Gold and silver prices slip in India and Dubai amid Middle East tension
On July 15‑16 2026, bullion prices fell across India and the United Arab Emirates. In Indian markets, the MCX 10‑gram gold contract dropped to about ₹1.41 lakh, a decline of roughly 0.4‑0.5 %, while silver fell to around ₹2.19‑2.20 lakh per kilogram. Major cities such as Delhi, Mumbai and Chennai reported similar levels, with some local variations. In Dubai, retail rates for 24‑karat gold slipped to AED 486 per gram (down AED 5.25) and 22‑karat gold to AED 450 per gram (down AED 4.75). The price weakness was attributed to heightened Middle‑East tension between the United States and Iran, which bolstering the U.S. dollar index and prompting profit‑taking by investors. Analysts also noted that weaker domestic demand and industrial usage contributed to the downward pressure. A brief rally on July 15 saw 24‑karat gold rise by ₹770 per 10 g in some Indian cities, but the overall trend remained negative.