On July 10, 2026, the bullion market displayed mixed trends as gold and silver prices responded to shifting global dynamics. Gold on the MCX recorded a decline of at least Rs 700, touching an intraday low of Rs 1,44,603 per 10 grams. By the time of the latest update, the metal showed a slight recovery, trading around the Rs 1,44,760 mark. Meanwhile, silver prices continued to struggle around the Rs 2.26 lakh level, even as international spot silver prices climbed by nearly 1 percent during early trade.
Global Market and Geopolitical Landscape
Globally, spot gold experienced a marginal slip, trading near $4,118 per ounce. Conversely, spot silver gained nearly 1 percent, pushing its value above the $60 per ounce threshold. Precious metals are currently tracking toward a volatile end to the week as investors maintain a close watch on developments across the Middle East.
Middle East Tensions and Inflation
Despite recent escalations in hostilities that disrupted energy flows through the Strait of Hormuz and reignited inflation fears, reports indicate that the US and Iran are expected to continue peace talks. The US military conducted strikes on targets within Iran over a two-day period, a move aimed at responding to recent vessel attacks in the region, which subsequently prompted retaliatory strikes by Tehran on US bases. Market participants remain focused on the Federal Reserve, expecting at least one interest rate hike this year, though the overall policy outlook remains shrouded in significant uncertainty.
Inflation Drivers and AI
According to Trading Economics, New York Fed President John Williams has highlighted that he is particularly focused on demand fueled by artificial intelligence as a primary factor driving inflation in the US. Simultaneously, crude oil prices remain elevated. US WTI Crude surged by 0.5 percent to trade above $72 per barrel, while Brent Crude gained nearly 1 percent to hover around $77 per barrel. In contrast, the US dollar retreated slightly to trade near the 100.75 mark.
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