The price of the yellow metal in India’s retail market experienced an increase on Wednesday, 22 July, in the context of ongoing tensions between the United States and Iran. Both 24-karat and 22-karat gold rates are exhibiting a slight uptick across prominent urban centers. In contrast, silver prices experienced a downturn in the domestic bullion market.

On 22 July, the MCX gold rate was observed trading at Rs 145,240 per 10 grams, reflecting an increase of 1.18%. MCX silver futures were trading approximately 1.15% higher at Rs 225,860 per kg. Oil prices increased by 2% on Wednesday, reaching a five-week peak, amid concerns that energy supply disruptions may escalate in the Middle East due to escalating hostilities between the US and Iran, as well as a potential naval blockade of Saudi Arabia by Yemen’s Houthis.

A 2% gain in Brent futures resulted in the price of a barrel reaching $91.01, while the price of a barrel of West Texas Intermediate crude in the United States reached $84.91, also a 2% increase.