New Delhi, July 8 -- The price of the yellow metal in India's retail market dropped on Wednesday, 8 July, due to negative global cues, primarily driven by rising tensions between the US and Iran, 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 8 July was trading 0.36% lower at Rs.145,350 per 10 grams. MCX silver futures, on the other hand, were trading about 0.39% lower at Rs.230,160 per kg at around 9:13 am.

Oil prices rose on Wednesday after the US launched fresh strikes on Iran in retaliation for Tehran attacking commercial vessels in the Strait of Hormuz.

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