Dollar and Tensions Weigh on Gold and Silver Prices

Gold and silver prices fell on Friday due to the strengthening US dollar and escalating tensions between the United States and Iran. The Multi Commodity Exchange (MCX) saw gold futures for August delivery open at Rs 1,42,392 per 10 grams, down from the previous close of Rs 1,42,821. During intraday trade, gold dropped by as much as Rs 1,079 to an intraday low of Rs 1,41,742 per 10 grams.

The contract later recovered some losses after hitting a high of Rs 1,42,518 and was trading at Rs 1,42,376, down Rs 445, or 0.31 percent, around noon. Silver futures for September delivery also started the day on a weaker note, opening at Rs 2,18,280 per kg, down Rs 1,095 from the previous close of Rs 2,19,375 per kg.

The white metal declined nearly one percent during the day, falling Rs 2,050 to an intraday low of Rs 2,17,325 per kg before recovering slightly. Market analysts attributed the decline in bullion prices to the strengthening US dollar index, which climbed above the 101 level amid heightened geopolitical tensions.