Gold Price Today Declines on MCX Along With Silver Ahead of US Fed’s June Meeting Minutes

Gold price today is under pressure on the Multi Commodity Exchange, with the August gold futures contract down 0.64 percent to Rs 145,970 per 10 grams, extending losses after slipping from a recent two week high. Silver is falling harder, with the September contract down 1.14 percent to Rs 233,400 per kilogram, as both precious metals retreat ahead of the US Federal Reserve’s June meeting minutes due Wednesday.

Internationally, spot gold continues to trade below $4,160 an ounce, slipping from its two week high, while spot silver has dropped below $62 an ounce, with a stronger US dollar the primary driver pressuring both metals into Tuesday’s session.

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Why Gold Price Today Is Under Pressure

Gold price today reflects a broad based retreat in precious metals as the US dollar index firms and investors turn cautious ahead of the Federal Reserve’s June meeting minutes, due Wednesday at 2:00 pm ET. The Fed held its policy rate at 3.50 to 3.75 percent at that June meeting, with the committee split nine to nine on whether to raise rates further in 2026, and Wednesday’s minutes are expected to reveal the arguments on both sides of that split decision.

Weak US Jobs Data Offers a Partial Cushion

Despite today’s decline, losses in gold price today remain relatively contained because last week’s US jobs report showed a significant slowdown in June job growth, with payrolls rising just 57,000, the weakest in four months, alongside downward revisions to the prior two months. This has led markets to price in roughly a 50 percent chance of a Fed rate move by September, down from about two-thirds before the report, a dynamic that continues to offer some support to non-yielding gold even as the dollar strengthens.

Silver Underperforming Gold

Silver is falling harder than gold in today’s session, consistent with its dual identity as both a monetary and industrial metal. Since a meaningful share of silver demand comes from solar energy, electronics and electric vehicle manufacturing, the metal tends to see sharper swings than gold during periods of macro uncertainty, and its comparatively smaller market size adds to the volatility.

Gold Price Today: Key Levels

The table below summarises the key gold and silver price levels for 7 July 2026.

Benchmark	Price	Change
MCX Gold (August)	Rs 145,970 per 10g	-0.64%
MCX Silver (September)	Rs 233,400 per kg	-1.14%
Spot Gold	Below $4,160/oz	Slipping from 2-week high
Spot Silver	Below $62/oz	Under pressure
US Fed Minutes	Due Wednesday, 2:00 pm ET	–

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Experts Highlight Key Levels to Watch in Gold Price Today

Commodity analysts note that gold’s primary headwind through 2026 has been real yields, since rising Treasury yields after accounting for inflation raise the opportunity cost of holding non-yielding bullion. With September rate-hike odds sitting near 50 to 55 percent on the CME FedWatch tool, down from 66 percent before the June jobs miss, analysts say Wednesday’s minutes will reveal how seriously the Fed’s hawks are pushing for further tightening. A hold-leaning tone would compress real yields and give gold price today room to recover, while confirmation of a hawkish push could extend the current pullback toward the next support zone.

What This Means for Gold Price Today and Ahead

With gold price today caught between a firmer dollar and cooling US labour market data, the metal’s near term direction hinges heavily on Wednesday’s Fed minutes and any accompanying commentary on the September policy meeting. A disinflationary tailwind from recovering Strait of Hormuz oil flows and OPEC+’s latest output hike is also easing broader inflation concerns, which could cap gold’s downside even if the dollar stays firm through the week.

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Conclusion

Gold price today is lower on MCX, with the metal down 0.64 percent to Rs 145,970 per 10 grams and silver falling a sharper 1.14 percent, as investors await Wednesday’s US Fed June meeting minutes for fresh clues on the September rate path. Track the Fed’s commentary closely and consult a SEBI registered advisor for any investment decisions linked to gold price movements.

Frequently Asked Questions on Gold Price Today

Why is gold price today lower on MCX?

Ans. Gold price today is lower on MCX, down 0.64 percent to Rs 145,970 per 10 grams, as a stronger US dollar and caution ahead of Wednesday’s US Fed June meeting minutes weigh on the metal.

What is the MCX gold price today?

Ans. MCX gold futures for August expiry are trading at Rs 145,970 per 10 grams, down 0.64 percent, on 7 July 2026.

What is the MCX silver price today?

Ans. MCX silver futures for September expiry are trading at Rs 233,400 per kilogram, down 1.14 percent, falling harder than gold in today’s session.

Why is silver falling more than gold today?

Ans. Silver is falling harder than gold because it functions as both a monetary and industrial metal, with a meaningful share of demand tied to solar energy, electronics and EV manufacturing, making it more volatile during periods of macro uncertainty.

What should investors watch for in gold price today?

Ans. Investors should watch the US Federal Reserve’s June meeting minutes, due Wednesday at 2:00 pm ET, for clues on whether the Fed’s hawks or doves are gaining ground on the September rate decision, which will be a key driver for gold price today and ahead.

Is gold price today a signal to buy or sell bullion?

Ans. This article does not constitute investment advice. Gold and silver prices are influenced by currency movements, interest rate expectations and macroeconomic data. Consult a SEBI registered financial advisor before making any commodity related investment decision.