Overview
- Global and Comex gold plunged on Wednesday, July 8, with spot drops of roughly $47–$94 per ounce that triggered steep domestic falls in India and Pakistan.
- India saw retail gold fall about Rs 800 to Rs 148,450 per 10 grams and MCX August futures drop roughly Rs 2,308 to near Rs 143,084 on July 8 as traders trimmed positions.
- Pakistan recorded a sharp decline on July 8 with 24‑karat gold down Rs 4,700 per tola to Rs 430,236 and 10‑gram equivalent falling by about Rs 4,029.
- Analysts linked the selloff to renewed US–Iran tensions and President Trump’s comments that lifted crude oil nearly 7 percent, which raised inflation concerns and strengthened the dollar and US yields.
- After three sessions of losses, August MCX futures rebounded on July 9 by about Rs 1,038 to Rs 144,749 on value buying and a softer dollar, while markets continue to watch Fed minutes and further geopolitical moves for direction.