Gold, Silver Prices Plunge as Brent Crude Surpasses $100
Gold and silver prices continued their decline on Friday, falling by Rs 8,743 (silver) and Rs 3,500 (gold) in two straight sessions on the MCX. The precious metals were also down on international markets, with spot gold at $4,042.77 per ounce and U.S. gold futures for August delivery falling to $4,045.60.
The decline was attributed to Brent crude climbing above $100 a barrel, raising inflation concerns and reinforcing expectations that interest rates could remain higher for longer. This had a ripple effect on the global markets, with the dollar strengthening alongside U.S. Treasury yields.
Manoj Kumar Jain of Prithvi Finmart suggested that long-term investors could accumulate gold and silver during the market fall, while traders should avoid long positions ahead of next week's FOMC meeting.
The current prices on MCX are as follows: gold futures for August 2026 delivery at Rs 1,42,208 per 10 grams and MCX silver futures for September 2026 delivery at Rs 2,18,255 per kg.