Gold Slips Below $4,100 on Oil Surge & Rate Fears; Silver Plunges 3% as Dollar Strengthens

Mumbai, July 25: Precious metals witnessed a tumultuous week of trading ended July 24, 2026, as escalating geopolitical tensions in the Middle East propelled crude oil prices above the USD 100 per barrel mark, triggering a complex interplay of safe-haven demand and inflation-driven rate hike fears. International spot gold, which had surged to a two-week high of $4,141.70 per ounce on Wednesday, suffered a sharp reversal, plunging over 2% on Thursday and extending losses on Friday.  

By Friday morning, spot gold was trading around $4,042.47 per ounce, down 0.2%, while spot silver fell 0.2% to $57.5 per ounce. On the Multi Commodity Exchange (MCX), gold futures settled over 2% lower at Rs 142,796 per 10 grams, while silver futures ended more than 3% down at Rs 219,250 per kg. Despite the late-week sell-off, both metals remained on track to post modest weekly gains, with gold up approximately 0.6% and silver up 3% for the week. 

Brent Crude Tops $100, US-Iran Conflict Fuels Market Volatility 

The primary catalyst driving the volatile price action was the sharp rally in global crude oil prices. Brent crude futures jumped 7% on Thursday, moving above USD 100 per barrel for the first time since May, marking one of its sharpest gains since the war began. The surge came after US President Donald Trump threatened “major military punishment” for Iran and its Houthi allies following attacks on two Saudi oil tankers in the Red Sea.  

Also Read: How to invest in crude oil

The US military reportedly carried out strikes on Iran for the 13th consecutive night. Brent crude was trading at USD 100.04 per barrel on Friday, while WTI crude stood at USD 91.49 per barrel. The oil price surge intensified inflation concerns and boosted expectations of further interest rate hikes, putting pressure on non-yielding assets such as gold. 

Rate Hike Expectations Strengthen, Dollar Index Climbs Above 101 

Inflation concerns strengthened expectations of monetary tightening, with markets pricing in more than an 80% probability of a rate hike at the September Federal Reserve meeting. The European Central Bank held its key rate steady at 2.25% on Thursday, while leaving the possibility of another increase in September open.  

The US dollar index climbed above the 101 mark, making gold more expensive for overseas buyers and weighing on bullion prices. US 10-year Treasury yields hovered near 4.7%, further diminishing the appeal of non-yielding gold. US initial jobless claims dropped by 22,000 to 187,000, the lowest reading since September 1969, underscoring that layoffs remain historically low even as hiring momentum slows. 

Gold Falls Rs 3,500 In two Days, Silver Down Rs 8,700/kg On MCX 

In the domestic market, gold and silver prices extended their decline for a second straight session on the MCX on Friday. MCX gold futures for August 2026 delivery were down by Rs 185 to Rs 1,42,208 per 10 grams, while silver futures for September 2026 delivery were down by Rs 1,120 at Rs 2,18,255 per kg. 

Check list of Gold ETFs in India 

With Friday’s decrease, precious metals were down Rs 8,743 (silver) and Rs 3,500 (gold) in two straight sessions. The August gold futures opened at Rs 1,42,392 per 10 grams on Friday, down 0.30% from the previous close of Rs 1,42,821. 

MCX Gold Support at Rs 1,41,650, Silver Support At Rs 2,16,000 

Technical levels for the domestic market indicated crucial support and resistance zones. On MCX, gold has support at Rs 1,41,650-1,40,800 and resistance at Rs 1,43,500-1,44,400, while silver has support at Rs 2,16,000-2,14,000 and resistance at Rs 2,22,000-2,24,400. Internationally, gold has support at $4,014-3,965 per ounce. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions and President of the India Bullion and Jewellers Association, noted that $4,000 an ounce remains a key support level for gold, while $4,200 an ounce is the immediate resistance. 

India Gold Discounts Hit Seven-Week High as Demand Weakens 

Physical demand in India remained subdued, with gold discounts widening to their highest level in seven weeks. Dealers quoted discounts of up to $56 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, compared with a $45 discount last week. “Footfalls at jewellery stores remain negligible. Retail buyers are waiting for a meaningful correction in prices before making purchases,” said a Chennai-based jeweller.  

Also Read: How to Invest in Gold for Beginners: Simple Start Guide 

“Market sentiment remains subdued, and jewellers do not expect demand to recover anytime soon,” added a Mumbai-based bullion dealer. The demand slowdown follows the government’s decision to raise import duties from 6% to 15%, which has compressed affordability and led the World Gold Council to project a 50-60 tonne reduction in Indian demand for the year. 

China Sees Improved Physical Demand; Gold Trades at Premium 

In contrast to India, top consumer China saw an improvement in buying interest, with bullion trading at a premium of $3 to $6 an ounce over the global benchmark spot price, having traded at par to a premium of $7 in the previous week.  

“The premiums this week are a bit firmer, as the market is seeing increased physical demand and buying interest, with $4,000 acting as a good support level,” said Peter Fung, head of dealing at Wing Fung Precious Metals. In Hong Kong, physical gold traded at a discount of $0.25 to a $1.70 premium, while in Japan, gold was sold at a discount of $0.25. 

