Gold, Silver Prices Today: Bullion Falls as US-Iran Tensions Lift Fed Rate Hike Bets; Oil Near $78 | Kotak Neo Commodity Watch

Gold and silver prices opened lower on MCX on Thursday, July 9, as renewed tensions between the US and Iran pushed crude oil higher and revived concerns over inflation and further Federal Reserve rate hikes. Crude oil stayed firm near the $78-a-barrel mark after the fragile ceasefire between the two countries collapsed, keeping energy supply risks in focus.

Gold Price Today

MCX Gold August futures were trading 0.30% lower at ₹1,43,275 per 10 grams in morning trade. International gold prices also remained under pressure after spot gold settled below $4,080 an ounce in the previous session, while COMEX gold closed at $4,082.4, down 1.80%.

The pressure on the yellow metal came as higher crude oil prices raised inflation concerns and strengthened expectations that the US Federal Reserve may keep monetary policy tighter for longer. The Fed’s June meeting minutes showed that a few policymakers saw a case for rate hikes, while officials remained concerned about broadening inflation pressures.

Silver Price Today

MCX Silver September futures declined 0.76% to ₹2,21,749 per kg in morning trade. Spot silver had settled at $58.3 an ounce, down 2.80%, while COMEX silver fell 4.55% to $58.54 in the previous session.

Silver has remained under sharper pressure than gold, with the gold-silver ratio widening to 69.9, reflecting relative weakness in the white metal.

Oil Price Today

Crude oil stayed elevated after Brent jumped above $80 in the previous session and WTI moved near $76, as the US-Iran truce collapsed and fresh strikes raised concerns over supply disruptions through the Strait of Hormuz. Kotak Neo Commodity Research said crude rallied sharply as markets priced in the risk of prolonged disruption despite a surprise 3-million-barrel rise in US crude inventories.

Brent crude was trading near $78 a barrel on Thursday, while markets continued to track whether fresh escalation in West Asia could affect shipping and energy flows.

Base Metals

Base metals also traded weak, with copper and zinc leading losses. LME copper slipped 1.50% to $13,165.5 per tonne, while zinc fell 1.48% to $3,519. Aluminium was relatively resilient, closing marginally lower at $3,132.

Commodity Outlook

Kotak Neo Commodity Research maintains a sideways-to-bearish bias on MCX Gold August, with a range of ₹1,40,690-₹1,45,435. MCX Silver September is also seen sideways to bearish in the ₹2,10,285-₹2,30,960 range. MCX Crude Oil July carries a sideways-to-bullish bias in the ₹6,630-₹7,170 range.

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