New Delhi, July 7 -- The price of the yellow metal in India's retail market dropped on Tuesday, 7 July, with both 24-karat and 22-karat gold rates showing a marginal decline across major cities. Silver prices, on the other hand, also declined in the domestic bullion market.

MCX gold rate on 7 July was trading 0.52% lower at Rs.146,640 per 10 grams. MCX silver futures, on the other hand, were trading about 1.3% lower at Rs.233,340 per kg at around 9:08 am.

Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and focused on supply increases and demand prospects.

Brent crude futures gained 28 cents, or 0.39%, to $72.29, and US West Texas Intermediate crude rose...