Gold, silver slip up to 1% on MCX as US dollar, Middle East tensions rise
Synopsis
Gold and silver bucked their traditional safe-haven role on 24 July — instead of rallying on US-Iran tensions, both metals slid up to 1% as the dollar index surged past 101, overriding any flight-to-safety bid. With COMEX gold below $4,030 and MCX gold testing critical support at ₹1,41,500, the next move in the US-Iran standoff could be the deciding factor.
Key Takeaways
MCX gold (August delivery) fell up to ₹1,079 or 0.75% to an intraday low of ₹1,41,742 per 10 grams on 24 July .
MCX silver (September delivery) dropped as much as ₹2,050 or nearly 1% to ₹2,17,325 per kg .
COMEX gold fell 0.48% to $4,030 an ounce ; COMEX silver slipped 0.41% to $57.80 an ounce .
A stronger US dollar index , climbing above 101 , was the primary drag, overriding safe-haven demand.
Escalating US-Iran conflict — with Iran reportedly targeting US military bases and the US striking Iranian facilities — added to market uncertainty.
Analysts see immediate gold support at ₹1,41,500 and silver support at ₹2,16,700–₹2,16,000 ; near-term outlook for both metals remains weak.
Gold and silver prices on the Multi Commodity Exchange (MCX) fell by up to nearly 1 per cent on Friday, 24 July, as a strengthening US dollar and escalating US-Iran geopolitical tensions dampened investor appetite for precious metals. The selloff mirrored pressure in international markets, where both metals also traded in the red.
MCX Gold: Intraday Movement
Gold futures for August delivery opened at ₹1,42,392 per 10 grams, down 0.30 per cent from the previous close of ₹1,42,821 per 10 grams. By around 12 pm IST, the yellow metal had slipped as much as ₹1,079, or 0.75 per cent, to an intraday low of ₹1,41,742 per 10 grams. It briefly touched a high of ₹1,42,518 before settling at ₹1,42,376, down ₹445 or 0.31 per cent at last count.
Silver Also Under Pressure
Silver futures for September delivery opened lower at ₹2,18,280 per kg, a drop of ₹1,095 or 0.49 per cent from the prior close of ₹2,19,375 per kg. The white metal hit an intraday low of ₹2,17,325 per kg, declining by as much as ₹2,050 or nearly 1 per cent, before touching a session high of ₹2,20,000 per kg.
Global Cues: COMEX Metals Slip
International markets tracked the same weakness. COMEX gold fell 0.48 per cent to $4,030 an ounce, while COMEX silver slipped 0.41 per cent to $57.80 an ounce. Commodity market experts attributed the broad-based decline to the US dollar index climbing above the 101 mark, driven by rising geopolitical risk between the US and Iran.
Technical Outlook for Gold and Silver
From a technical standpoint, analysts noted that MCX gold opened with a gap down and slipped below the ₹1,42,000 mark, trading with a weak bias around ₹1,41,500. Immediate support is placed at ₹1,41,500; a break below could pull prices toward the ₹1,41,000–₹1,40,700 zone. On the upside, resistance is seen at ₹1,42,700–₹1,43,000, followed by the ₹1,43,700–₹1,44,000 range. Analysts said the near-term outlook remains weak unless gold reclaims the immediate resistance zone.
For MCX silver, immediate support lies in the ₹2,16,700–₹2,16,000 band, with the next floor at ₹2,14,500–₹2,14,000. Resistance is pegged at ₹2,19,000–₹2,20,000, with the next hurdle at ₹2,22,000–₹2,23,000. The near-term bias for silver also stays weak, analysts said, unless prices sustain above the resistance zone.
US-Iran Conflict Adds to Market Uncertainty
The geopolitical backdrop has grown more fraught in recent days, with Iran reportedly targeting US military installations in the Middle East, while the US has continued strikes on Iranian military facilities. Typically, heightened conflict drives safe-haven demand for gold — but this session proved an exception, as the simultaneous dollar rally offset any flight-to-safety bid, keeping both metals on the back foot. How the US-Iran standoff evolves over the coming days will likely set the near-term direction for precious metals.
Point of View
Which makes dollar-denominated metals more expensive for non-US buyers. The US-Iran conflict is real and intensifying, yet the safe-haven bid is not materialising in gold — a signal that currency dynamics are currently the dominant force. If the dollar index retreats or the conflict escalates sharply enough to trigger genuine risk-off positioning, gold could recover fast; until then, the technical support levels around ₹1,41,500 are the line to watch.
NationPress
24 Jul 2026
Frequently Asked Questions
Why did gold and silver prices fall on 24 July despite Middle East tensions?
A stronger US dollar index, which climbed above 101, offset the typical safe-haven demand for precious metals. While escalating US-Iran tensions would normally support gold and silver, the dollar rally made dollar-denominated metals more expensive globally, pushing prices lower.
What are the current MCX gold and silver price levels?
On 24 July, MCX gold (August futures) was trading around ₹1,42,376 per 10 grams, after hitting an intraday low of ₹1,41,742. MCX silver (September futures) touched a low of ₹2,17,325 per kg during the session.
What are the key support and resistance levels for MCX gold?
Analysts place immediate support for MCX gold at ₹1,41,500, with the next floor at ₹1,41,000–₹1,40,700. On the upside, resistance is seen at ₹1,42,700–₹1,43,000, followed by ₹1,43,700–₹1,44,000.
How are international gold and silver prices performing?
COMEX gold fell 0.48% to $4,030 an ounce and COMEX silver slipped 0.41% to $57.80 an ounce on the same day, reflecting the same pressure from dollar strength and geopolitical uncertainty.
What is the near-term outlook for gold and silver prices?
Analysts describe the near-term outlook for both metals as weak. Gold needs to reclaim the ₹1,42,700–₹1,43,000 resistance zone to improve momentum, while silver must sustain above ₹2,19,000–₹2,20,000. The trajectory of the US-Iran conflict and the US dollar index will be the key near-term drivers.
