Gold and silver prices fell due to heightened geopolitical tensions. This followed fresh US military strikes on Iran and Washington's revocation of Iranian oil export licenses.
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Gold Silver Rate Today (July 8): Oil Rises, Metal Falls, Check Latest Rates In Delhi, Mumbai, Chennai, More
Gold and silver prices traded lower on July 8 as US-Iran tensions escalated and both nations violated ceasefire. Check the latest 24K, 22K gold and silver rates in Delhi, Chennai, Kolkata and more.
The decline in bullion prices followed reports of fresh US strikes on Iran and Washington's decision to revoke licences linked to Iranian oil exports, further escalating tensions in the region.
Source : ABPLIVE AI
- Gold, silver prices fell due to US-Iran tensions.
- MCX gold futures declined 0.27%, silver fell 0.63%.
- Analysts predict continued weakness for precious metals ahead.
Gold Silver Rate Today: Gold and silver prices edged lower on Wednesday, with both precious metals trading in the red amid heightened geopolitical tensions following fresh US military strikes on Iran.
On the Multi Commodity Exchange (MCX), gold futures for the August 5 contract were quoted at Rs 1,45,000 per 10 grams around 10:35 am, down Rs 392, or 0.27 per cent, from the previous close. The contract had opened at Rs 1,45,200 and touched an intraday low of Rs 1,44,750 before recovering slightly. The day's high stood at Rs 1,45,356.
Silver also remained under pressure. MCX September futures opened at Rs 2,30,015 per kg, lower than the previous close of Rs 2,30,857. During the session, the contract fell to an intraday low of Rs 2,28,925 per kg before trimming some losses. At around 10:35 am, silver was trading at Rs 2,29,401 per kg, down Rs 1,456, or 0.63 per cent.
Weakness was also evident in overseas markets. COMEX gold slipped 0.43 per cent to $4,139 per ounce, while COMEX silver declined 0.54 per cent to around $61 per ounce.
Commodity market analysts said gold has now fallen for a fourth straight session and is trading below its key 20-, 50- and 100-period exponential moving averages (EMAs) on the four-hour chart, indicating continued weakness. They added that rising open interest alongside declining prices points to fresh short positions in the current contract.
Silver is also trading below its key 50-, 100- and 200-period EMAs. Analysts believe the metal could witness additional downside if it falls below the crucial support level of around Rs 2.23 lakh per kg.
The decline in bullion prices followed reports of fresh US strikes on Iran and Washington's decision to revoke licences linked to Iranian oil exports, further escalating tensions in the region. According to the US military, the strikes came after three oil tankers transiting the Strait of Hormuz were attacked.
Meanwhile, crude oil prices continued to advance. Brent crude gained more than 3 per cent to trade above $76 per barrel, while US West Texas Intermediate (WTI) crude rose over 3 per cent to above $72 per barrel.
Also Read : Hormuz Attacks, Iran Sanctions: What The Latest US Move Means For India's Oil
Gold Rates Across Major Cities In India On July 8
Gold Prices in Delhi Today (Per 1 Gram)
24 Karat - 14,464
22 Karat- 13,260
18 Karat- 10,852
Gold Prices in Chennai Today (Per 1 Gram)
24 Karat - 14,542
22 Karat- 13,330
18 Karat- 11,150
Gold Prices in Bengaluru Today (Per 1 Gram)
24 Karat - 14,449
22 Karat- 13,245
18 Karat- 10,837
Gold Prices in Mumbai Today (Per 1 Gram)
24 Karat - 14,449
22 Karat- 13,245
18 Karat- 10,837
Gold Prices in Pune Today (Per 1 Gram)
24 Karat - 14,449
22 Karat- 13,245
18 Karat- 10,837
Gold Prices in Kolkata Today (Per 1 Gram)
24 Karat - 14,449
22 Karat- 13,245
18 Karat- 10,837
| City | 24k Gold Per Gram | 22k Gold Per Gram | 18k Gold Per Gram |
| Gold Rate in Hyderabad | 14,449 | 13,245 | 10,837 |
| Gold Rate in Ahmedabad | 14,454 | 13,250 | 10,842 |
| Gold Rate in Indore | 14,454 | 13,250 | 10,842 |
| Gold Rate in Lucknow | 14,464 | 13,260 | 10,852 |
| Gold Rate in Coimbatore | 14,542 | 13,330 | 11,150 |
| Gold Rate in Bhubaneswar | 14,449 | 13,245 | 10,837 |
| Gold Rate in Mysore | 14,449 | 13,245 | 10,837 |
| Gold Rate in Kanpur | 14,464 | 13,260 | 10,852 |
| Gold Rate in Salem | 14,542 | 13,330 | 11,150 |
| Gold Rate in Visakhapatnam | 14,449 | 13,245 | 10,837 |
| Gold Rate in Vijayawada | 14,449 | 13,245 | 10,837 |
| Gold Rate in Patna | 14,454 | 13,250 | 10,842 |
Also Read : EPFO Begins Crediting 8.25% Interest: How To Check Your PF Balance Online
Silver Price Across Major Cities In India On July 8
Silver Price In Delhi Today
The current silver price in Delhi stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price In Chennai Today
The current silver price in Chennai stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price In Bengaluru Today
The current silver price in Bengaluru stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price In Mumbai Today
The current silver price in Mumbai stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price In Pune Today
The current silver price in Pune stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price In Kolkata Today
The current silver price in Kolkata stands at Rs 245 per gram and Rs 245,000 per kg.
Silver Price Today in Major Indian Cities
| City | Per Gram | Per KG |
| Silver Rate in Hyderabad | 245 | 245,000 |
| Silver Rate in Ahmedabad | 245 | 245,000 |
| Silver Rate in Indore | 245 | 245,000 |
| Silver Rate in Lucknow | 245 | 245,000 |
| Silver Rate in Coimbatore | 245 | 245,000 |
| Silver Rate in Bhubaneswar | 245 | 245,000 |
| Silver Rate in Mysore | 245 | 245,000 |
| Silver Rate in Kanpur | 245 | 245,000 |
| Silver Rate in Salem | 245 | 245,000 |
| Silver Rate in Visakhapatnam | 245 | 245,000 |
| Silver Rate in Vijayawada | 245 | 245,000 |
| Silver Rate in Patna | 245 | 245,000 |
Frequently Asked Questions
Why did gold and silver prices decline on Wednesday?
What was the trading price for MCX gold futures on Wednesday?
MCX gold futures for the August 5 contract traded at Rs 1,45,000 per 10 grams. This was a decline of Rs 392, or 0.27%, from the previous close.
How did MCX silver perform on Wednesday morning?
At around 10:35 am, MCX September silver futures were trading at Rs 2,29,401 per kg, down Rs 1,456 or 0.63%. It opened lower than the previous close.
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