Gold Jumps Nearly 1%, Silver Advances As Crude Rally, US-Iran Tensions Lift Bullion Demand

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Key points generated by AI, verified by newsroom

• Gold and silver prices rose from strong demand, global cues.
• US-Iran tensions surged crude oil, boosting safe-haven gold.
• Softer US dollar also supported precious metals’ price rally.

Gold and silver prices moved higher on Tuesday, with the yellow metal gaining sharply in domestic futures trade as traders built fresh positions amid firm spot demand. Precious metals also drew support from positive global cues, even as surging crude oil prices and renewed US-Iran tensions kept investors alert to inflation and interest rate risks.

On the Multi Commodity Exchange (MCX), gold futures for August delivery jumped Rs 1,303, or 0.93 per cent, to Rs 1,41,612 per 10 grams. Trading turnover for the contract stood at 1,095 lots.

Analysts attributed the rise in gold prices to fresh positions created by market participants on the back of stronger spot demand.

International gold prices also traded in positive territory. Gold futures in New York climbed 0.70 per cent to $4,030.57 per ounce.

The gains in bullion came against the backdrop of a sharp rise in global crude oil prices. Oil climbed around 3 per cent on Tuesday to reach its highest level in four weeks after the United States reinstated its naval blockade of Iran and fresh military exchanges near the Strait of Hormuz raised concerns over global energy supplies.

Brent crude surged as much as 2.82 per cent, or $2.35, to trade above $85 per barrel. US West Texas Intermediate (WTI) crude gained nearly 3 per cent, or $2.28, to $80.42 per barrel.

In India, MCX crude oil futures soared 4.51 per cent, or Rs 332, to Rs 7,692, touching an intraday high as of 11:08 AM.

The latest surge followed a nearly 10 per cent jump in Brent crude during the previous session, its biggest single-day gain since May 2020. Escalating tensions between the US and Iran have renewed fears over the security of energy supplies from the Persian Gulf.

While gold is widely considered a hedge against inflation, expectations of higher interest rates can restrict its upside. Elevated borrowing costs increase the opportunity cost of holding non-yielding assets such as bullion.

A softer US dollar has also provided some support to precious metals. Weakness in the greenback makes dollar-denominated gold and silver relatively cheaper for buyers using other currencies, potentially improving international demand.

Silver prices also moved higher, with spot silver gaining 0.8 per cent to $60.46 per ounce. However, the white metal remained on course for a weekly decline as investors continued to assess the impact of changing interest rate expectations.

Geopolitical developments remain a crucial trigger for the bullion market. The US launched a third consecutive night of strikes on Iran following President Donald Trump’s announcement of a multi-day wave of attacks and a renewed blockade on Iranian trade through the Strait of Hormuz.

Trump also said countries benefiting from US protection of commercial shipping through the Strait of Hormuz would be expected to compensate Washington for the operation.

Meanwhile, reports said Iran intensified its military response by launching drones targeting US assets in Kuwait and firing cruise missiles at what it described as a hostile vessel. Tehran also said its agreement with Washington had entered a crisis phase and that it would no longer honour the deal as long as the US continued to violate its commitments.

With crude oil prices climbing and geopolitical uncertainty remaining elevated, bullion markets are likely to stay sensitive to inflation signals, movements in the US dollar and expectations surrounding the future course of interest rates.

Gold Rates Across Major Cities In India On July 15

Gold Prices in Delhi Today (Per 1 Gram)

24 Karat – 14,357

22 Karat- 13,160

18 Karat- 10,767

Gold Prices in Chennai Today (Per 1 Gram) 

24 Karat – 14,378

22 Karat- 13,180

18 Karat- 11,000

Gold Prices in Bengaluru Today (Per 1 Gram)

24 Karat – 14,357

22 Karat- 13,160

18 Karat- 10,767

Gold Prices in Mumbai Today (Per 1 Gram)

24 Karat – 14,357

22 Karat- 13,160

18 Karat- 10,767

Gold Prices in Pune Today (Per 1 Gram)

24 Karat – 14,357

22 Karat- 13,160

18 Karat- 10,767

Gold Prices in Kolkata Today (Per 1 Gram)

24 Karat – 14,357

22 Karat- 13,160

18 Karat- 10,767

Silver Price Across Major Cities In India On July 15

Silver Price In Delhi Today

The current silver price in Delhi stands at Rs 235 per gram and Rs 235,000 per kg.

Silver Price In Chennai Today

The current silver price in Chennai stands at Rs 240 per gram and Rs 240,000 per kg.

Silver Price In Bengaluru Today

The current silver price in Bengaluru stands at Rs 235 per gram and Rs 235,000 per kg.

Silver Price In Mumbai Today

The current silver price in Mumbai stands at Rs 235 per gram and Rs 235,000 per kg.

Silver Price In Pune Today

The current silver price in Pune stands at Rs 235 per gram and Rs 235,000 per kg.

Silver Price In Kolkata Today

The current silver price in Kolkata stands at Rs 235 per gram and Rs 235,000 per kg.

Silver Price Today in Major Indian Cities