India gold and silver prices dip amid US‑Iran tensions

On July 18 2026, India’s retail gold rates showed mixed movement, with 24‑karat prices hovering around ₹1.42‑1.43 lakh per 10 g in major cities while some markets recorded modest falls of ₹2,200‑₹2,900 from the previous week. 22‑karat gold stayed near ₹1.30‑1.31 lakh per 10 g. Silver prices slipped to roughly ₹2.30 lakh per kg. The price shifts coincided with heightened US‑Iran hostility in the Strait of Hormuz, which lifted crude‑oil prices and stoked inflation fears, prompting safe‑haven demand for bullion. Analysts noted MCX gold finding support near ₹1.40 lakh, with resistance around ₹1.41‑1.42 lakh, while silver faced resistance near ₹2.17‑2.18 lakh per kg. Dubai’s gold market remained steady, listing 24‑karat gold at ₹1.28 lakh per 10 g, reflecting regional investor caution. Overall, the metals’ modest volatility reflects global geopolitical stress and domestic market dynamics.