Gold and silver prices drop on MCX as escalating Middle East conflict strengthens US Fed rate hike expectations

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AI summary

Gold and silver prices fell on the MCX on Thursday as escalating US-Iran tensions raised concerns over prolonged elevated inflation and reinforced expectations of a US Federal Reserve rate hike. MCX gold August futures dropped 0.39 percent to about ₹1,41,301 per 10 grams, while MCX silver September futures declined 0.44 percent to about ₹2,19,650 per kg.