Gold rates and silver rates in India could be volatile on July 8, 2026, due to renewed tensions between US and Iran. 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.
he 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.