Gold and silver price today: Rates of gold and silver jumped sharply on the MCX on Wednesday, 22 July, tracking a positive global trend, even as crude oil prices jumped, driven by the US-Iran conflict, fuelling concerns over inflation and rate hikes.
MCX gold August futures jumped more than 1% to levels above ₹1,44,500 per 10 grams, while MCX silver September contracts also climbed more than 1% to surpass the ₹2,26,350 per kg mark in morning trade on Wednesday.
Domestic gold prices were influenced by the trend in the US, where the yellow metal soared to a nearly two-week high.
Precious metals are rising on value buying after recent volatility driven by the US-Iran conflict, which has revived concerns that inflation may spike substantially, prompting the US central bank to tighten monetary policy aggressively.
In the previous session, the MCX gold August futures contract settled with a gain of over 1%, while the silver September futures contract settled with a gain of nearly 2.5%.
Investors keep a close eye on the ongoing Middle East conflict while awaiting the US Federal Reserve meeting, scheduled for 28-29 July, for clues on the interest rate trajectory.
The US military, as per reports, launched an 11th night of strikes on Iran. US President Donald Trump said the US would soon target the area near Pickaxe Mountain – a fortified underground site near one of Iran’s primary nuclear enrichment facilities.
Iran warned that a US attack on Pickaxe Mountain would widen the war and trigger broader strikes on Washington’s regional allies.
Crude oil benchmark Brent crude rose over 1% to trade above $92 per barrel.
“Despite a stronger U.S. dollar and elevated Treasury yields, bullion remained supported amid renewed concerns over global energy supplies after fresh strikes near the Strait of Hormuz and continued attacks around the Black Sea region. Rising crude oil prices have kept inflation concerns alive ahead of the July 28-29 FOMC meeting, where investors will closely watch the Federal Reserve’s policy decision and Chair Kevin Warsh’s commentary for further direction on interest rates,” Ravi Singh, Chief Research Officer at Master Capital Services, noted.
Gold and silver: Key levels to watch
Singh highlighted that MCX gold witnessed a recovery after finding support near ₹1,40,000, helping prices rebound from recent lows. The short-term trend has turned neutral, with buyers defending the immediate support area.
“As long as prices hold above ₹1,40,000, fresh selling pressure is likely to remain limited. On the upside, the 21-day EMA near ₹1,44,200 is expected to act as the first major resistance, and a sustained move above this level will be required to improve the near-term outlook,” said Singh.
Manoj Kumar Jain of Prithvifinmart Commodity Research said MCX gold has support at ₹1,42,000 and ₹1,41,400 and resistance at ₹1,44,000 and ₹1,45,500, while silver has support at ₹2,21,600 and ₹2,18,800 and resistance at ₹2,26,000 and ₹2,28,800.
“We suggest traders to trail their stop loss in the long positions and book profits around ₹1,44,400 and ₹1,45,500 range in gold and ₹2,27,000 and ₹2,30,000 range in silver,” said Jain.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
