Precious metals lost their shine on Monday, July 6, 2026, as a strengthening US dollar weighed on both gold and silver. The pressure pushed MCX gold below the crucial Rs 1.47 lakh mark and dragged silver out of the Rs 2.36 lakh zone. What made the slide notable is that it came despite two factors that usually support bullion, softer crude oil prices and easing odds of a rate hike, because the dollar's advance simply overpowered them.
In the domestic market, 24 carat gold is now trading at around Rs 1,46,620 per 10 grams, while 22 carat and 18 carat gold stand at Rs 1,34,400 and Rs 1,09,970 per 10 grams respectively.
Why Gold and Silver Fell Today
The single biggest reason behind the latest decline is the strength of the US dollar, which is currently trading near the 100.97 mark and edging toward the 101 level. Against a basket of six major currencies, the Dollar Index (DXY) has moved in a way that hurt bullion. When the dollar firms up, dollar-denominated gold becomes costlier for buyers using other currencies, and demand tends to cool. That is why the positive support from cheaper crude oil and the drop in the rate-hike probability from 66 per cent to 50 per cent was effectively cancelled out. On top of that, selling pressure in both spot gold and MCX gold added to the woes.
MCX Gold and Silver at a Glance
On the exchange, MCX gold erased the Rs 1.47 lakh level and slipped to an intraday low of Rs 1,46,920 per 10 grams. MCX silver, meanwhile, pulled away from the Rs 2.36 lakh zone and touched a day's low of Rs 2,35,500 per kilogram.
During the session, MCX silver dropped by over Rs 1,325, or about 0.6 per cent, to trade around Rs 2,36,085 per kilogram after hitting an intraday low of Rs 2,36,001 per kilogram. Silver is currently underperforming gold.
MCX gold, on the other hand, is struggling to hold the Rs 1.47 lakh mark. At the opening bell, the contract, which is scheduled to expire on August 5, dropped marginally to an intraday low of Rs 1,47,135 per 10 grams. It is now trading cautiously.
24 Carat Gold Rates
On July 6, 24 carat gold fell by Rs 1,100 to Rs 14,66,200 per 100 grams and dipped by Rs 110 to Rs 1,46,620 per 10 grams. Likewise, 8 grams and 1 gram of gold slipped by Rs 88 and Rs 11 to Rs 1,17,296 and Rs 14,662 respectively.
22 Carat Gold Rates
The 22 carat gold price declined by Rs 1,000 to Rs 13,44,000 per 100 grams and eased by Rs 100 to Rs 1,34,400 per 10 grams. Here too, 8 grams and 1 gram of gold edged lower by Rs 80 and Rs 10 to Rs 1,07,520 and Rs 13,440 respectively.
18 Carat Gold Rates
In the 18 carat category, 100 grams of gold fell by Rs 800 to Rs 10,99,700, while 10 grams tumbled by Rs 80 to Rs 1,09,970. Further, 8 grams of gold slipped by Rs 64 to Rs 87,976 and 1 gram fell by Rs 8 to Rs 10,997.
Silver Rates Across Weights
Unlike gold, silver underperformed on July 6. The 1 kg silver rate plunged by Rs 500 to Rs 2.45 lakh, and 100 grams of silver dropped by Rs 500 to Rs 24,500. Similarly, 10 grams of silver dipped by Rs 50 to Rs 2,450. Here, 8 grams of silver was lower by Rs 40 at Rs 1,960, and 1 gram of silver stood at Rs 245 after a Rs 5 decline.
Global Cues: Spot Gold, Silver and the Dollar
In the international market, spot gold, which had surged nearly 0.6 per cent to trade near $4,195 per ounce in early hours, later slipped 0.2 per cent to trade around $4,165 per ounce. Spot silver, meanwhile, erased its $62 per ounce mark and was down by about 1 per cent.
