Gold and silver prices witnessed a sharp rally on Friday (July 3), with MCX gold futures for August delivery jumping ₹1,952 (1.34%) to ₹1.47 lakh per 10 grams and silver futures for July delivery climbing ₹4,096 (1.76%) to ₹2.37 lakh per kg. According to CNBC TV18, this represents a significant surge from previous levels, with the rally supported by strong global cues, fresh buying by traders, and growing expectations that interest rate hikes in the US may slow down in the coming months. The precious metals have recorded their first weekly gains since May, with gold gaining nearly 2% this week while silver has surged around 5%, as reported by Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions and President of the India Bullion and Jewellers Association. The latest trading session saw business turnover of 1,593 lots, indicating increased participation and fresh position building by market participants. Comex gold futures climbed $83 per troy ounce to an intraday high of $4,208, while silver futures advanced $2.35 per troy ounce to $63.50, with both metals on track for a second consecutive weekly gain. However, traders are now advised to exit long positions as precious metals face resistance ahead.
The latest rally in bullion prices comes after weaker-than-expected US jobs data increased hopes that the US Federal Reserve could slow down further interest rate hikes. Recent payroll data showed that only 57,000 jobs were added in June, the fewest in four months and well below forecasts of 110,000, as reported by LiveMint. The unemployment rate stood at 4.2%, while the report followed weaker-than-expected private-sector employment data released on Wednesday. The softer employment numbers reduced fears of aggressive monetary tightening and boosted investor interest in safe-haven assets such as gold and silver. Globally, gold futures rose 1.19% to $4,171.27 per ounce in New York, while Comex silver futures surged 2.17% to $62.23 per ounce. The weaker-than-expected jobs data and declining oil prices have boosted safe-haven demand, supporting precious metals across the board.
Several factors continue to influence precious metals markets, with Federal Reserve Chair Kevin Warsh noting that both inflation expectations and inflation risks had eased in recent weeks while reiterating the central bank's commitment to bringing inflation back to its 2% target. According to The Economic Times, the CME FedWatch Tool shows traders pricing in around a 64% probability of a September rate hike, with markets now focused on the June nonfarm payrolls report for fresh signals on the Fed's policy path. The softer labour market numbers are expected to reduce pressure on the Federal Reserve to raise rates at its July meeting, as expectations of higher borrowing costs have been a key headwind for non-yielding bullion. As traders scaled back expectations of a near-term Fed rate hike, demand for the US dollar also weakened, with the dollar index slipping below 101 in Friday's trade and headed for its biggest weekly decline since April. Oil prices, a major driver of inflation in recent months, have also retreated towards pre-war levels as tanker traffic through the Strait of Hormuz has increased, with crude prices edging lower this week following positive discussions in Qatar aimed at converting the US-Iran interim 60-day truce into a lasting peace agreement.
Market experts have provided updated technical levels for precious metals trading ahead of the U.S. nonfarm payrolls report. As reported by CNBC TV18, gold has already touched the previously projected range of $4,100–4,165 per ounce, equivalent to around ₹1.45 lakh per 10 grams–₹1.47 lakh per 10 grams in the Indian market. Analysts now expect gold prices to move towards $4,250 per ounce, or nearly ₹1.50 lakh per 10 grams, if buying momentum continues. Silver, which has outperformed gold in recent sessions, has already crossed the $60–62 range and could potentially move towards $65 per ounce, translating to nearly ₹2.45 lakh per kilogram in India. According to LKP Securities, gold is expected to trade in the ₹1,45,000–1,49,000 range, with global cues continuing to drive sentiment. MCX gold futures extended their winning streak to a fourth consecutive session, with the near-month gold futures contract surging ₹2,311 per 10 grams to an intraday high of ₹1,48,069, while silver futures climbed ₹5,572 per kilogram to touch the day's high of ₹2,38,876. However, traders are advised to exit long positions as gold faces resistance at ₹1,48,200 (the 21-day moving average) and ₹1,50,000, with a potential drop to ₹1,40,000 if the fall resumes. Silver futures are hovering around ₹2,40,000 where both 21- and 50-day moving averages coincide, with resistance at ₹2,53,000 and support below ₹2,15,000.
Silver prices showed minimal variation across major Indian cities, with MCX silver futures trading at ₹2,37,400 per kg on July 3, 2026. As reported by The Financial Express, Mumbai recorded the highest silver rates at ₹238 per gram, while Kolkata showed the lowest at ₹237 per gram. Chennai and Hyderabad were positioned in the middle range at ₹238 and ₹238 per gram respectively. Delhi and Pune were at ₹237 per gram, while Ahmedabad and Surat were at ₹238 per gram. The 10 gram silver rate remained consistent across cities, with Bengaluru at ₹2,377 per 10 grams and Delhi at ₹2,373 per 10 grams. In physical markets, standard gold (22 carat) prices in Delhi stand at ₹1,03,352/8 grams while pure gold (24 carat) prices stand at ₹1,12,736/8 grams.
