SRINAGAR, July 13: Gold and silver prices witnessed a sharp decline on the Multi Commodity Exchange (MCX) on Monday, extending losses for the second straight session as escalating US-Iran tensions, rising crude oil prices, and global market uncertainty weighed heavily on investor sentiment.
MCX silver futures for September 2026 delivery dropped by ₹5,400 (2.5%) to ₹2,17,277 per kg, while gold futures for August 2026 delivery fell ₹2,000 to ₹1,41,557 per 10 grams, marking one of the biggest single-day declines in recent weeks.
The fall in precious metal prices comes after heightened geopolitical tensions in the Gulf, with reports of missile and drone exchanges between the United States and Iran over the weekend. The conflict has triggered concerns over global energy supplies, inflation, and economic stability.
Meanwhile, crude oil prices surged nearly 4%, the US dollar strengthened, and Asian stock markets traded lower as investors assessed the broader impact of the escalating conflict on the global economy.
Market participants are now closely tracking key US economic indicators, including the Consumer Price Index (CPI), Producer Price Index (PPI), retail sales data, and the Federal Reserve’s upcoming policy signals, which could determine the next direction for gold prices, silver prices, and international financial markets.
Analysts believe that continued geopolitical uncertainty and inflation concerns could keep commodity markets volatile in the coming days, making upcoming economic data crucial for investors.
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