MCX Gold Falls ₹1,150, Silver Crashes ₹3,250 After COMEX Weakness

On 7 July 2026, the domestic bullion market suffered a major sell-off, as both gold and silver futures fell on the MCX. Gold fell by ₹1,150 to ₹1,45,767 and silver fell by ₹3,250 to ₹2,35,317 per kg. The fall was mainly because of the global market performance - COMEX - which was weak.

The weak performance of COMEX gold below $4,160 per ounce and silver below $62 per ounce set the tone for the Indian market. The strong dollar index also restricted the rise in gold prices and in metals. The market also remained on edge ahead of the Federal Reserve’s meeting minutes that would give clues on future interest rate decisions.

Global cues also played a key role in the downturn. Weaker-than-expected U.S. jobs data initially calmed fears of immediate rate hikes, but markets still projected a 50% chance of a September hike in the US. Oil prices also dropped when OPEC+ indicated higher supply and energy flow through the Strait of Hormuz was resumed to strengthen, and prices of oil fell as OPEC+ indicated higher supply and energy flows through the Strait of Hormuz. So inflationary worries were mitigated and thus gold and silver prices got lower as safe-haven demand for gold and silver fell.

Gold has immediate resistance of ₹1,48,750 per 10 grams, the technical analysts said and a breakout above this level could revive bullish momentum. Support is given for the market at around ₹1,45,500 and a break-up could create more selling. Silver has resistance at around ₹2,45,000 per kg and support at ₹2,33,000. The sharp fall suggests volatility will continue until global cues stabilize.

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For investors, the short‑term trend remains bearish, but experts advise caution rather than panic. Many recommend buying on dips with strict stop‑losses, as long‑term fundamentals for gold remain constructive amid geopolitical uncertainties and inflationary risks. Silver, which has long-term reasons to buy on dips and stop‑losses, can also recover if global demand strengthens in the coming quarters.

The decline in MCX gold and silver prices is indicative of global market uncertainty, COMEX decline and cautious investors just ahead of the most important U.S. economic update in weeks. Although traders are in a near‑term state of uncertainty, disciplined strategy and close monitoring of resistance and support levels can be helpful to manage them.