Gold, silver prices drop up to 4% on MCX as US jobs data dims rate-cut hopes
Synopsis
Gold and silver took a sharp hit on the MCX on 8 June, with silver sliding nearly 4 per cent intraday as a stronger-than-expected US jobs report all but buried near-term Fed rate-cut hopes. With Brent crude simultaneously spiking 4 per cent and Asian markets in a broad rout, the session exposed how quickly a single US data print can unwind safe-haven trades.
Key Takeaways
MCX gold futures (August) fell as much as 1.85 per cent to an intraday low of ₹1,52,712 on 8 June .
MCX silver futures (July) dropped up to 3.81 per cent to an intraday low of ₹2,39,064 .
COMEX gold traded around 1 per cent lower at $4,324.70/oz ; COMEX silver fell 2.79 per cent to $67.17/oz .
Stronger-than-expected US jobs data reinforced fears of prolonged Fed rate hikes, reducing demand for non-yielding metals.
Brent crude surged ~ 4 per cent to $96.90/barrel ; WTI climbed over 4 per cent to $94.75/barrel .
Nikkei fell ~ 4 per cent , KOSPI dropped 5 per cent , and Hang Seng declined ~ 1 per cent in tandem.
Gold and silver prices fell sharply on the Multi Commodity Exchange (MCX) on Monday, 8 June, with the precious metals declining by nearly 4 per cent intraday as stronger-than-expected US jobs data reinforced fears that the US Federal Reserve would keep interest rates elevated for longer, reducing the appeal of non-yielding assets. A volatile global macroeconomic environment, escalating West Asia tensions, and a surge in crude oil prices compounded the selling pressure.
Gold Prices on MCX
Gold futures (August contract) on the MCX declined as much as 1.85 per cent, or ₹2,882, to hit an intraday low of ₹1,52,712 at around 12:30 pm IST. The yellow metal was subsequently trading at ₹1,53,550, down over 1 per cent or ₹2,044 from the previous close. It had opened the session at ₹1,54,177 and touched an intraday high of ₹1,54,512, which itself represented a fall of 0.69 per cent or ₹1,082 from the prior close.
Silver Prices on MCX
Silver futures (July contract) were trading at ₹2,41,763, down ₹6,774 or approximately 3 per cent. The white metal touched an intraday low of ₹2,39,064, a decline of 3.81 per cent during the session. Silver had opened at ₹2,51,001 and its intraday high of ₹2,51,001 was itself around 1 per cent lower than the previous close.
International Markets Under Pressure
The weakness in domestic prices mirrored a broader global selloff. COMEX gold was trading around 1 per cent lower at $4,324.70 per ounce, while COMEX silver dropped 2.79 per cent to $67.17 per ounce. Commodity analysts noted that while geopolitical tensions in West Asia continued to support safe-haven demand to some extent, improving sentiment around possible US-Iran negotiations and easing concerns over supply disruptions limited buying interest in precious metals.
Crude Oil Surge and Asian Market Rout
Brent crude surged around 4 per cent to trade at $96.90 per barrel, while US West Texas Intermediate (WTI) climbed more than 4 per cent to $94.75 per barrel. Asian equities bore the brunt of the risk-off mood: Japan's Nikkei tumbled nearly 4 per cent, South Korea's KOSPI dropped 5 per cent, and Hong Kong's Hang Seng declined around 1 per cent.
What Analysts Are Saying
According to commodity analysts, the selloff in precious metals was driven primarily by the stronger-than-expected US jobs print, which reduced the probability of near-term Fed rate cuts. Higher-for-longer rates increase the opportunity cost of holding non-yielding assets like gold and silver, making them less attractive relative to interest-bearing instruments. This is consistent with a broader pattern seen through 2024 and into 2025, where every hawkish US data surprise has triggered a swift reversal in metal prices. The trajectory of West Asia tensions and the next US inflation print will likely determine whether this dip finds buyers or extends further.
Point of View
Built as it was on rate-cut expectations rather than structural demand. Notably, the West Asia conflict, which had been a reliable safe-haven catalyst, provided only marginal support this session as US-Iran negotiation signals diluted the geopolitical premium. The simultaneous crude surge adds a contradictory layer: higher oil is inflationary, which should theoretically support gold as an inflation hedge, yet the Fed-rate narrative dominated. That divergence is worth watching — if crude stays elevated and US inflation re-accelerates, the rate-cut timeline could shift again, and the next move in gold may be sharper than today's dip suggests.
NationPress
25 Jul 2026
Frequently Asked Questions
Why did gold and silver prices fall on 8 June?
Gold and silver fell on 8 June primarily because stronger-than-expected US jobs data reinforced expectations that the US Federal Reserve would keep interest rates elevated for longer, reducing the appeal of non-yielding assets like precious metals. Easing concerns over West Asia supply disruptions and improving US-Iran negotiation sentiment also limited safe-haven buying.
How much did MCX gold fall on 8 June?
MCX gold futures (August contract) fell as much as 1.85 per cent, or ₹2,882, to an intraday low of ₹1,52,712. The metal was subsequently trading at ₹1,53,550, down over 1 per cent from the previous close.
How much did MCX silver fall on 8 June?
MCX silver futures (July contract) dropped up to 3.81 per cent intraday to a low of ₹2,39,064. It was trading at ₹2,41,763, down approximately 3 per cent or ₹6,774 during the session.
What happened to crude oil prices on the same day?
Crude oil moved sharply in the opposite direction, with Brent crude rising around 4 per cent to $96.90 per barrel and WTI climbing more than 4 per cent to $94.75 per barrel, driven by escalating West Asia tensions and supply concerns.
How did international gold and silver prices perform?
COMEX gold traded around 1 per cent lower at $4,324.70 per ounce, while COMEX silver fell 2.79 per cent to $67.17 per ounce, reflecting the same US rate-outlook pressures seen in domestic MCX markets.
