MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

Gold prices on the Multi Commodity Exchange (MCX) climbed on July 21, driven by a decline in crude oil prices and reports of diplomatic efforts to de-escalate tensions in the Middle East. August gold futures rose 0.65% to ₹1,42,300 per 10 grams, while September silver futures gained 1.09% to ₹2,20,775.

Brent crude oil futures fell 0.80% to $88.51 per barrel, slipping below the $90 mark. West Texas Intermediate (WTI) crude edged down 0.46% to $82.10 per barrel. The drop in oil prices eased inflation concerns, supporting demand for gold as a safe-haven asset.

According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the US Federal Reserve. This expectation continues to influence precious metals markets.

Domestic Gold Prices

In India, 24K gold rose by ₹76 to ₹1,44,220 per 10 grams, while 22K gold advanced by ₹70 to ₹1,32,200. Prices remained largely uniform across major cities: Mumbai and Kolkata quoted ₹1,44,220 for 24K gold, Delhi ₹1,44,370, and Chennai ₹1,44,220.

US Gold Prices

In international markets, spot gold climbed 0.9% to $4,042.69 per ounce, and US gold futures for August delivery rose 0.8% to $4,047.40. The gains came as investors assessed diplomatic efforts to ease US-Iran tensions, which could reduce oil-driven inflation risks.

Spot silver gained 2.2% to $57.67 per ounce, platinum rose 0.8% to $1,607.20, and palladium gained 0.8% to $1,263.73.

Key Levels to Watch

“It looks like gold is trying to find a base somewhere around this $4,000 level and is going to try to re-engage the upside from there,” said Ilya Spivak, head of global macro at Tastylive. “These headlines from the Middle East seem to have some degree of knock-on, though it is increasingly only being paid attention to in a passing kind of way.”

Internationally, gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver has support at $56.20 and $55.50, with resistance at $57.70 and $58.50 per troy ounce.

On the MCX, gold has support at ₹1,40,850 and ₹1,40,400, with resistance at ₹1,42,000 and ₹1,43,650. Silver has support at ₹2,16,000 and ₹2,14,400, with resistance at ₹2,20,000 and ₹2,23,100.