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The Economic Times

Gold slips $4,072.78/oz and MCX August 2026 contract drops Rs 2,000 per 10 grams as oil jumps on Hormuz fears

AI Market Summary
Iran's renewed claims of closing the Strait of Hormuz lifted crude ~4%, intensifying energy-driven inflation concerns and reinforcing expectations for "higher for longer" Fed rates. The resulting USD strength and higher real-rate expectations pressured precious metals: spot gold fell ~1.2% and silver ~1.6%, with steep declines also seen on India's MCX. Near-term metals pricing becomes more sensitive to oil, inflation data, and Fed testimony.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.94%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Iran said it had again closed the Strait of Hormuz, helping lift oil prices about 4% in a single day and reinforcing concerns that energy-driven inflation could persist and keep U.S. rates higher for longer. Spot gold fell 1.2% to $4,072.78 an ounce and spot silver slid 1.6% to $58.89 an ounce. In India, MCX gold futures were down Rs 2,000 per 10 grams and MCX silver futures fell Rs 5,400 per kg. The development amounted to a direct and high-intensity geopolitical supply shock for precious metals.
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