Gold, Silver Prices Stagnant in July Amid Geopolitical Tensions

The price of precious metals like gold and silver remained subdued in July due to geopolitical developments in West Asia and concerns over potential interest rate hikes in the United States.

Comex gold posted a modest 1.7% gain in July, settling at $4,107 by the end of the month, while Comex silver took a hit, falling 3.6% to settle at $57.75.

In domestic markets, MCX Gold fell 1.71% in July, settling at ₹1,43,376 per 10-gram, and MCX Silver closed on a weak note, down 4.6%, at ₹2,17,198 per kilogram.

The short-term trend for gold remains negative, with the price vulnerable to dropping to the $3,750-$3,850 range unless it closes above $4,410. A breakout above this level could send the price towards $4,650-$4,700.