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MCX gold and silver futures jump on Middle East conflict

MCX gold August futures rose more than 1% to ₹1,44,500 per 10 grams, while MCX silver September contracts gained more than 1% to above ₹2,26,350 per kg.

Reported · Written up by our desk · Precious Metals

Gold and silver prices rose sharply on India’s MCX on Wednesday, 22 July, as market volatility linked to the Middle East conflict continued. LiveMint Markets said the move tracked a positive global trend even as crude oil prices jumped amid the US-Iran conflict.

According to LiveMint Markets, MCX gold August futures climbed more than 1% to ₹1,44,500 per 10 grams. The outlet also reported MCX silver September contracts rose more than 1% and moved past ₹2,26,350 per kg during morning trade.

LiveMint Markets added that domestic gold prices were influenced by strength in the US, where gold was reported to have reached a nearly two-week high. It also tied the broader price pressure to concerns over inflation and potential rate hikes.

Latest closeGold $3,981.40 ▼1.6%|Silver $55.72 ▼2.4%|WTI crude $79.00 ▼0.8%

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