Gold futures on the Multi Commodity Exchange (MCX) climbed sharply on July 22, tracking a positive global trend and rising crude oil prices driven by escalating US-Iran tensions. The August gold contract rose by 1.07% to settle at Rs 1,44,408 per 10 grams, while September silver futures gained 0.94% to Rs 2,25,886.
In the international oil market, Brent crude futures advanced 1.20% to $92.10 per barrel, and US West Texas Intermediate (WTI) edged up 1.08% to $85.25 per barrel. The rally in oil prices was fueled by geopolitical uncertainty in the Middle East, which also supported safe-haven demand for gold.
Domestic Gold Prices
In the Indian physical market, 24K gold rose by Rs 229 to Rs 1,46,510 per 10 grams, while 22K gold increased by Rs 210 to Rs 1,34,300. Regional prices were largely uniform: Mumbai and Kolkata quoted Rs 1,46,510, Delhi Rs 1,46,560, and Chennai Rs 1,46,510.
US Gold Prices
In the US markets, spot gold hit a two-week high, climbing 1.6% to $4,139.64 per ounce. August gold futures jumped 1.7% to $4,144.20. The rally was attributed to technical buying and heightened uncertainty over the widening Middle East conflict, as traders awaited the US Federal Reserve meeting scheduled for next week. According to the CME FedWatch Tool, the probability of a September rate hike now stands at 64%.
Spot silver rose 1.9% to $59.87 per ounce, platinum gained 2.4% to $1,667.22, and palladium advanced 3% to $1,320.75.
Key Levels and Analyst Outlook
“Buyers have been stepping in seeking a value play after the recent pullback, while hopes for diplomatic progress between the US and Iran are also assisting price moves,” said Tim Waterer, chief market analyst at KCM Trade.
On the MCX, gold is seen with support at Rs 1,42,000 and Rs 1,41,400, while resistance is at Rs 1,44,000 and Rs 1,45,500. Silver has support at Rs 2,21,600 and Rs 2,18,800, with resistance at Rs 2,26,000 and Rs 2,28,800.
Manoj Kumar Jain of Prithvi Finmart Commodity Research advised traders to trail stop losses in long positions and book profits around Rs 1,44,400–Rs 1,45,500 for gold and Rs 2,27,000–Rs 2,30,000 for silver.
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