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Gold Rates & Silver Rates Today (17-07-2026) LIVE: MCX Gold Cautious, Silver Price Weakens On Elevated Crude

Gold rates and silver rates in India traded volatile amidst weak global trends for safe haven demand. On Friday, MCX gold price traded cautiously and below Rs 1.41 lakh mark, while MCX silver price weakened and traded around Rs 2,15,500 mark. Meanwhile, spot gold struggled below $3,980 per ounce and spot silver dropped by nearly 1% on July 17, 2026. In terms of physical gold rates, 24 carat, 22 carat and 18 carat gold crashed by Rs 5,700 to Rs 7,600.

Gold and silver are on the path to record weekly declines. Spot Gold is on track to lose up to 3% this week, while silver could plunge nearly 7% on week-on-week performance. On the contrary, US WTI Crude and Brent Crude are on the path to recorded over 12% upside for the week.

The woes for precious metals intensified as US dollar continues to steady and trade near 100.8 against a basket of currencies. However, due to the softer-than-expected US inflation data, dollar is likely to end the week bearish.

Also, on July 17th, crude oil prices continued to be elevated and a hindrance to the energy supplies across the world. US WTI Crude oil futures gained by nearly 1% to trade near $79.50 per barrel and Brent Crude surged by 0.50% to trade near $85 per barrel.

The US launched multiple strikes against Iran this week, while President Donald Trump warned that the US could target the country's infrastructure next week unless diplomatic efforts result in a breakthrough. Iran responded by launching attacks on US bases in neighboring countries, fueling fears of further escalation and a prolonged disruption to energy supplies from the region. Meanwhile, softer-than-expected US inflation data released this week has largely ruled out a July rate increase, even as Fed Chair Kevin Warsh reiterated his commitment to restoring price stability. However, markets remain divided on whether the Fed will hike rates in September, keeping the non-yielding gold under pressure, as per Trading Economics.

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