Gold, silver prices fall as global bullion weakens; 24K gold slips below ₹1.43 lakh per 10 gm
In the domestic market, MCX gold hovered around the ₹1.41 lakh per 10 grams level, while MCX silver traded below ₹2.20 lakh per kg. Retail bullion prices also eased, with 24-carat gold falling by at least ₹2,800 per 100 grams, pushing the price of 10 grams below ₹1,43,500.
- Jul 18, 2026,
- Updated Jul 18, 2026 9:46 AM IST
Gold and silver prices declined sharply on Friday, mirroring weakness in international bullion markets as renewed geopolitical tensions in the Middle East and a stronger US dollar weighed on investor sentiment. While softer US inflation data offered some support to precious metals, it was not enough to offset concerns that escalating tensions could keep the Federal Reserve cautious on interest rate cuts.
In the domestic market, MCX gold hovered around the ₹1.41 lakh per 10 grams level, while MCX silver traded below ₹2.20 lakh per kg. Retail bullion prices also eased, with 24-carat gold falling by at least ₹2,800 per 100 grams, pushing the price of 10 grams below ₹1,43,500.
Internationally, spot gold dropped nearly 1% to around $4,030 an ounce, while spot silver declined over 1.1% to trade just above $57 an ounce, extending losses amid cautious investor sentiment.
Gold under pressure despite softer US inflation
Gold's traditional appeal as an inflation hedge received some support after fresh US inflation data pointed to easing price pressures.
According to data released on Wednesday, US producer prices unexpectedly declined in June, marking their first monthly drop in nearly a year, largely due to lower energy costs. The softer wholesale inflation reading followed weaker-than-expected US consumer inflation data released a day earlier, reinforcing expectations that inflationary pressures are moderating.
Ordinarily, cooling inflation boosts gold by increasing the likelihood of lower interest rates. However, investors remained focused on geopolitical developments and the Federal Reserve's policy outlook.
Ponmudi R, CEO of Enrich Money, said: "MCX Gold ended the week on a negative note but managed to find support near ₹1,40,000 and is attempting to stabilize above this key level. A decisive break below ₹1,40,000 could extend the decline toward the ₹1,39,300–₹1,38,700 support zone. On the upside, immediate resistance is placed at ₹1,40,700–₹1,41,000, followed by ₹1,42,000–₹1,42,700. A sustained move above these resistance zones could strengthen recovery momentum. Overall, the broader trend remains cautiously negative until prices reclaim key resistance levels."
West Asia tensions offset positive inflation data
Markets turned cautious after the United States carried out additional strikes on Iranian targets, raising concerns over fresh instability in the region. Although US President Donald Trump said Tehran had indicated a willingness to resume negotiations, the renewed military action overshadowed hopes of a sustained de-escalation.
According to Trading Economics, the latest inflation figures also do not yet capture the potential impact of the renewed US-Iran conflict, as the temporary peace arrangement reached last month has effectively broken down.
The heightened geopolitical uncertainty supported the US dollar, which traded around the 100.50 mark on the dollar index. A stronger dollar typically makes gold more expensive for overseas buyers, limiting demand and weighing on bullion prices.
Crude oil eases, but bullion remains weak
Crude oil prices softened modestly after recent gains but remained elevated. US WTI crude futures traded near $80 a barrel, while Brent crude held around $85 a barrel.
Typically, easing crude prices help reduce inflation concerns, which can support gold by strengthening expectations of lower interest rates. However, analysts said the latest geopolitical developments and a firmer dollar outweighed the positive impact of softer energy prices, keeping both gold and silver under pressure.
Asset Latest level MCX Gold Around ₹1.41 lakh MCX Silver Below ₹2.20 lakh Spot Gold Around $4,030/oz Spot Silver Around $57/oz Brent Crude Around $85/barrel WTI Crude Around $80/barrel
Gold and silver prices declined sharply on Friday, mirroring weakness in international bullion markets as renewed geopolitical tensions in the Middle East and a stronger US dollar weighed on investor sentiment. While softer US inflation data offered some support to precious metals, it was not enough to offset concerns that escalating tensions could keep the Federal Reserve cautious on interest rate cuts.
In the domestic market, MCX gold hovered around the ₹1.41 lakh per 10 grams level, while MCX silver traded below ₹2.20 lakh per kg. Retail bullion prices also eased, with 24-carat gold falling by at least ₹2,800 per 100 grams, pushing the price of 10 grams below ₹1,43,500.
Internationally, spot gold dropped nearly 1% to around $4,030 an ounce, while spot silver declined over 1.1% to trade just above $57 an ounce, extending losses amid cautious investor sentiment.
Gold under pressure despite softer US inflation
Gold's traditional appeal as an inflation hedge received some support after fresh US inflation data pointed to easing price pressures.
According to data released on Wednesday, US producer prices unexpectedly declined in June, marking their first monthly drop in nearly a year, largely due to lower energy costs. The softer wholesale inflation reading followed weaker-than-expected US consumer inflation data released a day earlier, reinforcing expectations that inflationary pressures are moderating.
Ordinarily, cooling inflation boosts gold by increasing the likelihood of lower interest rates. However, investors remained focused on geopolitical developments and the Federal Reserve's policy outlook.
Ponmudi R, CEO of Enrich Money, said: "MCX Gold ended the week on a negative note but managed to find support near ₹1,40,000 and is attempting to stabilize above this key level. A decisive break below ₹1,40,000 could extend the decline toward the ₹1,39,300–₹1,38,700 support zone. On the upside, immediate resistance is placed at ₹1,40,700–₹1,41,000, followed by ₹1,42,000–₹1,42,700. A sustained move above these resistance zones could strengthen recovery momentum. Overall, the broader trend remains cautiously negative until prices reclaim key resistance levels."
West Asia tensions offset positive inflation data
Markets turned cautious after the United States carried out additional strikes on Iranian targets, raising concerns over fresh instability in the region. Although US President Donald Trump said Tehran had indicated a willingness to resume negotiations, the renewed military action overshadowed hopes of a sustained de-escalation.
According to Trading Economics, the latest inflation figures also do not yet capture the potential impact of the renewed US-Iran conflict, as the temporary peace arrangement reached last month has effectively broken down.
The heightened geopolitical uncertainty supported the US dollar, which traded around the 100.50 mark on the dollar index. A stronger dollar typically makes gold more expensive for overseas buyers, limiting demand and weighing on bullion prices.
Crude oil eases, but bullion remains weak
Crude oil prices softened modestly after recent gains but remained elevated. US WTI crude futures traded near $80 a barrel, while Brent crude held around $85 a barrel.
Typically, easing crude prices help reduce inflation concerns, which can support gold by strengthening expectations of lower interest rates. However, analysts said the latest geopolitical developments and a firmer dollar outweighed the positive impact of softer energy prices, keeping both gold and silver under pressure.
Asset Latest level MCX Gold Around ₹1.41 lakh MCX Silver Below ₹2.20 lakh Spot Gold Around $4,030/oz Spot Silver Around $57/oz Brent Crude Around $85/barrel WTI Crude Around $80/barrel