Gold and silver futures declined sharply on the Multi Commodity Exchange (MCX) on July 23, 2026.
MCX Gold August contracts dropped 1.11% to approximately ₹1,45,411 per 10 grams. September silver futures fell 1.91% to trade near ₹2,22,660 per kg.
Traders engaged in widespread profit-booking following a recent price rally. Crude oil prices surged to a six-week high due to escalating US-Iran tensions.
Rising energy costs fueled expectations of monetary tightening by the U.S. Federal Reserve. Anticipation of the upcoming central bank policy meeting added bearish sentiment for non-yielding assets.