Gold rate today: MCX gold price rises above ₹1.59 lakh per 10 grams, silver price falls amid renewed US-Iran conflict
Gold rate today: Gold prices declined in the international market, as fresh escalation in the US-Iran war in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation.
Gold prices in India opened marginally higher on the Multi Commodity Exchange on Wednesday, following a weak sentiment in global bullion market as fears of higher interest rates due to the US-Iran war-led inflation risk dented safe-haven appeal for precious metals.
MCX gold rate today for August futures contracts opened 0.06% higher at ₹1,59,447 per 10 grams as against its previous close of ₹1,59,346 level. MCX silver rate for July futures contracts opened 0.01% lower at ₹2,66,668 per kg as compared with its previous close of ₹2,66,707 level.
At 9:10 AM, MCX gold price was trading higher by ₹24, or 0.02%, at ₹1,59,370 per 10 grams, while MCX silver price was down by ₹491, or 0.18%, at ₹2,66,216 per kg.
In the international market, gold prices declined, as fresh escalation in the US-Iran war in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation.
Spot gold price fell 0.2% to $4,476.50 per ounce, while US gold futures for August delivery dropped 0.3% to $4,504.40. Spot silver price fell 0.5% to $74.73 per ounce.
The US-Iran war in the Middle East escalated, with the US military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or failed as diplomacy between Washington and Tehran showed little progress.
Crude oil prices jumped over 1%, deepening concerns over inflation and interest rate hikes.
Meanwhile, Cleveland Federal Reserve President Beth Hammack said on Tuesday the US central bank may need to raise interest rates soon should already-high inflation pressures continue to mount, Reuters reported.
“Despite recent weakness, gold remains near historically elevated levels, supported by persistent geopolitical risks, central-bank purchases, and demand for safe-haven assets amid an uncertain global economic backdrop,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
Attention is now turning to Friday’s closely watched nonfarm payrolls report, a key gauge of labor market strength that could provide further clues on the Federal Reserve’s policy path in the months ahead, he added.
Gold Price Outlook
Trivedi believes that the outlook for the MCX gold and silver prices today remains weak.
“MCX gold price has support at ₹1,59,000 level, while it may face resistance at ₹1,60,000 level. MCX silver price may find support at ₹2,64,000, while resistance is placed at ₹2,68,000 level,” said Trivedi.
Kaveri More, Commodity Analyst - Technical Research at Choice Broking noted that MCX gold prices have declined nearly 4% over the last two weeks amid a stronger US dollar and weakness in the Indian rupee.
“The key weekly support fro MCX gold price is placed at the 20-week EMA near ₹1,57,380, while daily EMAs remain above current prices, indicating short-term bearish pressure. The overall trend remains moderately bearish, with major support seen at ₹1,57,380 – ₹1,52,700, and resistance placed at ₹1,63,650 – ₹1,69,000,” said More.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.
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