Gold, silver prices today: Comex gold and silver gain as softer US jobs data, Warsh remarks ease Fed hike bets

Gold and silver prices traded higher in Wednesday's session, 1 July, after posting their worst quarterly performance in years. Sentiment improved as fears of an imminent US Federal Reserve rate hike eased following weaker-than-expected US jobs data and comments from Federal Reserve Chair Kevin Warsh.

A weaker US dollar also supported the rebound. Comex gold futures climbed $93 per troy ounce to an intraday high of $4,131, while silver futures advanced $1.62 per troy ounce to $61.54.

Both precious metals have witnessed sharp volatility in recent months as markets increasingly priced in the possibility of a US Federal Reserve rate hike this year after consumer inflation accelerated to a three-year high in May. Several Fed officials have also indicated that higher interest rates may be necessary to bring inflation back to the central bank's 2% target.

However, Warsh said inflation expectations and inflation risks have moderated in recent weeks, easing market concerns over a potential rate hike as early as July. Speaking at the European Central Bank's annual forum in Sintra, Portugal, he reiterated the Federal Reserve's commitment to restoring inflation to its 2% target while noting that inflation risks had eased.

Although gold is traditionally viewed as a hedge against inflation, higher interest rates generally reduce the appeal of the non-yielding asset. Traders are currently pricing in around a 65% probability of a 25-basis-point rate hike in September, according to the CME FedWatch Tool.

Meanwhile, the US Dollar Index slipped to 101.3, retreating from an intraday 15-month high of 101.6 following Warsh's remarks.

On the economic front, the ADP National Employment Report showed private-sector employment increased by 98,000 jobs in June, below economists' expectations of 118,000 and following an unrevised gain of 122,000 in May, according to a Reuters poll.

Investors are now awaiting the US non-farm payrolls report due on Thursday for further clues on the Federal Reserve's policy path.

On the geopolitical front, the United States and Iran held technical talks in Doha on Wednesday as both sides sought to reach an agreement on shipping through the Strait of Hormuz and secure a lasting ceasefire, Reuters reported, citing an Iranian official.

Gold ended the second quarter of 2026 with a 13.5% decline, marking its worst quarterly performance in 13 years. The metal also snapped a six-quarter winning streak, during which it had rallied 76%, after hitting a record high of $5,626 in January.

Silver also fell nearly 20% during the quarter, its first quarterly decline in five quarters. Both metals started the year on a strong footing, surging to record highs in January. However, the rally lost momentum after the Middle East conflict erupted in late February, with selling pressure intensifying amid rising bond yields and a stronger US dollar.

MCX gold, silver rebound sharply

Tracking gains in the international market, the near-month gold futures contract on the MCX surged ₹3,000 per 10 grams to an intraday high of ₹1,45,575, rebounding after ending June with an 8% decline.

Meanwhile, the near-month silver futures contract on the MCX climbed ₹4,347 per kilogram to touch the day's high of ₹2,32,910.

Despite the rebound, the white metal ended June with a sharp decline of ₹38,435 per kilogram, marking a stark reversal from the strong rally witnessed through 2025 and early 2026, which had propelled silver to a record high of ₹4,20,028 per kilogram.

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