Gold and Silver Prices Surge as Oil Slides

Gold and silver prices surged on the MCX as oil prices continued to slide. The Strait of Hormuz conflict is easing, which has weighed on oil prices and reduced expectations of further interest rate increases by central banks.

The weaker US dollar, lower Treasury yields, and optimism over the reopening of the Strait of Hormuz have supported gold and silver prices. Spot gold rose 1.4% to $4,133.83 per ounce, its highest level in two weeks.

Gold futures for October 2026 delivery gained by Rs 757 to Rs 1,49,250 per 10 grams. The two precious metals are up by Rs 11,016 (5.2%) and Rs 6,335 (4.4%) in three sessions.

Manoj Kumar Jain of Prithvi Finmart expects gold and silver prices to remain volatile this week due to fluctuations in crude oil prices and movement in the dollar index.