Daily Bullion Report — 8 July 2026 | Negative Trend: Sell Gold & Silver Rallies into FOMC Minutes

Daily Bullion Report — Wednesday, 8 July 2026

MCX Gold & Silver · Full-day levels 9:00 AM–11:30 PM IST · Trend: NEGATIVE

🎯 Bias in one line: Sell rallies in both metals. Gold under 1,45,780, silver under 2,33,000 — FOMC minutes tonight are the swing factor. Live: Gold ₹1,44,952 · Silver ₹2,30,050.

Status: US–Israel–Iran conflict has moved into a calmer, lower-volatility phase through mid-2026 — tensions persist but markets have shifted focus back to macro fundamentals. Geopolitical premium is fading, not expanding.

Effect (the counter-intuitive truth): This war has been gold-NEGATIVE, not positive — the textbook “war = gold up” failed. Chain: conflict → oil up → inflation fear → Fed stays hawkish/hikes → real yields rise → non-yielding gold sells off. Gold fell from its ₹5,405/oz-equiv Jan record to the $4,000 area; silver hit harder (industrial + speculative, no true safe-haven bid). Only a fresh escalation with real economic damage would flip gold higher — absent that, rallies remain sells.

Our Preference: Sell Gold 1,45,650 → target 1,44,250, below 1,43,700 extend to 1,42,750 final · SL 1,46,100+ only if sustained

Alternative Scenario: Buy Gold 1,42,750 · SL 1,42,250 → target 1,44,250

⚡ Trading Zone: 1,44,250 Buy for a session · SL 1,43,900

Our Preference: Sell Silver 2,31,000, backup sell 2,33,000 → targets 2,26,000 / 2,21,000 · SL 2,35,000+ only if sustained

Alternative Scenario: Buy Silver 2,21,000 → target 2,29,000 · SL below 2,19,000 only if sustained

⚡ Trading Zone: 2,26,000 Buy · SL 2,25,000 · target 2,29,000 — jobbing only

Agreement: Negative trend is well-supported — Sept hike odds ~50–56% (CME), real yields the dominant gold headwind, WGC fair-value ~$4,100 with sell-pressure below $4,000. Your sell-the-rally structure is the correct posture.

One caution to respect: gold just ended a 4-week losing streak with a +2% bounce after the soft June payrolls (57K vs 110K), and hike odds already eased from 66%→~55%. So a dovish surprise in tonight’s minutes could trigger a sharp short-covering spike — that’s exactly why the 1,46,100 gold / 2,35,000 silver “only if sustained” SL discipline matters. Don’t get stopped by the FOMC knee-jerk; let it settle.

Gold-silver ratio angle: silver’s been the weaker metal (industrial + no safe-haven bid) — in a continued selloff silver targets should fill faster than gold’s, favoring the silver short for momentum.

📌 Trend for the day: Negative — sell rallies both metals. Trend for the week: Down, FOMC-minutes-driven; below key levels the slide extends, a dovish shock is the only bounce risk.