Mumbai, July 24: Gold and silver prices opened lower for the second consecutive day on Friday, with both precious metals witnessing a decline of approximately 0.6 percent.
On the Multi Commodity Exchange (MCX), the gold contract for August 5, 2026, opened at ₹142,392 per 10 grams, compared to the previous rate of ₹142,821 per 10 grams.
By 11 AM, gold was trading at ₹141,951 per 10 grams, down by ₹870 or 0.61 percent. During the trading session, gold reached a low of ₹141,742 per 10 grams and a high of ₹142,393 per 10 grams.
Silver also experienced a drop in prices. The contract for silver due on September 4, 2026, opened at ₹218,280 per kilogram, down from the previous ₹219,375 per kilogram. Currently, it is trading at ₹218,491 per kilogram, reflecting a decline of ₹884 or 0.40 percent. In the ongoing session, silver touched a low of ₹217,325 per kilogram and a high of ₹218,884 per kilogram.
Internationally, gold and silver prices also fell. On COMEX, gold was down by 0.48 percent at $4,030 per ounce, while silver dropped by 0.41 percent to $57.80 per ounce.
The weakness in precious metals is attributed to a strengthening dollar index, which has risen above 101 amid escalating tensions between the U.S. and Iran. The dollar index measures the value of the U.S. dollar against six major currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc.
The ongoing conflict between the U.S. and Iran has intensified, with Iran targeting U.S. bases in the Middle East, while the U.S. continues to strike Iranian military sites, potentially diminishing Iran’s control over the Strait of Hormuz.
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