Gold Prices Fall Rs 400/10g in Delhi; Silver Drops Rs 300/kg 

In the national capital, gold prices fell Rs 400 to Rs 1,49,200 per 10 grams on Thursday, tracking weak trends in global markets amid surging crude oil rates. The yellow metal of 99.9% purity had closed at Rs 1,49,600 per 10 grams in the preceding session. Silver also pared gains, falling Rs 300 to Rs 2,29,700 per kilogram from Wednesday’s closing level of Rs 2,30,000. Traders attributed the decline to profit-booking amid rising oil prices and concerns that persistent inflation could delay monetary policy easing by major central banks. 

Gold Rallies Rs 800 to Rs 1.47 Lakh/10g on Firm Local Demand 

Earlier in the week, gold prices had rallied Rs 800 to Rs 1.47 lakh per 10 grams on July 22, driven by firm local demand. Silver remained unchanged at Rs 2,21,500 per kilogram (inclusive of all taxes) on the same day.  

Also Read: How to Invest in Gold Online

On July 23, gold had become Rs 12,000 expensive so far in 2026, with 10 grams of gold reaching Rs 1.46 lakh compared to above Rs 1.33 lakh on December 31, 2025. Domestic gold prices had jumped Rs 1,900 to a two-week high of Rs 1.49 lakh per 10 grams on Wednesday (July 22), while silver surged Rs 8,500 to Rs 2.30 lakh per kg, according to the All India Sarafa Association. 

24K Gold at Rs 1,42,810/10g, Silver at Rs 2,19,760/kg on July 24 

According to the India Bullion and Jewellers Association (IBJA), on July 24, one kilogram of silver fell by Rs 2,924 to Rs 2.19 lakh, while 10 grams of 24-carat gold dropped by Rs 1,848 to Rs 1.42 lakh. Silver 999 fine stood at Rs 2,19,760 per kg on Friday, while silver 925 sterling was at Rs 2,03,278 per kg. The price of 24K gold stood at Rs 14,281 per gram or Rs 1,42,810 per 10 grams. Silver gained 1.06% over the previous session, with the price reaching Rs 221.69 per gram or Rs 2,216.90 per 10 grams. 

City-Wise Gold & Silver Rates  

Retail gold and silver prices across major Indian cities on July 24, 2026, remained largely steady. In Mumbai, 24K gold was at Rs 1,43,210 per 10 grams with 22K at Rs 1,31,276, while silver stood at Rs 2,19,360 per kg. Delhi recorded 24K gold at Rs 1,42,960, 22K at Rs 1,31,047, and silver at Rs 2,18,980. Chennai had the highest gold prices among major metros at Rs 1,43,630 for 24K and Rs 1,31,661 for 22K, with silver at Rs 2,22,000.  

Check list of Silver ETFs in India

Kolkata reported 24K gold at Rs 1,43,020 and silver at Rs 2,19,070. Bengaluru saw 24K gold at Rs 1,43,320 and silver at Rs 2,15,530, while Hyderabad recorded 24K gold at Rs 1,43,440 and silver at Rs 2,19,700. In Delhi, 24K gold was also quoted at Rs 14,632 per gram, with 22K at Rs 13,414 and 18K at Rs 10,978. 

Silver Down Rs 1.67 Lakh from All-Time High; Year-End Outlook 

This year, gold and silver prices have witnessed continuous fluctuations. On December 31, 2025, gold prices were at Rs 1.33 lakh, which rose to reach the highest level of Rs 1.76 lakh on January 29. Since then, gold has become cheaper by Rs 34,000. Silver prices were at Rs 2.30 lakh on December 31, 2025, which reached an all-time high of Rs 3.86 lakh on January 29. Since then, silver has become cheaper by Rs 1.67 lakh. According to commodity expert Ajay Kedia, gold and silver prices have come down significantly from their highs, and by the end of the year, gold could once again reach Rs 1.60 lakh/10 gm and silver could reach Rs 2.80 lakh/kg. 

Gold Gains Over 3.96% in Week; Silver Rises 1.4% from July 16 

During the past week, the yellow metal gained over 3.96% from Rs 1,40,790 per 10 gm of 24K gold as of July 16, 2026. Over a year, gold rose by 46.4%. Silver prices rose by more than 1.4% during the past week, while in the past year, it surged over 90%. On July 22, domestic gold price was up by more than Rs 1,600 to Rs 1,44,875 per 10 grams, while silver surged to Rs 2,25,334 per kg. 

Also Read: How to Invest in Silver: 6 Best Ways (2026)

The past week’s precious metals market reflected a balance between safe-haven demand and oil-driven inflation concerns. Crude above US$100 strengthened the dollar, pressuring gold despite geopolitical tensions. Indian demand weakened, while Chinese premiums improved. Markets will watch central bank policy and the US$4,000 support level for gold. 

Source 

• https://silverprice.org/silver-price-india.html 

• https://goldprice.org/gold-price-india.html