1 month ago
Gold, Silver Prices Dip as US‑Iran Tensions Rise
Gold and silver are metals that people buy and sell.
On July 31, traders in India sold some gold and silver because they thought they had made enough profit.
The U.S. dollar was stronger, which made gold more expensive for people who use other currencies.
At the same time, fighting between the U.S. and Iran was getting worse, and the U.S. had launched attacks on Iranian missiles.
This made oil prices stay high, which can raise the cost of many things.
The U.S. government said that inflation was lower than expected, so the Federal Reserve might not raise interest rates as much.
Because of this, the price of U.S. Treasury bonds fell a little.
The overall effect was that gold and silver prices dropped a bit on the market in India.
Gold and silver futures fell on MCX on July 31 due to profit‑taking and a stronger dollar.
The dollar index rose 0.40%, making gold pricier for foreign buyers.
Escalating US‑Iran conflict, including U.S. strikes and Jordanian missile interceptions, kept oil prices near $88 a barrel.
US inflation data (PCE and CPI) came in below expectations, easing Fed rate‑hike concerns.
US 10‑year Treasury yields eased to 4.65% after a 25‑basis‑point hike vote by three Fed members.
- Who
- Investors, U.S. Federal Reserve, U.S. military, and Jordan's air defenses
- What
- Gold and silver futures fell on MCX due to profit‑taking, a stronger dollar, and escalating US‑Iran tensions
- Where
- MCX in India, U.S., and the Middle East
- When
- July 31, 2024 (Friday morning)
- Why
- Profit‑taking, a stronger dollar, and the escalating US‑Iran conflict, along with easing inflation expectations
Key facts
- Gold August futures price
- ₹1,42,547 per 10 grams
- Silver September futures price
- ₹2,19,117 per kg
- Dollar index change
- 0.40% rise
- US 10-year Treasury yield
- 4.65%
- US PCE YoY
- 3.7%






