Gold, silver rates today: Gold and silver prices remained volatile in early trade on Monday, 10 August, as investors weighed mixed developments in the Middle East. A stronger US dollar, coupled with rising crude oil prices, also put pressure on precious metals.
On the MCX, gold October futures were largely unchanged at ₹1,51,870 per 10 grams, while silver September futures gained 0.90% to ₹2,33,532 per kg on 10 August.
In the global market, spot gold held steady above $4,300 an ounce, while spot silver climbed 1% to $64.15 an ounce.
What’s driving gold and silver prices today?
The dollar index rose 0.20%, making gold priced in the US currency more expensive for buyers holding other currencies.
Crude oil prices climbed 1% to trade above $84 a barrel amid continued uncertainty over the reopening of the Strait of Hormuz. According to reports, Iran said talks with Oman on setting up alternative shipping routes were close to completion, but maintained that the US would need to meet additional conditions before the key waterway could be reopened.
The ongoing US-Iran conflict remains a key factor influencing gold prices, as sustained tensions could keep oil prices elevated, add to inflationary pressures and potentially prompt the US Federal Reserve to raise interest rates.
While an agreement between Iran and Oman may be nearing, tensions in the region remain elevated. Reports said a Yemeni military spokesperson on August 9, local time, stated that Iran-backed Houthi forces had resumed attacks on the Red Sea port city of Mocha.
Meanwhile, US President Donald Trump said on Sunday that Washington was taking a “low-key” approach towards Iran and was not currently considering another military offensive.
Beyond geopolitical developments in the Middle East, investors are also awaiting key US economic data this week. The Consumer Price Index (CPI) is due on Wednesday, followed by the Producer Price Index (PPI) on Thursday, with both reports expected to offer fresh signals on the Federal Reserve’s interest rate outlook.
Separately, data from the Bureau of Labor Statistics showed on Friday that US nonfarm payrolls fell by 23,000 last month, following a combined downward revision of 1,03,000 jobs for May and June.
“Spot gold holds gains above $4,350 an ounce today, while silver trades above $64, both digesting a soft US jobs print rather than reacting to West Asia headlines. Friday’s July jobs report was weak, with payrolls falling by 23,000 against expectations of an 80,000 gain, and the labor force participation rate slipping to 61.4%, its lowest reading outside the pandemic years. That is not a picture of genuine labor market strength, even though the unemployment rate itself looks contained, and it complicates the case for Fed Chair Kevin Warsh to lean hawkish,” said Kaynat Chainwala, AVP – Commodity Research, Kotak Securities.
Gold vs Silver: Which metal to buy amid uncertainty?
Harshal Dasani, Business Head – INVasset PMS, believes that the choice between gold and silver in a war-uncertainty environment is really a choice between two different jobs.
“Gold is the insurance policy: it carries the central-bank bid, 337 tonnes bought in the first quarter alone with China now on a 20-month buying streak, it answers to America’s $39.9 trillion debt rather than to industrial cycles, and in any re-escalation of the US-Iran conflict it is the first asset the world reaches for,” Dasani said.
Dasani further explained that if the conflict escalates, gold protects better; if it resolves and the industrial cycle runs, silver multiplies faster, moving with roughly twice gold’s velocity in both directions.
“For most investors the answer is a gold-heavy core with a silver satellite, sized so that silver’s volatility never forces a sale at the wrong time. Buy the insurance first. Rent the leverage second,” he said.
Meanwhile, Chainwala of Kotak Securities, said that Silver tends to track gold’s direction but with wider swings, since it carries meaningful industrial demand alongside its investment appeal.
“For investors positioning through this uncertainty, gold remains the steadier hedge, while silver offers higher upside if industrial demand holds alongside any monetary tailwind, with correspondingly sharper downside if risk sentiment turns,” Chainwala said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
