Gold, silver prices today: Comex extends weekly losses amid renewed Middle East tensions

Following strong gains in the previous session, precious metals turned volatile in Friday's trade (10 July), swinging between gains and losses before trading mostly lower and remaining on track to end the week in negative territory.

Comex gold futures fell $59 per troy ounce to an intraday low of $4,081, taking their week-to-date losses to 0.20%. Comex silver futures declined nearly $1.5 per troy ounce to $59.25, extending their weekly decline to 1.24%.

Renewed tensions in the Middle East have revived concerns that persistent geopolitical risks could keep interest rates elevated for longer. While gold typically benefits from safe-haven demand during periods of uncertainty, higher interest rates increase the appeal of interest-bearing assets such as bonds, limiting gains in non-yielding precious metals.

After suffering sharp losses following the outbreak of the Iran conflict in late February, gold and silver staged a recovery last week on hopes of an interim peace agreement.

However, that rebound came under pressure after the latest escalation in Middle East tensions, as traders assessed whether further hostilities could disrupt energy shipments through the Strait of Hormuz, one of the world's busiest oil transit routes.

After US forces carried out strikes on targets in Iran over two consecutive days in response to attacks on vessels in the Strait of Hormuz, US President Donald Trump said on Friday that Iran had requested to continue talks and that the United States had agreed, but added that the June ceasefire was "over."

"The Islamic Republic of Iran has asked us to continue 'talks.' We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Ceasefire is OVER!" Trump wrote in a post on Truth Social.

The conflict, which began in late February and disrupted the global economy, continued until April before a ceasefire was announced. The subsequent interim peace agreement had reassured investors that both sides were keen to avoid a prolonged conflict. However, the latest attacks have once again raised doubts about the prospects for a lasting peace.

Meanwhile, minutes from the Federal Reserve's June policy meeting showed that only a few policymakers supported an interest rate hike, even as officials expressed growing concern about inflationary pressures. Markets continue to price in at least one Fed rate hike by the end of 2026.

Investors will now turn their attention to next week's US inflation data and Federal Reserve Governor Kevin Warsh's testimony for further clues on the interest rate outlook.

MCX gold slips 2.6% this week; silver erases most recent gains

Tracking weakness in international markets, the near-month MCX gold futures contract fell nearly ₹2,000 per 10 grams to an intraday low of ₹1,43,324. The precious metal has closed lower in three of the last four sessions, resulting in a 2.6% decline so far this week.

The MCX silver futures contract also came under pressure, falling nearly ₹5,000 per kg to an intraday low of ₹2,21,500. So far this week, silver has declined by ₹14,316 per kg, erasing most of last week's gains of nearly ₹16,000 per kg.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.