Gold and silver futures on the Multi Commodity Exchange (MCX) edged lower on Wednesday, July 8, 2026, as renewed tensions between the United States and Iran boosted safe-haven demand for the dollar. The yellow metal for August delivery declined by 0.2% to ₹72,800 per 10 grams, while silver for September delivery slipped 0.3% to ₹91,200 per kg.
MCX Gold and Silver Performance
According to MCX data, gold futures opened at ₹72,950 and touched an intraday low of ₹72,750 before recovering slightly. Silver futures saw a similar trend, opening at ₹91,500 and hitting a low of ₹91,000. The decline was attributed to a stronger US dollar index, which rose 0.1% to 104.5, as investors sought the greenback amid geopolitical uncertainty.
"The renewed US-Iran tensions have led to a flight to safety, but the dollar is benefiting more than gold at the moment," said a commodity analyst at Anand Rathi Shares and Stock Brokers. "However, if the situation escalates, gold could regain its safe-haven appeal."
City-wise Gold and Silver Rates
In the domestic spot market, gold prices varied across major cities. In Delhi, 24-carat gold was quoted at ₹73,200 per 10 grams, while 22-carat gold was at ₹67,100. In Mumbai, 24-carat gold was ₹73,000, and 22-carat was ₹66,900. Chennai saw 24-carat gold at ₹73,500 and 22-carat at ₹67,400. Kolkata reported 24-carat gold at ₹73,100 and 22-carat at ₹67,000.
Silver rates also showed regional differences. Delhi quoted silver at ₹92,000 per kg, Mumbai at ₹91,800, Chennai at ₹92,200, and Kolkata at ₹91,900. The slight variations are due to local taxes and transportation costs.
Impact of US-Iran Tensions
The US-Iran tensions escalated after the US imposed new sanctions on Iranian oil exports, and Iran responded by threatening to block the Strait of Hormuz. This geopolitical risk has historically driven gold prices higher, but the current market dynamics show a preference for the dollar. "The dollar index is hovering near a two-month high, which is capping gold's upside," noted a research analyst at Motilal Oswal Financial Services.
Market participants are now awaiting the US Federal Reserve's minutes from its June meeting, which could provide clues on future interest rate moves. Higher interest rates tend to weigh on gold, as they increase the opportunity cost of holding non-yielding assets.
Outlook for Gold and Silver
Analysts remain cautiously optimistic on gold. "Gold is likely to find support at ₹72,500 levels, and a break above ₹73,500 could trigger fresh buying," said a senior analyst at Kotak Securities. For silver, support is seen at ₹90,500, with resistance at ₹92,500.
Meanwhile, the World Gold Council reported that global gold demand rose 4% in the second quarter of 2026, driven by central bank purchases and jewelry demand. This fundamental support may help gold prices in the medium term.
City-wise Gold Rates (24-carat per 10 grams)
- Delhi: ₹73,200
- Mumbai: ₹73,000
- Chennai: ₹73,500
- Kolkata: ₹73,100
- Bengaluru: ₹73,050
- Hyderabad: ₹73,200
- Ahmedabad: ₹73,100
- Pune: ₹73,000
City-wise Silver Rates (per kg)
- Delhi: ₹92,000
- Mumbai: ₹91,800
- Chennai: ₹92,200
- Kolkata: ₹91,900
- Bengaluru: ₹91,850
- Hyderabad: ₹92,000
- Ahmedabad: ₹91,900
- Pune: ₹91,800
Overall, the precious metals market remains sensitive to geopolitical developments and macroeconomic data. Investors are advised to monitor the US-Iran situation and Fed policy for near-term direction.
