Gold, Silver Prices Plummet Amid Rising Brent Crude Oil
Gold and silver futures on the Multi Commodity Exchange (MCX) plummeted to new lows on Friday, July 24, 2026, amidst rising Brent crude oil prices above $100 per barrel.
The gold August 5 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. It later fell to touch an intraday low of Rs 1,41,742, a drop of Rs 1,079 or 0.75 percent.
The MCX gold futures for October 2026 were down by Rs 239 or 0.17 percent to trade at Rs 1,43,710 per 10 grams in business turnover of 7,738 lots. Ponmudi R, CEO of Enrich Money, stated that 'MCX Gold opened with a gap down and slipped below Rs 1,42,000, continuing to trade with a weak undertone near the Rs 1,41,500 mark.'
In contrast, gold prices in the international market dropped by 0.06 percent to approximately USD 4,047.7 per troy ounce.