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Commodities

MCX Gold and Silver Prices Plummet Amid Strong Dollar and US-Iran Tensions

Guavy AI Editorial Team
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Gold and silver prices on the Multi Commodity Exchange (MCX) declined on Friday, July 31st, due to profit-taking. The US dollar strengthened, and tensions between the US and Iran escalated.

The MCX gold August futures contract dropped about 0.50% to ₹1,42,547 per 10 grams, while the MCX silver September contracts fell 0.40% to ₹2,19,117 per kg around 9:10 AM.

Despite these declines, US inflation data came in below expectations, easing concerns of aggressive rate hikes by the Federal Reserve.

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