MCX Gold Plunges Over Rs 1,600 to Below Rs 1.54 Lakh; Silver Drops Rs 5,500 to Rs 2,43,500/kg
Key Points
MCX gold fell over Rs 1,600 and slipped below Rs 1.54 lakh per 10 grams.
MCX silver dropped more than Rs 5,500 to trade near Rs 2,43,500 per kg.
Strong US economic data and a stronger dollar pressured precious metals.
Traders are watching Fed policy, crude oil prices, and key support levels.
Gold and silver prices started the week with a sharp decline on June 8, 2026. MCX gold futures fell by more than Rs 1,600, slipping below Rs 1.54 lakh per 10 grams, while silver dropped around Rs 5,500 to trade near Rs 2,43,500 per kilogram.
The sudden fall has caught the attention of traders and investors across India. With global economic signals shifting and market sentiment turning cautious, many are now asking what is driving the selloff and what could happen next.
MCX Gold and Silver Prices Today: Key Market Snapshot
Latest Gold Price Movement
MCX gold futures witnessed heavy selling on June 8, 2026. August gold futures fell by more than Rs 1,800 during intraday trading and slipped below the important Rs 1.54 lakh per 10 grams level. The contract touched an intraday low of around Rs 1,53,596 before recovering some losses.
At midday, gold traded near Rs 1,53,780, down about 1.2% from the previous session. The sharp decline extended the weakness seen over the past several trading sessions. Gold prices in the physical market also moved lower across major Indian cities.
Latest Silver Price Movement
Silver faced even stronger selling pressure. MCX July silver futures dropped more than Rs 5,500 per kilogram and briefly touched an intraday low near Rs 2,41,990. The metal later traded around Rs 2,42,900 per kg, down roughly 2.3%. Silver’s larger decline reflects its higher volatility and greater sensitivity to shifts in global risk sentiment. Investors who entered near recent highs are now watching support levels closely.
Why Did Gold and Silver Prices Crash Today?
Rising Crude Oil Prices Raise Inflation Concerns
One major trigger behind the selloff was the sharp rise in crude oil prices. Brent crude traded near $97 per barrel as tensions in the Gulf region disrupted energy supply routes. Higher oil prices often increase inflation expectations, forcing central banks to maintain tighter monetary policies.
Strong US Economic Data Supports Higher Rates
Recent US employment and economic data came in stronger than expected. This reduced expectations for near-term interest rate cuts. Markets are now pricing a higher probability of another Federal Reserve rate increase later in 2026. Higher rates increase the opportunity cost of holding non-yielding assets like gold and silver.
Stronger US Dollar Pressures Precious Metals
The US dollar also strengthened following the economic data. A stronger dollar makes gold and silver more expensive for international buyers. This often leads to weaker demand and lower prices in global bullion markets.
Middle East Geopolitical Tensions Add Volatility
Ongoing geopolitical tensions continue to create uncertainty across commodity markets. While gold often benefits from safe-haven demand, the current focus on inflation risks and higher interest rates has outweighed that support. As a result, precious metals remain under pressure despite global tensions.
How are Global Gold and Silver Markets Reacting?
Spot Gold Hits Fresh 2026 Lows
International gold prices remained weak on June 8. Spot gold traded near $4,300 per ounce, marking another low for 2026. Investors are reassessing safe-haven demand as rising inflation concerns and tighter monetary policy expectations dominate market sentiment.
Silver Shows Mixed Global Trend
Silver’s global performance has been more mixed. Spot silver showed some resilience compared with MCX silver, but overall sentiment remains cautious. Industrial demand continues to support silver over the long term, yet short-term volatility remains high due to global economic uncertainty and shifting investor expectations.
What Traders and Investors Should Watch Next?
Upcoming US Federal Reserve Meeting
The next Federal Reserve policy decision will likely influence precious metals markets. Any indication that rates could stay higher for longer may continue to pressure gold and silver prices.
Dollar and Crude Oil Trends
Traders should closely monitor movements in the US dollar and crude oil. Continued strength in either market could create additional headwinds for bullion.
Technical Levels for MCX Gold and Silver
Technical analysts identify Rs 1,52,750-1,50,670 as a key support zone for MCX gold. For silver, support lies around Rs 2,41,100, while resistance remains near Rs 2,51,000. A break below support could trigger further selling.
Physical Demand Outlook
Lower prices could attract fresh buying from jewellery consumers and long-term investors in India. Seasonal demand and festival purchases may help stabilize prices if the correction deepens.
Conclusion
Gold and silver prices started the week under significant pressure as rising oil prices, stronger US economic data, and expectations of higher interest rates weighed on investor sentiment.
While the sharp correction has increased market uncertainty, upcoming Federal Reserve decisions, dollar movements, and physical demand trends will remain key drivers. Traders should stay cautious and monitor global developments closely before taking fresh positions in precious metals.
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.
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