Strong Dollar Hammers Precious Metals as Gold Sheds 5,601 Rupees per 10 Grams, Silver Tumbles Too

Gold and silver slid to multi-month lows in both domestic and global markets on Wednesday. Gold fell 3.8% and silver 3.9% on MCX, while on COMEX gold slipped below the 4,000 dollar mark for the first time since November.

If you have been planning to buy gold or silver, the timing could now work in your favour. On Wednesday, the third trading day of the week, precious metals tumbled sharply in both domestic and global markets and dropped to their lowest levels in several months. The biggest reasons behind the slide are a steadily strengthening US dollar and fresh worries that interest rates could rise again.

How Far Domestic Prices Fell
On the Multi Commodity Exchange (MCX), silver took the hardest hit during Wednesday's session. The July delivery contract slipped 3.9%, or roughly 8,829 rupees, to a low of 2,17,005 rupees per kilogram. Gold fared no better. The August 2026 delivery contract dropped 3.8%, or about 5,601 rupees, to land at 1,40,928 rupees per 10 grams.

Gold Slides in Global Markets Too
The fall was not limited to India. Gold cracked on the international COMEX market as well, sinking 169 dollars per troy ounce to 3,980 dollars per troy ounce. Most strikingly, this was the first time since November that gold dipped below the key psychological level of 4,000 dollars.

So far in June, gold has shed nearly 13%. If the same trend holds till the end of the month, it could turn out to be the steepest monthly decline in more than a decade. Silver matched gold step for step in this slump. On COMEX, silver fell about 4 dollars per ounce to 58 dollars per ounce, its lowest level since December 2025. Measured from the end of February, silver has now dropped around 38% and gold close to 24%.

Why the Sudden Sell-Off
According to market experts, the relentless strength in the US dollar and the tough stance of the US Federal Reserve are weighing heavily on precious metals. The market fears the Fed may raise interest rates further to rein in inflation. When rates are high, investors tend to move away from non-yielding assets like gold, and that pulls down demand.

What Lies Ahead
Market watchers believe gold and silver could stay under pressure for now. All eyes are on upcoming US economic data and statements from Federal Reserve officials. If the dollar keeps its strength and there are signals of higher rates, precious metals could weaken further. That said, for long-term investors this very dip could prove to be a good buying opportunity.

What this means for you
• For buyers: Gold is cheaper by 5,601 rupees per 10 grams and silver by about 8,829 rupees per kilo, so buying jewellery or investing costs less right now.
• For investors: Prices may stay under pressure, so it is wise to watch the dollar and Fed signals before putting in a lump sum.
• For the long term: Experts see this dip as a chance to accumulate gradually.

Questions & Answers

1. How much did gold fall on MCX on Wednesday?
The August 2026 delivery contract dropped 3.8%, or about 5,601 rupees, to 1,40,928 rupees per 10 grams.

2. What is the new silver price on MCX?
July delivery silver fell 3.9%, or about 8,829 rupees, to 2,17,005 rupees per kilogram.

3. How low did gold go on COMEX?
Gold sank 169 dollars per troy ounce to 3,980 dollars per troy ounce, dipping below 4,000 dollars for the first time since November.

4. Why are gold and silver prices falling?
A strong US dollar and the Federal Reserve's tough stance are weighing on them, as the market fears further interest rate hikes.

5. How much have prices dropped since the end of February?
Since late February, silver has fallen around 38% and gold close to 24%.

6. Is this a good time to buy?
Experts say prices may stay under pressure for now, but long-term investors could treat this dip as a buying opportunity.

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