Commodities● Neutral
Gold, silver prices edge lower in India; dollar index rises 0.4%
MCX gold futures trade near ₹144,010, silver near ₹219,730. Retail rates across Delhi, Mumbai, Kolkata see marginal decline. Trump urges tariffs on Iran; Saudi proposes naval coalition.
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Gold and silver prices in India edged lower on Friday, July 31. The dollar index rose about 0.4%, making bullion more expensive for buyers using other currencies. Oil prices declined after Saudi Arabia proposed a naval coalition to protect key trade routes in the Red Sea and Strait of Hormuz, where ships have come under attack from Iran and its allies.
President Donald Trump on Thursday urged Congress to add tariffs on Iran to a bipartisan sanctions bill targeting Russia and Tehran. Trade experts cited by CNBC said the proposal would have little effect because the US imports virtually nothing from Iran. Attaching tariffs could still complicate the bill's path despite broad support for sanctions against Russia and Iran.
On the Multi Commodity Exchange, gold futures were trading 0.05% lower at ₹144,010 per 10 grams. Silver futures fell 0.36% to ₹219,730 per kg around 9:13 am. Retail prices across major cities reflected the decline.