Gold falls 0.5% as Middle East conflict intensifies, silver under 2.23 lakh

Rising hostilities across the Middle East have impacted precious‑metal prices on India's MCX platform. The August 5 gold contract opened at 1,43,451 rupees, slightly lower than the previous session's 1,43,711 rupees, and quickly slipped to 1,43,221 rupees – a drop of roughly 0.34%.

The metal's intraday range was narrow, touching a floor of 1,43,101 rupees and a ceiling of 1,43,511 rupees. Silver, however, felt the pressure more sharply. The September 4, 2026 contract started at 2,22,000 rupees, down 1,437 rupees from its last close, and settled at 2,22,116 rupees, a 0.59% dip.

Global markets mirrored the trend, with spot gold priced at $4,071 per ounce (‑0.26%) and silver at $58 per ounce (‑0.45%). The price weakness is attributed to the United States conducting a second air raid on Iran and Tehran’s subsequent strikes on Bahrain and Kuwait, escalating regional instability. Crude oil prices surged in response, with Brent above $79 per barrel and WTI near $75.