Gold prices crossed ₹1.42 lakh per 10 grams on Tuesday, with MCX gold August futures rising ₹988 or nearly 1% to ₹1.42 lakh per 10 grams, according to CNBC TV18. The rally was supported by firm global cues as investors assessed developments around the US-Iran conflict and its potential impact on inflation, crude oil prices and the US Federal Reserve's interest rate trajectory. At the last count, the yellow metal was trading with a turnover of 551 lots, extending the recovery momentum from previous sessions. The rally in domestic bullion prices mirrored global trends as easing crude oil prices and diplomatic efforts to de-escalate the US-Iran conflict boosted demand for safe-haven assets. International gold prices also moved higher after oil prices retreated following reports that the US had ended its latest round of airstrikes targeting Iran. Earlier in the day, gold and silver opened at ₹1,42,386 per 10 grams and ₹2,19,200 per kg, respectively, on the commodity exchange. Latest MCX trading shows gold August delivery rising more than 0.50% to ₹1,42,279 per 10 grams, indicating sustained recovery momentum.
Silver September futures climbed ₹2,600 or 1.19% to ₹2.21 lakh per kg on Tuesday, according to CNBC TV18. The white metal was trading with a turnover of 1,017 lots, showing strong investor interest. The rally in domestic bullion prices mirrored global trends as easing crude oil prices and diplomatic efforts to de-escalate the US-Iran conflict boosted demand for safe-haven assets. The white metal had depreciated by ₹1,000 to ₹2,21,500 per kilogram (inclusive of all taxes), extending losses for the sixth consecutive session, according to the All India Sarafa Association. It had settled at ₹2,22,500 per kg in the previous session, with the white metal having declined by ₹15,500, or 6.5 per cent, cumulatively since July 10. In India, 999 purity silver soared by ₹5,000 to ₹2.35 lakh per kg, while 100 grams silver gained by ₹500 to ₹23,500 and 10 grams silver rose by ₹50 to ₹2,350. MCX silver September contracts saw a business turnover of 1,371 lots, while gold August futures recorded 720 lots of trading volume, as reported by CNBC TV18. Latest MCX trading shows silver September contracts jumping over 1% to ₹2,20,825 per kg, indicating some recovery from recent lows.
Analysts said gold prices recovered as markets weighed diplomatic efforts to ease tensions between the US and Iran, reducing some concerns around energy prices and inflation risks, according to CNBC TV18. "Gold prices witnessed an uptrend in domestic markets driven by cooling of tensions surrounding the US-Iran conflict, which has alleviated some concerns about rising energy costs," said Gaurav Garg, Research Analyst at Lemonn Markets Desk. "Gold prices have bounced back from support levels near $3,960 per ounce amid reports of possible ceasefire discussions between the US and Iran," said Renisha Chainani, Head of Research at Augmont. She added that while expectations of a stronger dollar and tighter monetary policy continue to weigh on bullion, lower investor positioning after months of ETF outflows could limit further declines. Strong physical demand, especially from China, along with continued central bank purchases, is supporting prices, as noted by market experts. Aamir Makda, Commodity & Currency Analyst at Choice Broking, said Comex gold has moved above its previous resistance levels and is trading above the 200-EMA on the hourly chart, indicating technical strength.
Precious metals tracked gains in international markets, where Comex gold futures for August delivery rose nearly 2% to $4,082 per ounce, according to CNBC TV18. Silver futures gained 2.8% to $58 per ounce. The rally in domestic bullion prices mirrored global trends as easing crude oil prices and diplomatic efforts to de-escalate the US-Iran conflict boosted demand for safe-haven assets. The latest developments follow a sharp rally in crude oil prices that briefly pushed Brent above the $90-a-barrel level, fuelling concerns over higher global inflation and the possibility of further monetary tightening by major central banks, including the US Federal Reserve. According to commodity market experts, bullion prices have remained volatile in recent weeks as investors weigh geopolitical risks against expectations for the US Federal Reserve's interest rate path. Market participants will also track currency movements, developments around the US-Iran situation and upcoming central bank policy cues for further direction in bullion prices.
The average price of 24K gold in India stood at ₹1,42,030 per 10 grams, while silver traded at ₹2,18,600 per kg as of Tuesday morning at 8 am, according to the latest market data. In India, the price of 24K gold stood at ₹1,42,030 per 10gm while 22K gold was at ₹1,30,194 per 10gm. In the past month, the yellow metal has declined over 3.74%; however, the prices surged more than 42.31% over a year. Amongst the major Indian cities, Chennai reported the highest gold prices, closely followed by Hyderabad and Bengaluru. For silver as well, Chennai was leading with the highest prices, and similarly Hyderabad and Bengaluru followed. The current price levels reflect the ongoing volatility in precious metals markets amid global economic uncertainties and changing monetary policy expectations.
