Gold Rates & Silver Rates Outlook For June 29-July 3: Gold May Hit Rs 1.50 Lakh, Silver To Touch Rs 2.30 Lakh

Gold rates and silver rates in India paused on Sunday, 2026, with 10 grams of gold nearing Rs 1.44 lakh and 1 kg of silver at Rs 2.40 lakh. The precious metals witnessed a volatile last week as a stronger dollar and expectations of rate hikes dampened appetite for safe havens. That being said, MCX gold and silver price closed the trading week around the Rs 1.44 lakh and Rs 2.22 lakh marks. However, spot gold and spot silver although recovered for two days straight, could not close the week on a positive note. Bullion in the international market recorded a 3% weekly decline, while silver clocked over a 10% drop.

However, for the coming trading week from June 29 to July 3rd, gold and silver prices will continue to trend cautiously. While experts believe that MCX gold could reclaim the Rs 1.50 lakh mark during the week, and MCX silver has the potential to touch the Rs 2.30 lakh level. But a new escalation of tensions between the US and Iran has emerged over the weekend and that will also play a role in defining sentiments for gold and silver when the market opens on Monday.

Gold Rates In India + Silver Rates In India:

At present, 10 grams gold price stood at Rs 1,43,950 in 24 carat, at Rs 1,31,950 in 22 carat and at Rs 1,07,960 in 18 carat. This is the rate of physical gold and common in majority of cities in India.

Meanwhile, 1Kg silver price stood at Rs 2.40 lakh, while 100 grams and 10 grams silver is currently available at Rs 24,000 and Rs 2,400. The 1 gram silver is priced at Rs 240.

However, gold across carats is down by nearly 8% in June 2026 so far, while silver underperforms with 14-15% decline.

MCX Gold Price + MCX Silver Price

Last week on Friday, MCX gold price surged by over Rs 1,072 or 0.75% to close at Rs 1,44,199 per 10 grams. Also, MCX silver gained by Rs 2,428 or 1.11% to close the week at Rs 2,22,100 per 1Kg.

Analysts at SMC Global Securities, in their note, said the bullion market ended the week on a bearish note, with gold declining more than 2% and silver falling over 5%, as a hawkish tone from the US Federal Reserve outweighed support from easing geopolitical tensions following the US-Iran peace framework.

Although the latest US inflation data offered some relief by tempering expectations of an immediate rate hike, analysts added, "it was not enough to reverse the broader bearish sentiment. Gold posted its fourth consecutive weekly decline, while silver remained under heavy selling pressure amid rising US Treasury yields and a stronger US dollar."

Spot Gold Price + Spot Silver Price

On the global front, after falling below the $4,000 mark, spot gold retained around $4,087 per ounce, recovering by 1.5% on June 26th alone. This was due to the US PCE inflation report, which came in line with expectations, scaling back rate hike fears. Yet, spot gold recorded 3% drop from June 22nd to June 26th, registering its fourth consecutive weekly decline as the US Federal Reserve continues to be hawkish, which supports the dollar.

As per Trading Economics, new Fed Chair Warsh reaffirmed the central bank's commitment to bringing inflation under control, easing concerns that he might yield to pressure from US President Trump to cut interest rates prematurely. The Fed also raised its 2026 PCE inflation projections. The headline PCE inflation rate accelerated to 4.1% in May. Markets are currently pricing in three Federal Reserve rate hikes this year, with the probability of the first increase coming in September standing at around 62%.

But silver was worst hit than gold. Spot silver plunged by 10% in overall week and stood around $58.78 per ounce.

Gold Rates & Silver Rates In India Weekly Outlook For June 29 To July 3, 2026:

Federal Reserve officials continued to emphasize that inflation remains above the central bank's target. Chicago Fed President Austan Goolsbee and New
York Fed President John Williams reiterated that inflation remains above the Fed's target, supporting the case for keeping interest rates higher for longer.

Thereby, analysts pointed out that markets are now expecting the Federal Reserve to keep interest rates higher for longer, limiting the appeal of non-yielding assets such as gold and silver.

Adding to the bearish sentiment, China's net gold imports via Hong Kong declined sharply in May, indicating softer physical demand from one of the world's largest gold consumers.

Looking ahead, analysts said, "COMEX Gold remains under pressure below the $4,080 resistance level. As long as prices trade below this zone, the overall bias remains sell on rallies. A sustained move above $4,080 could trigger a recovery toward the $4,500 area. COMEX Silver is expected to trade in a broad range of $48-$65, with volatility likely to remain elevated. On MCX, Gold August Futures are expected to trade within the Rs1,30,000-Rs1,50,000 range during the week, while Silver September Futures may witness heightened volatility with a likely trading range of Rs1,89,000-Rs2,30,000.

US-Iran Attack Each Other Again:

The US has carried out fresh strikes against Iran after the Islamic Regime reportedly launched a drone attack on a Panama-flagged shipping vessel during transit at the Strait of Hormuz.

The Islamic Revolutionary Guard Corps (IRGC) issued a statement, saying they launched missiles and drones at US infrastructure in Kuwait and Bahrain. While the US Central Command (Centcom) claimed to have hit several targets across Iran as their direct response to aggression.

US President Donald Trump said, "United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Ceasefire Agreement, AGAIN! It is very possible that they will never learn! There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started. If that happens, the Islamic Republic of Iran will no longer exist!"

This renewed tensions will play a role in market sentiments on Monday.