Gold Rates & Silver Rates Today (01/07/2026) LIVE: MCX Gold Crashes Rs 1,416, Silver Falls 2% On Weak Cues

Gold rates and silver rates crashed in India significantly in the early hours of July 1, 2026. MCX gold price dropped at least Rs 1,416 to hit an intraday low of Rs 1,41,115 per 10 grams, while MCX silver crashed by Rs 5,662 to hit the day's low of Rs 2,22,901 per 1Kg.

This is because spot gold continues to trade below $4,000 mark and at its 8-months low. While spot silver plunged nearly 2% to struggle at 7-month low at $57.6 per ounce.

The reason is the strong US economic data which underscored the economy's resilience and reinforced expectations that the Federal Reserve will raise interest rates this year. The latest JOLTS report showed job openings climbed to a two-year high, while analysts expect another solid increase in June non-farm payrolls. Meanwhile, recent core inflation readings remained well above the Fed's 2% target, as per Trading Economics report.

The report further highlighted that markets are now pricing in at least one Fed rate hike this year, with the first potentially coming as early as September. Investors also awaited updates from the ongoing US-Iran peace talks in Qatar amid hopes for a lasting ceasefire agreement, although the two sides were not expected to hold direct talks. {live-blog}