Gold and Silver Prices Plummet Amid Geopolitical Concerns

Gold and silver prices have taken a hit in India's domestic futures market due to geopolitical concerns. The gold future contract for August 5 expiry dropped by over Rs 1,350 to an early low of Rs 1,41,709 per 10 grams on the Multi Commodity Exchange (MCX). Silver futures for September 4 expiry fell by more than Rs 4,500 to a low of Rs 2,16,592 per kilogram on MCX from their previous closing. This decline in prices comes after a recovery trend observed in the previous session.

The 24-karat gold rate today in India is Rs 1,42,550 per 10 grams, while the 22-karat gold rate today is Rs 1,30,671 per 10 grams. The rate of 20 karat gold today is Rs 1,18,792 per 10 grams, and the rate of 18 karat gold today is Rs 1,06,913 per 10 grams. Silver rates in domestic retail market today are Rs 2,17,990 per kilogram.

In the international futures market, gold was trading nearly a percent down, while silver fell over 2 percent. Ponmudi R, CEO of Enrich Money, said that COMEX Gold continues to trade within a broad consolidation range of $4,000, $4,160 and is currently exhibiting a cautiously negative bias near the $4,050 mark.