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Informist, Friday, Mar. 27, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX on Friday amid easing tensions in West Asia as the US announced plans to further postpone attacks on Iran's energy structure, analysts said. Contracts of precious metals on the domestic exchange also rose as the rupee hit a record low against the dollar. However, the gains remain capped and bullion prices are headed towards their fourth consecutive weekly loss.

 

At 1607 IST, the most active June GOLD contract on the MCX was up 1% at INR 144,503 per 10 grams. The most active June contract on COMEX was up 1.1% at $4,456.0 per ounce. The most active May SILVER contract on the MCX was up 2% at INR 223,563 per kilogram. The same month contract on the COMEX was up 1.4% at $68.86 per ounce.

 

US President Donald Trump said talks with Iran to end the war were going on "very well" and announced he was postponing attacks on the country's energy plants for 10 days till Apr. 6. "As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 PM, Eastern Time," Trump said in a post on Truth Social on Friday.

"...Trump has pledged to refrain from targeting Iranian energy facilities until April 6, which could bring a sign of relief to investors and lower volatility in prices," ICICI Direct said in a report. 

 

"The delay, along with Iran allowing 10 oil tankers through the Strait of Hormuz, provided temporary relief to markets," analysts at Kedia Adviosry said in a note. On Thursday, Trump said that Iran allowed 10 oil tankers to pass through the Strait of Hormuz this week as an apparent goodwill gesture in negotiations, Reuters reported. 

 

Precious metals also rose as the rupee fell to a record low against the dollar. The rupee Friday closed at 94.8125, down 0.9% against the dollar. Earlier in the day, the rupee fell to a record low of 94.8425. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

However, the gains in precious metals are likely to be capped due to uncertainty over a ceasefire in the West Asia conflict and concerns about inflation. "...short-term support may come from temporary de-escalation and improved risk sentiment, but persistent geopolitical uncertainty, inflationary pressures, and a hawkish rate environment continue to cap upside," Kotak Securities said in a report.

 

Meanwhile, the recent downward pressure on bullion prices has been exacerbated by Turkey's central bank selling and swapping around 60 tonnes of gold, worth over $8 billion, in two weeks since the start of the military conflict in West Asia, according to a Bloomberg report. Turkish gold reserves declined by 6 tonnes in the week ended Mar. 13 and another 52.4 tonnes in the week ended Mar. 20, according to the report, citing data published by the central bank. "Official sector buying has been a central pillar of gold's rally over the past couple of years," analysts at ING Economics said in a report.

 

Outlook for the rest of the session:

--MCX gold seen at INR 140,000–INR 144,000 per 10 grams

--COMEX gold seen at $4,350.0–$4,470.0 an ounce

--MCX silver seen at INR 215,000-INR 235,000 per kg

--COMEX silver seen at $64.00-$72.00 an ounce

 

End

 

US$1 = INR 94.81

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

 

Edited by Deepshikha Bhardwaj

 

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