Gold Price Today: Yellow metal slips below $4,100 on oil surge and rate hike fears; weekly gains intact

Gold Rate Today, July 24: Gold prices traded lower on Friday, July 24, after slipping below the USD 4,100 mark in the previous session, as rising crude oil prices weighed on the appeal of the precious metal.

Gold and silver prices under pressure

As of 6:45 am, spot gold was down 0.2 per cent, or USD 8, trading at USD 4,042.47 per ounce. The metal was on track to decline for the second consecutive session. Spot silver also traded lower, falling 0.2 per cent to USD 57.5 per ounce.

Despite the slight weakness in Friday’s session, both gold and silver remained on track to post weekly gains.

Domestic gold and silver futures decline

On the domestic front, gold and silver prices were not trading at the time of writing this report. However, gold futures on the Multi Commodity Exchange (MCX) settled over 2 per cent lower at Rs 142,796 per 10 grams, while silver futures ended more than 3 per cent down at Rs 219,250 per kg.

Oil price surge adds pressure on gold

Crude oil prices continued to gain support amid rising tensions between the United States and Iran, with prices trading near the USD 100 per barrel mark.

Brent crude futures were down 0.5 per cent at USD 100.04 per barrel, while West Texas Intermediate (WTI) crude futures declined 0.8 per cent to USD 91.49 per barrel.

The rise in oil prices has intensified inflation concerns, boosting expectations of further interest rate hikes and putting pressure on non-yielding assets such as gold.

US-Iran tensions drive oil market volatility

The increase in crude prices came after the United States military reportedly carried out strikes on Iran for the 13th consecutive night. The developments followed President Donald Trump’s warning of more intense attacks, raising concerns over further escalation in the region.

Rate hike expectations impact gold outlook

Inflation concerns have strengthened expectations of monetary tightening in 2026, with markets pricing in more than an 80 per cent probability of a rate hike at the September Federal Reserve meeting.

Higher interest rates typically weigh on gold prices as they increase the opportunity cost of holding non-interest-bearing assets.

Dollar weakness limits downside in bullion

However, the decline in gold prices was limited by weakness in the US dollar against a basket of six major currencies. The US dollar index was down 0.1 per cent, making gold more attractive for overseas buyers and providing some support to bullion prices.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)