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Commodities

Oil Price Surge Sends Gold and Silver Prices Down Amid US-Iran Tensions

Guavy AI Editorial Team
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The price of gold and silver in India's retail market declined on July 24 amid ongoing tensions between the United States and Iran. The recent tanker attacks in the Red Sea have raised concerns about persistent inflation due to elevated oil prices.

According to MCX, gold rates were trading 0.38% lower at ₹142,920 per 10 grams, while silver futures fell by 0.51% to ₹218,630 per kg.

The surge in oil prices has been significant, with Brent crude futures crossing the $100 per barrel mark for the first time since May 26. US West Texas Intermediate crude advanced about 6% to settle at $92.19, a rise of over 30% this month.

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