For the last few days, fluctuations in the prices of gold and silver have confused the common people and investors. There is confusion due to rise and fall in international and domestic markets. After a rise in the beginning of the week, gold and silver prices saw a sharp fall on Thursday. Today, Friday, July 24, prices of both metals opened weak on MCX for the second consecutive day, although the trend changed in the first few hours. The morning started with a decline of 0.6%, but by afternoon silver prices rose, while gold remained sluggish.
Gold price fell, then increased, but could not turn positive
Gold and silver prices remained weak for the second consecutive day. Prices of both precious metals fell by about 0.6% in the morning. On the Multi Commodity Exchange (MCX), gold for delivery on August 5, 2026 opened at ₹1,42,392 per 10 grams, lower than the previous closing of ₹1,42,821 per 10 grams. As of 11:00 am, it was trading at ₹1,41,951 per 10 grams – a decline of ₹870 or 0.61% – and during this period it touched a low of ₹1,41,742 and a high of ₹1,42,393. There was a slight recovery in gold by afternoon but it could not come into the positive zone; Gold futures for August delivery were trading at ₹1,42,319 per 10 grams, lower by 0.35% or ₹502.
Changes in silver price: first decline, then rise
Like gold, silver prices also saw a decline in the morning. The silver contract for September 4, 2026 opened at ₹2,18,280 per kg, compared to the previous closing of ₹2,19,375 per kg. As of 11:00 am, it was trading at ₹2,18,491 per kg, lower by ₹884 or 0.40%. During this period, silver price touched a low of ₹2,17,325 per kg and a high of ₹2,18,884 per kg. However, by 12:00 noon the trend changed; On MCX, silver for delivery on September 4 rose 0.24% (or ₹533) to ₹2,19,908 per kg.
**Gold and silver in international markets**
Gold and silver prices also fell in the international market. On COMEX, gold fell 0.48% to $4,030 an ounce, while silver fell 0.41% to $57.80 an ounce. The reason for this weakness in precious metals is the strengthening of the dollar index, which has again crossed the 101 level after the US-Iran conflict escalated. The dollar index measures the value of the US dollar against a basket of six major global currencies – the euro, the Japanese yen, the pound sterling, the Canadian dollar, the Swedish krona and the Swiss franc. The conflict between US and Iran is intensifying; Iran is targeting American bases in the Middle East, while the US is continuously targeting Iranian military bases to reduce Iran’s ability to control the Strait of Hormuz.