A large part of this weakness can be traced to the dollar's momentum, as it holds firm near the 101 level. Against a basket of currencies, the Dollar Index is currently around 100.97. Last week, however, gold and silver posted strong gains after weaker-than-expected US jobs data and lower crude oil prices toned down expectations of rate hikes in 2026. According to the CME FedWatch tool, the probability of a rate hike has dipped to 50 per cent from the earlier 66 per cent.
Crude Oil and the Rate-Hike Picture
Crude oil prices were also in the red amid easing tensions between the US and Iran and a surge of energy flows from the Strait of Hormuz. US WTI Crude is down 0.6 per cent to trade around $68.3 per barrel, while Brent Crude slipped by 0.60 per cent to trade around $71.67 per barrel.
Oil prices edged lower as recovering energy flows through the Strait of Hormuz and the prospect of increased OPEC+ supply fuelled concerns about a potential glut. That, in turn, has helped ease the inflationary pressures which had earlier heightened fears of further rate hikes and weighed on non-yielding gold.
US Jobs Data Shifts Rate Bets
Data released last week showed that US nonfarm payrolls increased by just 57,000 in June, the smallest gain in four months and well below forecasts of 110,000. The soft reading prompted traders to reduce their bets on a September rate hike. Ordinarily, weak jobs numbers and fading rate-hike expectations are positive for gold, but this time the dollar's strength overrode those supportive factors.
Technical Outlook: MCX Silver
According to Ponmudi R, CEO of Enrich Money, MCX silver has staged a strong recovery after finding support near Rs 2,20,000, with prices rebounding to trade around the Rs 2,37,000 mark, signalling renewed buying interest at lower levels. Immediate resistance is placed at Rs 2,38,000 to Rs 2,39,000, and a sustained move above this zone could extend the recovery toward the Rs 2,44,000 to Rs 2,45,000 resistance area. On the downside, the Rs 2,35,000 to Rs 2,34,000 zone is expected to provide immediate support, with stronger support at Rs 2,31,000 to Rs 2,30,000. Overall, the broader trend has turned cautiously positive after the recent rebound, with confirmation of a sustained recovery dependent on prices decisively reclaiming key resistance levels.
Technical Outlook: MCX Gold
Ponmudi R adds that MCX gold has witnessed a strong recovery from recent lows after finding support near Rs 1,40,500, with prices reclaiming the Rs 1,47,000 zone and indicating improving buying interest at lower levels. A sustained move above Rs 1,48,000 could extend the rally toward the Rs 1,49,000 to Rs 1,49,500 resistance zone, while a breakout above this area could strengthen momentum and push prices toward Rs 1,50,600 to Rs 1,51,000. On the downside, the previous resistance zone of Rs 1,47,000 to Rs 1,46,500 is expected to act as immediate support, with further weakness extending toward Rs 1,45,500 to Rs 1,45,000 if this level is breached. Overall, the broader structure has improved after the recent rebound, but a sustained breakout above key resistance levels is required to confirm a stronger bullish reversal.
COMEX Gold and Silver
On the global front, COMEX silver has witnessed a recovery after holding above its support zone, with prices rebounding on renewed buying interest. A sustained breakout above the immediate resistance levels could strengthen recovery momentum and improve sentiment, whereas a break below support could expose prices to fresh selling pressure. Overall, the broader technical structure has turned cautiously positive following the recent rebound, though a sustained move above key resistance is required to confirm a stronger recovery.
Similarly, COMEX gold has staged a technical rebound after finding support, with prices recovering on sustained buying interest at lower levels. A decisive breakout above key resistance would be required to improve sentiment and revive bullish momentum, while a break below major support could trigger fresh selling pressure. According to Ponmudi R, the broader outlook remains cautiously positive, with further recovery prospects dependent on a decisive move above key resistance levels.
In the spot market, silver fell by nearly 1 per cent and struggled to hold ground, eventually erasing its $62 per ounce mark despite a marginal gain in early trade. Spot gold, which traded around $4,195 per ounce with a nearly 0.6 per cent upside in the early hours of July 6, later dropped slightly to trade below $4,165 per ounce.
