Gold Price Today: MCX Gold Holds at ₹1,47,351, Silver Slips to ₹2,36,966 as Brent Crude Falls 0.41% and Fed Rate-Hike Bets Ease

Gold price today is holding steady on MCX at ₹1,47,351 per 10 grams. Silver has slipped to ₹2,36,966 per kilogram after a strong bounce from recent lows. Brent crude fell 0.41%, and traders are scaling back bets on a Federal Reserve rate hike this year.

MCX Gold Holds Near Key Support

MCX gold (GOLD) is struggling to clear the ₹1.47 lakh mark today. The contract found support near ₹1,40,500 before reclaiming this zone in recent sessions. A sustained breakout above ₹1,48,000 may pave the way toward resistance at ₹1,49,000–₹1,49,500. 

Where Gold Price Could Head Next

Analysts see a clear range building around current levels. Ponmudi R, CEO of Enrich Money, expects ₹1,46,500 to ₹1,47,000 to act as immediate support. A break below that zone could push gold price toward ₹1,45,000 to ₹1,45,500 in the near term.

Silver Slips After a Sharp Rebound

MCX silver dropped roughly 0.6% today, giving back some of its recent recovery. Silver had rebounded from support near ₹2,20,000 to reclaim the ₹2,37,000 zone earlier this week. Today’s slip to ₹2,36,966 shows silver underperforming gold in the short term.

• Support zone: near ₹2,20,000 on recent pullbacks.
• Recovery zone: around ₹2,37,000 this week.
• Current level: ₹2,36,966 per kilogram today.

Gold traded flat while silver slipped in early trade on Monday as softer crude oil prices reduced expectations of further interest rate hikes by the US Federal Reserve.#OmmcomNewshttps://t.co/c15IWIXFWp

— Ommcom News (@OmmcomNews) July 6, 2026

Brent Crude Falls as Supply Fears Ease

Brent crude slipped 0.41% today, while US WTI crude also traded lower. Oil prices fell as shipping through the Strait of Hormuz kept recovering. Traders are also pricing in the chance of higher OPEC+ supply in the months ahead.

Lower Oil Eases Inflation Pressure

Falling oil prices matter for gold price trends too. Lower energy costs ease inflation worries that had fueled expectations of further Fed rate hikes. That shift has removed one headwind that previously weighed on non-yielding assets like gold.

Fed Rate-Hike Bets Are Cooling Fast

US nonfarm payrolls rose by just 57,000 in June, the smallest gain in four months. That badly missed forecasts of 110,000 jobs, based on Trading Economics data. Traders have responded by cutting their bets on a Federal Reserve rate hike in September.

• June jobs added: 57,000, versus a 110,000 forecast.
• Unemployment rate: held near 4.2% during June.
• September hike odds: falling sharply after the report.

Global Cues Still Support Bullion

Spot gold traded near $4,165 to $4,192 per ounce internationally this week. Central banks added a net 41 metric tons of gold to reserves in May, per World Gold Council data. That steady official-sector buying continues to underpin gold price levels globally.

Final Thoughts

Gold price today reflects a tug of war between cooling Fed rate-hike bets and softer near-term momentum. MCX gold at ₹1,47,351 and silver at ₹2,36,966 both sit in consolidation zones after sharp recent moves. Lower Brent crude and a weak June jobs report keep the broader setup supportive for bullion.

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.