Gold and Silver Prices Plummet as Brent Crude Oil Tops $100 Amid Middle East Tensions

The global market for gold and silver experienced a decline as Brent crude oil prices surpassed $100 per barrel due to escalating Middle East tensions. The MCX Gold August contract opened with a drop of Rs 429 or 0.30 percent at Rs 1,42,392 per 10 grams against the previous close of Rs 1,42,821.

As a result, the gold price fell below Rs 1,42,000 and continued to trade near the Rs 1,41,500 mark with a weak undertone. Ponmudi R, CEO of Enrich Money, noted that immediate support is placed at Rs 1,41,500, and a break below this level could drag prices toward the Rs 1,41,000, Rs 1,40,700 support zone.

The silver futures maturing on September 4, 2026, also opened in the red, beginning the trading session at Rs 2,18,280 against the previous close of Rs 2,19,375. The price dropped to touch an intraday low of Rs 2,17,325 and later recovered to trade at Rs 2,21,600 with a gain of Rs 2,225 or 1.01 percent.

In the international market, the COMEX gold price dropped 0.06 percent to approximately USD 4,047.7 per troy ounce. The spot gold price at 12:50 pm was USD 4,048.09 per ounce, down by USD 0.48 or 0.01 percent.