Gold & Silver Prices Today: MCX Gold, Silver Slip as Stronger Dollar and US-Iran Tensions Weigh on Bullion

Gold & Silver Prices Today

Gold and silver prices traded lower on the Multi Commodity Exchange (MCX) during Friday's session as investors booked profits following recent gains. A stronger US dollar and renewed geopolitical tensions in the Middle East weighed on precious metals despite softer-than-expected US inflation data.

Both gold and silver had rallied sharply in the previous session after the US Federal Reserve kept interest rates unchanged. However, traders shifted to profit booking amid rising uncertainty surrounding the US-Iran conflict.

MCX Gold & Silver Prices

During the morning trading session on 31 July 2026, precious metals traded in the red.

Latest MCX Prices

Gold (August Futures)

• Price: ₹1,42,547 per 10 grams
• Change: Down 0.50%

Silver (September Futures)

• Price: ₹2,19,117 per kg
• Change: Down 0.40%

The decline follows a strong rally in the previous trading session, when both metals gained over 1%.

Why Gold & Silver Prices Fell

Several global factors contributed to Friday's weakness in bullion prices.

Stronger US Dollar

The US Dollar Index strengthened by around 0.40%, making gold more expensive for holders of other currencies. A stronger dollar typically reduces demand for precious metals in international markets.

Profit Booking

After Thursday's sharp rally following the Federal Reserve's policy announcement, investors opted to book profits ahead of the weekend.

Escalating US-Iran Conflict

Geopolitical tensions remained elevated after fresh military developments in the Middle East.

Reports indicated that

• US forces carried out fresh strikes on Iran.
• Iran continued military actions in the region.
• Jordan intercepted multiple missiles.
• Brent crude oil remained elevated near $88 per barrel.

Higher oil prices continue to influence inflation expectations and overall market sentiment.

US Inflation Offers Some Support

Although precious metals declined during the session, softer US inflation data helped limit the downside.

The latest Personal Consumption Expenditures (PCE) data showed

• Monthly PCE Inflation: -0.1%
• Annual PCE Inflation: 3.7%
• Previous Reading: 4.1%

Meanwhile, US CPI inflation eased to 3.5%, indicating inflationary pressures have moderated compared to previous months.

Lower inflation generally supports gold prices by reducing pressure for aggressive monetary tightening.

US Federal Reserve Remains Cautious

The US Federal Reserve kept benchmark interest rates unchanged during its latest policy meeting.

However, the policy statement remained cautious as

• Three Fed officials supported a rate hike.
• Inflation remains above the Fed's 2% target.
• Rising energy prices could push inflation higher again.

This mixed outlook has kept commodity traders cautious.

MCX Gold Technical Levels

According to commodity market experts, these are the important levels to watch.

Gold

Support

• ₹1,42,400
• ₹1,41,750

Resistance

• ₹1,44,000
• ₹1,45,100

Analysts believe the broader trend remains positive as long as gold holds above the ₹1,40,000 level.

MCX Silver Technical Levels

Silver

Support

• ₹2,17,700
• ₹2,16,000

Resistance

• ₹2,22,200
• ₹2,24,500

Silver continues to remain volatile amid uncertainty surrounding global growth and geopolitical developments.

Global Factors to Watch

Commodity traders will closely monitor

• US-Iran geopolitical developments
• Movement in the US Dollar Index
• Brent crude oil prices
• US Treasury bond yields
• Federal Reserve policy outlook
• Inflation data

These factors are expected to influence the near-term direction of precious metals.

What This Means for Traders

Gold and silver remain supported by geopolitical uncertainty and easing inflation expectations. However, a stronger US dollar and continued profit booking could keep prices volatile in the short term.

Traders may continue to monitor key technical support levels while keeping an eye on global macroeconomic developments and central bank commentary before taking fresh positions.

Disclaimer

This article is published solely for educational and informational purposes and should not be considered financial, investment, legal, or tax advice. The information presented is based on publicly available sources and is believed to be accurate at the time of publication; however, TrendRipperX does not guarantee its completeness or accuracy.

TrendRipperX is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst. Any views expressed are for informational purposes only and do not constitute a recommendation to buy, sell, or hold any security.

Investments in the securities market are subject to market risks. Readers should conduct their own research and consult a SEBI-registered financial advisor before making any investment decisions.