MCX Gold Price Today: Gold Rises 0.52% to ₹1,63,230 as Crude Drops; Silver Slips to ₹2,45,230

On August 24, 2026, MCX gold price rose 0.52% to ₹1,63,230 per 10 grams, extending its recent rally as a weaker US dollar supported bullion demand. Gold has now gained for four straight MCX sessions, while silver moved lower after its recent winning streak. Crude oil prices also eased as traders booked profits ahead of expected US action on Iran. Markets are now watching inflation data and Fed signals closely, keeping precious metals in focus.

MCX Gold Price Today: Gold Climbs 0.52% to ₹1,63,230

Gold Gains as Global Bullion Prices Strengthen

MCX gold price today moved higher on August 24, 2026, with gold gaining 0.52% to ₹1,63,230 per 10 grams. The rise adds to the metal’s recent run. Gold futures settled at ₹1,62,438 on August 21 after gaining 5.1% over the previous week.

The move in India also follows stronger global bullion prices. Gold climbed above $4,640 an ounce on August 24, reaching its highest level in more than three months. A weaker US dollar has helped support demand because dollar-priced gold becomes more affordable for buyers using other currencies.

Gold’s Global Rally Adds Support

Global gold prices gained more than 5% last week, showing that the recent strength extends beyond the Indian market. Expectations around US interest rates have also supported demand. Lower long-term yields can make non-yielding gold more attractive than assets that pay interest.

Why Is Gold Rising as Crude Oil Prices Fall?

Crude Oil Drops on Iran Sanctions Expectations

Crude oil prices fell on August 24 as traders took profits ahead of expected new US sanctions on Iran. Brent crude dropped 1.29% to $93.17 a barrel, while WTI fell 1.38% to $85.86. Both benchmarks had gained more than 5% during the previous week.

Gold prices are up nearly $650 an ounce over the past 3-weeks, since the start of August.

$5,000 an ounce is no longer out of reach over the coming weeks at this pace of buying.

Technically, some resistances above to challenge the energy of this move, may act as short-term… pic.twitter.com/mo51Ull6yT

— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) August 24, 2026

The oil market is still sensitive to developments around the Strait of Hormuz. The route previously carried about one-fifth of global oil supply, so any disruption could have a major effect on energy markets.

Lower Oil Prices May Ease Inflation Pressure

A decline in crude prices can reduce concerns about another rise in inflation. That matters for gold because interest rate expectations often influence bullion demand. If energy costs ease and inflation pressure falls, markets may see more room for lower rates. That could support gold by reducing the opportunity cost of holding the metal.

Silver Price Today: Silver Slips to ₹2,45,230

Silver Underperforms Gold

Silver moved in the opposite direction on August 24. MCX silver slipped to around ₹2,45,230 per kg, ending its recent upward run. The September silver contract had closed at ₹2,46,597 on August 21 after gaining 4.5% during the week.

The difference between the two metals is worth watching. Gold is getting support from safe-haven demand and softer rate expectations, while silver is more exposed to industrial demand. Global silver was trading around $69.03 an ounce on Monday.

What Is Driving the Silver Price?

Silver has both monetary and industrial uses, which can make its price more volatile than gold. Demand from electronics, solar technology and other industrial sectors can affect prices. At the same time, traders may take profits after a strong rally, putting short-term pressure on the metal.

Key Factors to Watch for MCX Gold This Week

US Inflation and Fed Signals

The next major catalyst is US inflation data. Markets are preparing for the July Personal Consumption Expenditures price index, an inflation measure closely watched by the Federal Reserve. Investors will also follow Federal Reserve Chair Kevin Warsh’s speech at Jackson Hole for clues about monetary policy.

A softer inflation reading could strengthen expectations for easier policy, which may support gold. A hotter reading could push the dollar and yields higher, putting pressure on bullion prices.

Dollar, Geopolitics and Oil

The US dollar remains an important driver of gold price today trends. Developments around Iran could also affect market sentiment. New US sanctions could change expectations for oil supplies and prices.

For gold traders, the dollar, crude oil and Middle East developments are worth watching together.

MCX Gold Price Outlook: Levels Traders Should Watch

Gold’s short-term trend remains positive, although the sharp recent rise leaves room for profit-taking. Technical market commentary places resistance at ₹1,63,600 to ₹1,64,850, while support sits around ₹1,61,100 to ₹1,59,800.

A sustained move above resistance could keep the upward momentum intact. A break below support could point to a deeper correction. Traders can also use an AI stock analysis tool to assess broader market signals, although commodity prices need separate analysis.

Conclusion

MCX gold price today remains firm at ₹1,63,230 as global bullion prices rise and the dollar weakens. Silver has slipped to ₹2,45,230 after a strong weekly gain, while crude prices have moved lower. The next move in precious metals will depend on US inflation data, Fed comments, the dollar and developments involving Iran. Traders should keep an eye on the stated MCX support and resistance levels before taking fresh positions.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.