
Gold, silver prices dip in India: MCX gold futures fall 1.3% to ₹140,950, silver down 1.08%. Dollar strength and oil decline weigh. US-Iran talks, yen intervention key.
Gold and silver prices slipped in Indian markets on Tuesday. MCX gold futures for August delivery fell 1.3% to ₹140,950 per 10 grams. Silver futures dropped 1.08% to ₹220,670 per kg at 9:13 am IST.
The declines tracked a stronger dollar. The yen weakened to 162.27 per dollar, its lowest since 1986, LSEG data showed. China's official manufacturing PMI edged up to 50.3 in June from 50.0, beating the 50.1 consensus forecast. That did little to check dollar momentum.
Crude oil prices also fell. Brent August futures settled 1.03% lower at $72.40 a barrel, with the more active September contract down 0.54% to $73.51. The move came ahead of US-Iran talks scheduled for Tuesday in Doha. President Trump wrote on social media that Iran had requested the meeting. The ceasefire between both sides has been under strain after weekend missile exchanges. For a closer look at the oil side, read our coverage of the crude dip and Hormuz risk.
For gold, the combination of a stronger dollar and lower oil prices creates pressure. Oil's decline can pull down inflation expectations, which tends to push real yields higher and weigh on non-yielding bullion. That dynamic may have offset any safe-haven demand from the geopolitical uncertainty. A detailed look at gold's price drivers is available in our gold profile.
Retail gold and silver rates across Indian cities reflected the MCX moves. In Delhi, 24-karat gold was at ₹140,650 per 10 grams. Silver 999 was at ₹219,810 per kg. Mumbai saw 24K at ₹140,890 and silver at ₹220,180. Kolkata rates were ₹140,710 and ₹219,890 respectively. The smallest decline was in Chennai, where 24K gold traded at ₹141,300.
The US-Iran talks are set to take place Tuesday in Doha. Japanese officials have not commented on the yen's slide, and traders are watching for any intervention signal that could shift the dollar's path.
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