Gold and Silver Prices Plummet Amid Geopolitical Tensions and US Rate Hike Fears

The prices of precious metals, including gold and silver, declined in July due to geopolitical tensions and concerns over interest rate hikes in the US.

The Comex gold price remained subdued throughout the month, fluctuating between $3,949 and $4,215. The modest 1.7% gain at the end of the month was not enough to offset the losses earlier in July. Gold prices are vulnerable to dropping further, potentially reaching the $3,750-$3,850 range.

The Comex silver price also took a hit, falling 3.6% to settle at $57.75. In domestic markets, MCX gold and silver prices followed suit, with MCX Gold declining 1.71% and MCX Silver falling 4.6%. The trend in these markets remains weak unless the resistance level of $4,410 is breached.