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Gold prices gained 1.31 per cent during the week as growing tensions between Washington and Tehran, along with a rise in crude oil rates, encouraged investors to shift towards safe-haven assets.
On Friday, MCX gold August contracts registered a rise of 0.17 per cent, while MCX silver September futures increased by 1.33 per cent.
Gold futures ended trading at ₹1,43,066 per kg, whereas silver futures closed at ₹2,22,301 per kg on the commodity exchange.
Data released by the India Bullion and Jewellers Association (IBJA) showed that 10 grams of 24-carat gold was priced at ₹1,43,781 on Friday, compared with ₹1,41,915 at the opening of Monday’s market.
Market uncertainty increased after fresh US-Iran tensions and reported tanker attacks in the Red Sea pushed crude oil prices higher.
The possibility of prolonged inflation lifted US Treasury yields and supported the dollar, putting pressure on demand for non-interest-bearing assets.
US President Donald Trump’s warning of a possible ‘massive attack’ against Iran further intensified geopolitical concerns during the week.
At the same time, Brent crude prices surged nearly 9.8 per cent and briefly crossed the $100 per barrel level after Yemen’s Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea.
The increase in energy prices also led investors to expect that the US Federal Reserve could maintain a stricter monetary policy stance due to concerns over inflation.
Silver prices recovered several times during the week, supported by steady industrial demand from sectors including solar power and electric vehicles.
Key Levels
Analysts identified immediate resistance for COMEX gold at $4,140–$4,160, while identifying support levels between $4,000 and $3,980.
For MCX gold, analysts estimated resistance at ₹1,45,500–₹1,46,600 and placed support levels at ₹1,42,000–₹1,41,500.
Investors are closely watching the US Federal Reserve’s policy meeting scheduled for July 28–29, as the outcome could offer key insights into the future direction of global commodity markets.
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