Gold MCX Rate Today: Why Gold Prices Are Falling Today

Mumbai | 23 July 2026 

The MCX gold August futures contract dipped 0.31% to ₹1,44,963 per 10 grams at 9:04 am on Thursday, while the MCX silver September futures contract fell 0.23% to ₹2,26,474 per kg. The decline followed reports that Iran-backed Houthi militants claimed responsibility for attacks on two Saudi Arabian oil tankers in the Red Sea, escalating tensions in the region. By 12:26 pm, the MCX gold 05 August 2026 futures contract was at ₹1,45,056, down ₹624, or 0.43%, for the day, against a previous close of ₹1,45,680. The contract had opened at ₹1,45,470 and moved in a range of ₹1,44,852 to ₹1,45,470, with open interest unwinding alongside the price decline. 

Why Are MCX Gold Prices Falling Today? 

Middle East tensions intensified after Houthis said they had attacked the tankers Encelia and Layla with missiles and drones, accusing the vessels of violating a blockade. The UK Maritime Trade Operations had earlier reported that a ship was struck by a projectile off Saudi Arabia’s Red Sea coast near Al Shuqaiq, triggering a fire on board. The escalation pushed crude oil prices to new highs, raising concerns that resulting US inflationary risk could prompt the Federal Reserve to raise interest rates. MCX crude oil 19 August 2026 futures were trading at ₹8,585 per barrel as on 12:26 pm, up ₹175, or 2.08%, on the day, against a previous close of ₹8,410, with the contract moving in a range of ₹8,484 to ₹8,594. US and Iran signalled that they were not ready for peace talks. 

Global Gold Prices Move Higher 

In contrast to the MCX decline, gold continued to gain in global markets on dip-buying, even as Middle East tensions persisted. The precious metal traded near $4,130 an ounce, after a 3% jump over the previous two days. 

Outlook 

Investors are likely to track developments in the Middle East, movement in crude oil prices, and signals on the US Federal Reserve’s policy stance in the days ahead. 

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