grams
- 22 Carat Gold Price: ₹1,30,753 per 10 grams
Retail gold prices may vary slightly depending on local taxes and jewellers’ charges.
Gold Rate Today in Major Indian Cities
Here’s how gold prices stood across key cities:
| City | 24 Carat Gold (10g) | 22 Carat Gold (10g) |
|---|---|---|
| Chennai | ₹1,42,930 | ₹1,31,019 |
| Mumbai | ₹1,42,510 | ₹1,30,634 |
| Kolkata | ₹1,42,320 | ₹1,30,460 |
| New Delhi | ₹1,42,270 | ₹1,30,414 |
| Hyderabad | ₹1,42,740 | ₹1,30,845 |
| Bengaluru | ₹1,42,620 | ₹1,30,735 |
Why Are Gold and Silver Prices Falling?
Despite increasing geopolitical uncertainty in the Middle East, precious metals came under pressure due to a sharp rise in crude oil prices, which boosted the US dollar and bond yields.
Higher oil prices have intensified concerns about persistent inflation, reducing expectations of early interest rate cuts. Since gold does not generate interest, rising bond yields make it less attractive compared to interest-bearing assets.
Silver, which also has significant industrial demand, experienced even steeper losses amid broader market weakness.
Outlook
Market participants are expected to closely watch further developments in the Middle East, movements in crude oil prices, and upcoming global economic data. Any changes in inflation expectations or central bank policy signals could continue to drive volatility in gold and silver prices over the coming sessions.
For investors, precious metals remain caught between safe-haven demand during geopolitical uncertainty and pressure from higher interest rates and a stronger US dollar, making short-term price movements highly unpredictable.