MCX Gold & Silver: Gold Slips Near ₹1.47 Lakh, Silver Crashes ₹6,000 per Kg Amid Fed Concerns
Key Points
MCX Gold fell 1.42% to ₹1,47,196 per 10 grams on June 19, 2026.
MCX Silver crashed 2.86% to ₹2,30,774 per kg, down nearly ₹6,798 intraday.
International spot gold slid to $4,151.89 per ounce amid dollar strength.
Fed rate hike probability stands at 87%, pressuring non-yielding assets like bullion.
MCX Gold & Silver prices tumbled sharply on June 19, 2026. MCX Gold futures opened weak around ₹1,47,175 per 10 grams and slipped further to ₹1,47,196, down 1.42% intraday from a previous close of ₹1,49,309. Silver fared worse. MCX Silver July futures opened sharply lower at ₹2,32,371 per kg and crashed to ₹2,30,774, down 2.86% from the prior close of ₹2,37,572. A hawkish US Federal Reserve stance and a surging dollar are driving this broad bullion sell-off across Indian markets today.
Why MCX Gold Is Slipping Today
The core trigger behind gold’s decline is unmistakably monetary policy. International spot gold trades at $4,151.89 per ounce, reflecting a weekly decline of 1.3% amid dollar strength near a one-year high.
Key gold price drivers today:
- Fed rate hike probability now stands at 87%, dampening demand for non-yielding gold.
- US inflation hovers around 3.1% to 3.3%, keeping the Fed cautious on cuts.
- 24K gold in Mumbai trades at ₹14,950 per gram, down from recent highs.
- Gold gained 74.17% in 2025 for the Tata Gold ETF, showing prior strength.
This pullback follows a remarkable rally, making today’s correction feel sharper by comparison.
Silver’s Sharper Crash: What’s Behind It
Silver is taking a harder hit than gold in today’s session. MCX Silver futures dropped ₹6,798 intraday, falling from ₹2,37,572 to ₹2,30,774 per kg, a decline of nearly 2.86%.
Silver-specific pressure points:
- Weak global industrial demand is compounding the impact of rate-hike expectations.
- Open interest fell 3.47%, signaling traders are unwinding existing silver positions.
- Silver in Chennai and Hyderabad trades higher at ₹2,699 per 10 grams.
Silver’s industrial-demand link makes it more sensitive to global growth concerns than gold.
The Broader Macro Picture Driving Bullion Down
Beyond the Fed, several macro forces are converging against precious metals today. Brent crude trades near $82 to $84 per barrel, down 1.5% to 2% this week on easing geopolitical tensions.
Macro factors at play:
- Geopolitical easing is limiting safe-haven demand for both gold and silver.
- India’s CPI inflation sits around 4.8% to 5.2%, driven by food and fuel costs.
- A weak rupee is partially cushioning domestic losses despite global bullion weakness.
- Gold ETFs like Nippon India Gold BEES (GOLDBEES.NS) and SBI Gold ETF remain popular long-term holdings.
This mix of cooling oil and a hawkish Fed is squeezing bullion from multiple directions.
Conclusion
Today’s MCX Gold & Silver correction reflects classic Fed-driven bullion pressure, not a structural reversal. With gold near ₹1.47 lakh and silver down sharply, near-term volatility looks set to continue. Investors should track upcoming Fed commentary closely, since any dovish shift could quickly reverse this week’s steep bullion losses.
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.
What brings you to Meyka?
Pick what interests you most and we will get you started.
I'm here to read news
Find more articles like this one
I'm here to research stocks
Ask Meyka Analyst about any stock
I'm here to track my Portfolio
Get daily updates and alerts (coming March 2026)