Gold Silver Rates Outlook For July 6-12: Will MCX Gold Hit Rs 1.50 Lakh This Week & Silver May Cross Rs 2.50 Lakh?

Gold rates and silver rates are expected to see buying interests during the week from July 6th to July 12th. MCX gold has taken support near the 200-day EMA, which indicates further upside potential. Experts have set the higher-end target for spot gold around $4,290 per ounce, for MCX gold at Rs 1.52 lakh and for silver at around Rs 2.48 lakh. Last week, the bullion market ended on a bullish note due to a softer dollar, economic data and a shift in expectations of rate hikes from the US Federal Reserve ahead.

Gold Rates & Silver Rates Latest

In the early hours of July 6th, spot gold traded around $4,192 per ounce with nearly 0.6% upside, and spot silver gained marginally to trade near $62.55 per ounce. This is an extension of last week’s gains after weather-than-expected US jobs data and lower crude oil prices toned down the expectations of rate hikes in 2026.

As per CME FedWatch tool, the probability of a rate hike has dipped to 50% from the earlier 66% probability. On the latest jobs report, the dollar pulled back too from the 101 mark.

Meanwhile, the 10 grams gold price stood at around Rs 1,46,720 in 24 carat, at Rs 1,07,592 in 22 carat and at Rs 88,032 in 18 carat in the early hours of July 6th, which could be revised as the day moves ahead.

Moreover, 1Kg physical silver rate is around Rs 2.50 lakh, while 100 grams and 10 grams silver is available at Rs 25,000 and Rs 2,500.

Last week, MCX gold for August 5th expiry stood at Rs 1,47,365 per 10 grams after crossing Rs 1.48 lakh mark on July 3rd. Also, MCX silver stood around Rs 2,37,499 per 1Kg after crossing Rs 2.38 lakh mark.

Gold Rates & Silver Rates Outlook For July 6-10

As per analysts at SMC Global Securities, bullion counters witnessed a strong week-on-week recovery, supported by a shift in the global inflation outlook and softer U.S. economic data.

The major reason behind the rebound in gold, as per the analysts, was the decline in crude oil prices, which eased inflation concerns and strengthened expectations that the U.S. Federal Reserve may adopt a less aggressive monetary policy.

Fed Chair Kevin Warsh also acknowledged that inflation has shown signs of moderation, indicating that this could eventually be reflected in future monetary policy decisions. Adding to the positive sentiment, both U.S. Non-Farm Payrolls (NFP) and private payroll data came in significantly weaker than market expectations, suggesting that the labor market is gradually losing momentum.

For June 2026, US added only 57,000 jobs which steeply lower from the market estimate of 110,000 jobs, reducing fears of prolonged higher interest rates.

In SMC analysts view, as a result, the U.S. Dollar weakened on a weekly basis, making dollar-denominated bullion more attractive for overseas buyers. Markets pared September Fed rate hike expectations, with odds slipping to 54% from 66%. However, expectations of further rate hikes have not completely disappeared, which may keep gold volatile in the coming months.

Also, supporting the broader bullish sentiment, the WGC reported that global central banks added a net 41 tonnes of gold to their reserves during May, highlighting continued long-term demand.

Giving the technical weekly outlook for precious metals, SMC analysts said, MCX Gold witnessed a healthy bounce after taking support near its 200-day EMA, indicating buying interest at lower levels. For the coming week, COMEX Gold is expected to trade in the range of $3,950-$4,290, while COMEX Silver may remain within $55-$72. On MCX, Gold is likely to trade between Rs 1,40,000-Rs 1,52,000, whereas Silver is expected to remain in the range of Rs 2,23,000-Rs 2,48,000.

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