US Strikes on Iran Push Indian Gold and Silver Below Key Levels

Mumbai – The opening session on July 8 witnessed a modest sell‑off in India’s two most traded precious metals. Gold futures for August 5, 2026 slid to ₹1,45,200 per 10 grams, a slight reduction from the previous close of ₹1,45,392. By 10 a.m., the price was ₹1,44,978, down 0.28 percent, with intraday extremes of ₹1,44,800 on the low side and ₹1,45,356 on the high.

Silver fell even sharper, as the September 4, 2026 contract opened at ₹2,30,015 per kilogram, shedding ₹842 from the prior close of ₹2,30,857. The metal later traded at ₹2,29,305, a 0.67 percent decline. Overseas, COMEX data showed gold easing 0.43 percent to $4,139 per ounce and silver slipping 0.54 percent to $61 per ounce.

The downturn follows a series of U.S. strikes against Iranian oil tankers and the cancellation of oil‑sale licences for Tehran, reigniting regional risk. Concurrently, crude oil rallied, with Brent breaking $76 a barrel and WTI crossing $72, each climbing over 2.5 percent.