Gold prices snap 2-day fall, silver at Rs 2.18 lakh/kg despite rising oil prices, rate hike fears. Key levels to watch today

Gold and silver prices recovered on MCX with gold futures for August 2026 delivery rising to Rs 1,41,000 per 10 grams and silver futures for September 2026 delivery at Rs 2,18,333 per kg, despite rising oil prices and US rate hike fears. Internationally, spot gold fell 0.2% to $3,993.83 per ounce and silver declined 1.2% to $56.98 per ounce as US military strikes on Iran and a blockade of Iranian shipping in the Gulf escalated geopolitical tensions. The probability of a September US rate hike rose to around 78% from 57% a week earlier after Fed Governor Waller suggested rates may need to rise if inflation stays above the 2% target, ahead of Tuesday's US CPI data.