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Informist, Friday, Mar. 13, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India on Friday, tracking a fall in contracts on the COMEX due to a sharp rise in the dollar. Market sentiment was also hurt as prospects of monetary policy easing by the US Federal Reserve dimmed following the sharp rise in crude oil prices, which has renewed concerns about inflation, analysts said. 

 

At 1610 IST, the most-active April GOLD contract on the MCX was down 0.5% at INR 159,486 per 10 grams. The most-active April contract on COMEX was down 0.7% at $5,091.1 per ounce. The most-active May SILVER contract on the MCX was down 1% at INR 264,200 per kilogram. The corresponding contract on COMEX was down 3% at $82.97 per ounce.

 

At 1612 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was up 0.4% at 100.1. A strong dollar makes commodities priced in the currency, such as gold and silver, less appealing for those holding other currencies, thereby denting demand. "Inflation worries due to higher crude oil and commodity prices are supporting the dollar index and limiting gains of gold and silver," Manoj Jain, director of Prithvi Finmart, said in a note.

 

"Geopolitical tensions between the US, Israel, and Iran, fuelled expectations of higher oil prices, further amplifying inflation fears," Kotak Securities said in a report. Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, said Tehran will keep the strategic Strait of Hormuz shut as leverage against the US and Israel. Khamenei said the country would take revenge for its citizens killed by the US and Israel since the first strike from those countries on Feb. 28. The aim was to extract compensation equal to the damage suffered by Iran or destroy an equivalent amount of assets of the aggressors, Khamenei said. 

 

Meanwhile, the prices of precious metals will remain volatile amid volatility in the dollar index, the US-Iran conflict and volatility in crude oil prices, Jain said. The market will stabilise only after the West Asia conflict eases, Jain added.

 

US data, including the Job Openings and Labor Turnover Survey for January and a preliminary reading of consumer confidence for March, is due Friday. The data and developments in the West Asia conflict are being closely watched ahead of the US Federal Open Market Committee meeting and its summary of economic projections next week.

 

Outlook for the rest of the session:

--MCX gold seen at INR 157,500–INR 161,500 per 10 grams

--COMEX gold seen at $5,040.0–$5,140.0 an ounce

--MCX silver seen at INR 258,000-INR 268,000 per kg

--COMEX silver seen at $79.00-$86.00 an ounce

 

End

 

US$1 = INR 92.46

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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