Gold and Silver Prices Dip Amid Geopolitical Tensions

Precious metals such as gold and silver saw their prices drop in July due to ongoing geopolitical tensions and concerns about interest rate hikes in the United States.

The Comex gold price remained within a narrow range, posting a modest 1.7% gain for the month to settle at $4,107 by the end of July, while Comex silver took a 3.6% hit, settling at $57.75.

In contrast, MCX Gold fell 1.71% in July to close at ₹1,43,376 per 10-gram, and MCX Silver dropped by 4.6% to settle at ₹2,17,198 per kilogram.

The experts caution that the short-term trend for gold is still negative and vulnerable to dropping to the $3,750-$3,850 range unless it breaks above $4,410. Similarly, silver's price could remain subdued until it crosses above $66.