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Gold and Silver Rates Today: Gold and silver prices fell in both domestic and international markets on July 7. Gold slipped for the second consecutive day. Internationally, spot gold dropped 0.8% to $4,129.90 per ounce. Silver also witnessed a significant decline; spot silver fell 1.9% to $60.93 per ounce. Gold had seen a strong rally last week, rising by more than 2%, but the trend has been weak so far this week.

**Decline in Gold and Silver Futures**

Weakness was also observed in gold and silver futures in India. On the commodity exchange MCX, gold futures fell by 1.07% (or ₹1,567) to ₹1,45,350 per 10 grams. Silver futures dropped 2.16% (or ₹5,096) to ₹2,30,979 per kilogram. Gold had delivered a 70% return in 2025.

**Impact of a Stronger Dollar Index on Gold**

The decline in gold prices is attributed to the strengthening of the dollar. The dollar index rose by 0.10%. A stronger dollar makes purchasing gold in other currencies more expensive, which impacts gold prices. However, experts state that the drop on July 7 is a result of consolidation following last week's rally.

**Rising Interest Rates to Dim Gold's Shine**

Traders are awaiting the minutes of the US central bank's meeting, scheduled for release on July 8. These minutes will reveal the Federal Reserve's stance on inflation. Investors currently estimate a 56% probability of an interest rate hike in September. If the Fed raises interest rates, it will have a negative impact on gold prices. Gold tends to shine when interest rates fall, whereas rising interest rates diminish its appeal. Gold Slumps 30% from Record High

Gold and silver prices had reached record highs earlier this year, followed by a sharp decline. Pressure on these metals mounted after the US-Iran conflict escalated around February 28. Gold has fallen by approximately 30% from its peak; it dropped by about 14% in June alone. Experts observe that the rally in gold prices is proving unsustainable, and the situation is similar for silver. Bullion prices may remain in a consolidation phase for some time.

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