Gold and silver prices slip amid Middle East tensions

On July 10, the Multi Commodity Exchange (MCX) in Mumbai opened gold contracts for August 5, 2026 at 1,44,890 rupees per 10 g, about 0.28 % lower than the previous close of 1,45,300 rupees. The price fell further to 1,44,603 rupees (‑0.48 %). Silver also weakened, with the September 4, 2026 contract opening near flat at 2,26,368 rupees per kilogram and later trading at 2,26,133 rupees (‑0.11 %). In international markets, gold was down roughly 0.30 % at $4,128 per ounce, while silver rose about 0.18 % to $60.86 per ounce.

The declines were attributed to heightened tension in the Middle East, where recent Iranian retaliation to U.S. airstrikes has targeted U.S. bases in the Gulf region. Analysts noted that geopolitical uncertainty can dampen demand for safe‑haven assets such as precious metals, contributing to the modest price pull‑back.