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Informist, Monday, Mar. 30, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose Monday as the rupee fell to a record low against the dollar. Gold and silver futures on the COMEX also rose due to dip buying, analysts said. However, gains in prices could be capped due to a surge in crude oil prices, which fuelled inflation concerns and further reduced expectations of US Federal Reserve interest rate cuts this year, analysts said.

 

At 1613 IST, the most active June GOLD contract on the MCX was up 0.7% at INR 148,255 per 10 grams. The most active June contract on COMEX was up 0.9% at $4,580.4 per ounce. The most active May SILVER contract on the MCX was up 1% at INR 230,500 per kilogram. The same-month contract on the COMEX was up 2% to $70.89 per ounce.

 

Precious metals futures on the COMEX rose due to dip buying after the recent sharp fall, analysts at Kedia Advisory said. Precious metals in the domestic market also rose as the rupee fell to a record low against the dollar. The rupee fell to a record low of 95.220 against the dollar Monday. When the rupee depreciates against the dollar, gold prices in the domestic market adjust because the precious metal is priced in rupees.

 

However, gains in precious metals are likely to be capped due to fading expectations of a rate cut by the US Federal Reserve amid surging crude oil prices, which have renewed concern of a rise in inflation, analysts at Kedia Advisory said. US President Donald Trump said in an interview that he wanted to "take the oil in Iran" as Tehran accuses Washington of plotting a ground attack despite publicly pushing for a negotiated deal, Al Jazeera reported. 

 

The war in West Asia intensified over the weekend, with Israel launching waves of attacks on Iranian infrastructure and ports, even after Trump postponed attacks on Iran's energy infrastructure till Apr. 6. 

 

"Gold has lost about 16% so far this month, marking its steepest monthly fall since October 2008, pressured by a stronger US dollar, which has gained more than 2% since the US-Israeli war on Iran began on February 28," SMC Global Securities said in a report.

 

Precious metals have recently come under considerable pressure as the war in West Asia triggered a broad macroeconomic shock across global markets, forcing investors to simultaneously reprice inflation, rates, growth, and liquidity conditions, Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

 

"After many months of strong outperformance, both metals have become vulnerable - not because their strategic case has fundamentally changed, but because they had become crowded longs at a time when investors, and some central banks suddenly needed liquidity. Most notably being the Turkish Central Bank, which recently recorded 50 tonnes drop in its holdings to 772 tonnes," Hansen said. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 144,000–INR 152,000 per 10 grams

--COMEX gold seen at $4,500.0–$4,620.0 an ounce

--MCX silver seen at INR 220,000-INR 238,000 per kg

--COMEX silver seen at $67.00-$75.00 an ounce

End

 

US$1 = INR 94.83

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

 

Edited by Saji George Tit

 

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