Gold futures on MCX rose 0.63% to ₹1.48 lakh per 10 grams, while silver futures jumped 1.30% to ₹2.13 lakh per kilogram. Internationally, gold ticked 0.06% to $4,173.39 an ounce and silver climbed 0.46% to $57.68 a kilogram.
The gains come as the US dollar slipped to 73.45 rupees per dollar, the weakest in two weeks, and 10‑year Treasury yields fell to 4.28%, easing pressure on precious metals. Gaurav Garg, Head of Research at Lemonn, said the weaker dollar supports bullion pricing in emerging‑market currencies.
Fed Chair Kevin Warsh’s latest comments left markets uncertain on a near‑term rate hike, with inflation data still dictating policy. Analysts are watching the June CPI release to gauge whether the Fed will tighten further.
Domestic rupee dynamics also play a role. A 0.8% depreciation against the dollar has helped cushion Indian bullion against falling spot prices abroad, while a tighter rupee would cap gains.
Vikram Subburaj, CEO of Giottus.com, identified key support levels: gold must stay above ₹1.48 lakh per 10 grams and silver above ₹2.08 lakh per kilogram to sustain momentum, with a decisive move beyond ₹2.11 lakh signalling further upside.
Going forward, bullion prices will hinge on US rate expectations, dollar strength, geopolitical risk and currency swings. Restrictions on fresh gold ETF subscriptions, noted by Nirpendra Yadav of Bonanza, may dampen demand but are unlikely to alter the price trajectory in the short term.