Commodity Market Today, July 21: MCX Gold, Silver Extend Gains as Oil Prices Retreat; Key Levels to Watch

Precious metals traded higher on Tuesday as a softer US dollar and lower Treasury yields supported bullion, while crude oil eased amid expectations of stable global supply. Investors are now awaiting fresh US economic data and Federal Reserve commentary for further direction.

Gold and silver prices traded higher on the Multi Commodity Exchange (MCX) on Tuesday, July 21, supported by softer crude oil prices after reports of diplomatic efforts to ease tensions in the Middle East.

MCX gold August futures rose 0.63% to ₹1,42,279 per 10 grams, while MCX silver September futures gained 1.11% to ₹2,20,825 per kg around 9:15 am.

Internationally, spot gold climbed back above $4,040 an ounce after ending the previous session below $4,010, while spot silver settled around $56.4 per ounce after gaining nearly 1%.

What's Driving Commodity Markets Today?

Commodity markets are being driven by a combination of macroeconomic and geopolitical factors. A weaker US dollar and easing Treasury yields have supported demand for bullion, while investors continue to assess the Federal Reserve's interest rate outlook. In the energy market, crude oil prices remain sensitive to supply expectations, geopolitical developments and inventory trends, while industrial metals are tracking demand signals from China and global manufacturing activity.

Gold Market Today

Bullion prices recovered as crude oil retreated from one-month highs, easing immediate inflation concerns.

However, gains remained capped by a stronger US dollar, elevated Treasury yields and expectations that the US Federal Reserve could keep interest rates higher for longer.

Kotak Neo Research noted that markets are now pricing an 83% probability of a December US Fed rate hike, compared with 73% a week earlier, while investors await US S&P Global Flash PMIs, US jobs data and the July 29 FOMC meeting for further policy cues.

Also check gold rate today

Silver Market Today

Silver outperformed gold in early trade after ending Monday with gains of nearly 1% in the spot market.

The recovery came despite persistent macro headwinds, with investors weighing easing oil prices against continued geopolitical uncertainty in the Middle East and expectations of tighter monetary policy globally.

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Crude Oil Market Today

Crude oil prices eased after Monday's sharp volatility. Brent crude futures slipped 0.4% to $88.87 per barrel, while WTI crude traded around $82.47 per barrel, as hopes of diplomatic progress offset supply concerns from the ongoing US-Iran conflict.

According to the report, Brent crude had briefly surged above $91 per barrel and WTI above $85 per barrel, the highest levels since early June, following fresh US military strikes on Iran and reports that Tehran intercepted vessels transiting the Strait of Hormuz.

The report said prices later pared gains after Iran indicated that mediated diplomatic efforts with Washington were continuing. However, geopolitical risks remain elevated following renewed drone attacks in the Black Sea and Houthi forces' announcement of a maritime embargo against Saudi Arabia, keeping volatility high.

MCX Gold, Silver and Crude Oil: Key Levels to Watch

According to the report, Kotak Neo expects to trade with a sideways-to-bullish bias in the ₹1,41,000-₹1,44,050 range, while MCX Silver (September) is seen trading in the ₹2,13,780-₹2,27,750 range.

For the current session, MCX Gold (August) has immediate support at ₹1,41,534, followed by ₹1,41,098, while resistance is placed at ₹1,42,943 and ₹1,43,378.

For MCX Silver (September), immediate support is seen at ₹2,18,814 and ₹2,17,605, while resistance is placed at ₹2,22,728 and ₹2,23,937.

MCX Crude Oil (August) is expected to remain sideways in the ₹7,486-₹7,832 range. Immediate support is placed at ₹7,848 and ₹7,782, while resistance is seen at ₹8,060 and ₹8,126.

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