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Informist, Tuesday, Mar. 24, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX Tuesday, paring the day's losses, as the market sentiment was lifted after reports said Iran agreed to negotiate with the US, analysts said.

 

On Tuesday, Iran's new Supreme Leader, Mojtaba Khamenei, agreed to negotiate with the US and reach an agreement, suggesting a potential diplomatic opening amid ongoing military hostilities, CNN News 18 reported, citing Israeli media Al Arabiya.

 

Gold and silver prices will remain volatile in the near term with the West Asia conflict, volatility in the dollar index, and surging crude oil prices, Manoj Jain, director of Prithvi Finmart, said. At 1653 IST, the most-active April GOLD contract on the MCX was up 0.5% at INR 139,877 per 10 grams. The most-active April contract on COMEX was up 0.3% at $4,421.0 per ounce. The most-active May SILVER contract on the MCX was up 0.2% at INR 225,629 per kilogram. The same month contract on the COMEX was up 1.5% at $70.39 per ounce.

 

Future contracts of precious metals trading in red earlier in the day as Iran denied holding talks with the US, with Iran's parliamentary speaker saying such claims are "fake news" and being "used to manipulate financial and oil markets." On Monday, US President Donald Trump had claimed that the US and Iran had held talks on the "complete and total resolution of hostilities" in West Asia. Trump said he had ordered the military to postpone strikes against Iranian power plants for five days following "productive conversations" with Tehran.

 

"I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST," Trump said in a post on social media. 

 

However, price gains could be capped as market participants assess the military hostilities in West Asia, Jain said. Until and unless there is a clear de-escalation, precious metals are going to be under pressure, Jain added. Gains are also likely to be capped due to prospects of liquidity-driven sales amid the conflict in West Asia. "... the Middle East (West Asia) war continues to trigger a broad macroeconomic shock across global markets, forcing investors to reprice inflation, rates, growth, and liquidity conditions simultaneously," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

 

Gold prices witnessed one of the year's sharpest sell-offs on Monday, hitting a low of $4,100 per ounce, but pared some losses after Iranian officials denied having had conversations with Trump. "Gold has now fallen every week since the conflict began on 28 February (Feb. 28), as elevated energy prices and geopolitical risks are increasingly being offset by higher real yields and a firmer dollar," analysts at ING Economics said in a report.

 

Outlook for the rest of the session:

--MCX gold seen at INR 137,000–INR 143,000 per 10 grams

--COMEX gold seen at $4,350.0–$4,480.0 an ounce

--MCX silver seen at INR 220,000-INR 232,000 per kg

--COMEX silver seen at $67.00-$73.00 an ounce

 

End

 

US$1 = INR 93.87

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

 

Edited by Saji George Titus

 

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