Gold, silver prices fall up to 2% on MCX as global markets weaken
Synopsis
Gold and silver on MCX extended a two-session losing streak on 7 July, with silver shedding over 2 per cent to an intraday low of ₹2,30,803 per kg and gold touching ₹1,45,351. With COMEX benchmarks also in the red and key support levels under threat, commodity experts warn the near-term outlook for both metals remains cautiously weak.
Key Takeaways
MCX gold hit an intraday low of ₹1,45,351 per 10 grams on 7 July , down ₹1,566 or 1 per cent from the previous close.
MCX silver dropped as much as 2.24 per cent , or ₹5,296 , to an intraday low of ₹2,30,803 per kg .
Both metals extended losses for a second consecutive session amid weak global cues.
COMEX gold fell 0.63 per cent to $4,141/oz ; COMEX silver declined 1.46 per cent to $61.41/oz .
Analysts flag ₹1,45,000 as key support for gold; a break below ₹2,32,000 could drag silver toward ₹2,30,000 .
Brent crude bucked the trend, rising 1 per cent to $72.77/barrel .
Gold and silver prices on the Multi Commodity Exchange (MCX) extended losses for a second straight session on Tuesday, 7 July, with both precious metals declining by as much as 2 per cent amid broad weakness in global commodity markets. The slide tracked a parallel retreat in international benchmarks, with COMEX gold and silver also trading in negative territory.
Gold Price Movement on MCX
Gold futures (August 5 contract) opened marginally lower at ₹1,46,566 per 10 grams, down 0.23 per cent or ₹351 from the previous close of ₹1,46,917. Selling pressure intensified through the morning session, dragging the yellow metal down by ₹1,255, or 0.85 per cent, to ₹1,45,662 around 12 pm IST. At its intraday low, gold touched ₹1,45,351, a decline of ₹1,566 or 1 per cent from the previous close.
Silver Slides Over 2 Per Cent
Silver futures (September 4 contract) came under heavier pressure, falling as much as 2.24 per cent, or ₹5,296, to hit an intraday low of ₹2,30,803 per kg. The white metal opened at ₹2,34,100, down ₹1,999 or 0.84 per cent from its previous close of ₹2,36,099. At last count, silver was trading at ₹2,32,549, down ₹3,550 or 1.50 per cent.
Global Cues Drive the Weakness
The domestic decline mirrored international trends. COMEX gold was down 0.63 per cent at $4,141 per ounce, while COMEX silver fell 1.46 per cent to $61.41 per ounce. This is the second consecutive session of losses for both metals, suggesting sustained risk-off sentiment in global commodity markets.
Notably, crude oil moved in the opposite direction. International benchmark Brent crude rose approximately 1 per cent to $72.77 a barrel, while US West Texas Intermediate (WTI) gained 1.12 per cent to $69.32 a barrel, though it remained below the key $70 mark.
Analyst Outlook: Key Levels to Watch
According to commodity market experts, the near-term outlook for gold remains mildly negative. For a recovery in momentum, MCX gold needs to reclaim the ₹1,46,000 level and sustain above the ₹1,46,500–₹1,47,000 resistance zone, which could then open the path toward ₹1,48,000. On the downside, immediate support lies in the ₹1,45,500–₹1,45,000 range; a breach there could pull prices toward ₹1,44,000–₹1,43,500.
For silver, analysts note the near-term outlook has turned cautiously weak after prices slipped below the ₹2,34,000 support level. A decisive break below ₹2,32,000 could extend losses toward ₹2,30,000, while a sustained recovery above ₹2,35,000–₹2,36,000 resistance could trigger a bounce toward ₹2,38,000–₹2,39,000.
With global macro signals still unsettled, traders will closely watch international cues and the dollar's trajectory before taking fresh positions in either metal.
Point of View
Which rose on the same day, suggests the market is not in a blanket risk-off mode but is specifically repricing precious metals after a strong run. For domestic investors, the rupee-denominated MCX prices remain elevated in absolute terms despite the dip, which means the correction could have further to run if COMEX weakness persists. The key question is whether the ₹1,45,000 support on gold holds — a breach there would signal a more meaningful reversal, not just a consolidation.
NationPress
7 Jul 2026
Frequently Asked Questions
Why are gold and silver prices falling today?
Gold and silver prices fell on 7 July due to weakness in global commodity markets, with COMEX gold down 0.63 per cent and COMEX silver declining 1.46 per cent. This is the second consecutive session of losses for both metals, reflecting sustained selling pressure from international cues.
What is the current MCX gold price today?
MCX gold (August 5 contract) was trading around ₹1,45,662 per 10 grams as of 12 pm IST on 7 July, after hitting an intraday low of ₹1,45,351. The previous close was ₹1,46,917.
How much has silver fallen on MCX today?
MCX silver (September 4 contract) fell as much as 2.24 per cent, or ₹5,296, to an intraday low of ₹2,30,803 per kg on 7 July. At last count it was trading at ₹2,32,549, down ₹3,550 or 1.50 per cent.
What are the key support and resistance levels for MCX gold?
Commodity experts place immediate support for MCX gold in the ₹1,45,500–₹1,45,000 range; a breach could pull prices toward ₹1,44,000–₹1,43,500. On the upside, gold needs to reclaim ₹1,46,000 and sustain above ₹1,46,500–₹1,47,000 to target ₹1,48,000.
What is the outlook for silver prices on MCX?
The near-term outlook for MCX silver has turned cautiously weak after prices slipped below the ₹2,34,000 support level. Analysts say a decisive break below ₹2,32,000 could extend losses to ₹2,30,000, while a move above ₹2,35,000–₹2,36,000 could trigger a recovery toward ₹2,38,000–₹2,39,000.
