Gold & Silver Rates Today, 8-7-2026 LIVE: Gold Erases Rs 1.45 Lakh, Silver Down Rs 1,000 On Rate Hike Fears

Gold rates and silver rates in India dropped again on July 8th due to renewed fear in inflationary pressure after US and Iran launched fresh airstrikes against each other. Also, dollar rallied above 101.12, dampening sentiments in bullion. MCX gold slipped below Rs 1.45 lakh per 10 grams, while MCX silver is trading below Rs 2.30 lakh per 1Kg mark in the opening bell of Wednesday. Spot gold and spot silver are volatile as well.

Overnight, US military launched new air strikes on Iran after the latter attacked ships transiting through Strait of Hormuz. This pushed crude oil prices soaring higher by 3%. US WTI Crude Oil is up by 3% to trade above $72 and Brent Crude neared $76 per barrel with nearly 2.5% upside.

Following new US-Iran tensions and a sharp surge in crude oil prices, the inflationary pressure fear is back on the back. Accordingly, Spot gold traded volatile to around $4,120 per ounce and spot silver stayed near $60 per ounce. The movement in precious metals have been mild. MCX gold and silver price could follow the trend or see yet another decline.

Also, US dollar soared above 101.12, adding further woes to gold and silver.

The latest escalation threatened the interim US-Iran peace deal to end the war and pushed oil prices higher, stoking inflation fears and raising prospects for interest rate hikes. Meanwhile, investors awaited the minutes of the Federal Reserve's June meeting for additional clues on the policy outlook after the central bank adopted a more hawkish tone at its June policy meeting. Markets are currently pricing in around a 50% chance of a Fed rate increase in September, up from about 46% a day prior. Elsewhere, data on Tuesday showed the US trade deficit widened to $77.6 billion in May, the largest since March 2025, as per Trading Economics.

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Jul 08, 2026, 9:30 am IST

Live Gold Rates Today: MCX Gold Erases Rs 1.45 Lakh Mark

The rate hike probability has increased to 50% from earlier 46% after US and Iran carried airstrikes against each other, which added fresh buying momentum in crude oil prices and dollar. Hence, MCX gold started Wednesday on a bearish note, by erasing Rs 1.45 lakh mark.

Jul 08, 2026, 9:26 am IST

Live Silver Rates Today: MCX Silver Falls Below Rs 2.30 Lakh

MCX silver price dropped by nearly Rs 1000 or 0.5% to hit an intraday low of Rs 2,29,703 per 1Kg. Currently, silver is under pressure and trading near its day's low due to renewed geopolitical risks.

Jul 08, 2026, 9:04 am IST

Live Gold Silver Rates Today: How FOMC Minutes Will Impact MCX Gold & Silver Today?

Gold prices extended their weakness, with MCX Gold falling nearly ₹1,550 to ₹1,45,300, down around 1%, tracking losses in the international market. COMEX Gold slipped 0.75% to around ,130, as a stronger risk appetite and rupee appreciation weighed on domestic bullion prices. The rupee strengthened by nearly 0.50% to 94.95, after Saudi Arabia reduced August crude oil prices for Asian buyers, easing concerns over India's import bill and adding pressure on MCX Gold. Market participants will now closely watch this week's Federal Reserve meeting minutes for further clues on the US interest rate outlook and the dollar's direction. Technically, Gold is expected to trade in the ₹1,44,250–1,46,250 range in the near term: Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Jul 08, 2026, 8:17 am IST

Live Gold Silver Rates Today: Concerns On Global Oil Supplies At Hormuzh Heightens

Iran condemned the US actions as a violation of the June ceasefire understanding and warned of consequences. The renewed conflict has heightened concerns over potential disruptions to global oil supplies through the Strait of Hormuz, contributing to higher crude oil prices.

Jul 08, 2026, 8:17 am IST

Live Gold Silver Rates Today: Fresh US-Iran Strikes

Fresh US airstrikes reportedly targeted Iran's strategic port city of Bandar Abbas, located near the Strait of Hormuz, after Washington accused Tehran of attacking commercial vessels in the vital shipping lane. The US also tightened sanctions on Iran, further escalating tensions.