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Informist, Wednesday, Apr. 1, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold rose to a near two-week high on the Multi Commodity Exchange of India Wednesday, tracking a rise in contracts on the COMEX because of a weak dollar. Market sentiment was also lifted by prospects of de-escalation in the war in West Asia after US President Donald Trump suggested the US may leave Iran in a few weeks, analysts said. 

 

At 1615 IST, the most active June GOLD contract on the MCX was up 1.1% at INR 152,400 per 10 grams. The most active June contract on COMEX was up 2% at $4,767.2 per ounce. The most active May SILVER contract on the MCX was steady at INR 240,883 per kilogram. The same-month contract on the COMEX was down 0.2% to $74.75 per ounce.

 

At 1617 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.4% at 99.51. A weaker dollar makes dollar-denominated commodities such as gold and silver cheaper for holders of other currencies, boosting demand. 

 

"Gold posted solid gains after the dollar index and the US 10-year bond yields cooled off amid possible de-escalation in the war," Manoj Jain, director of Prithvi Finmart, said in a note. Trump and his Secretary of State Marco Rubio said the end of the war with Iran could be near, with Washington signalling potential for both direct talks with Tehran's leadership and a winding down of the conflict even without a deal, Reuters said. "We'll be leaving very soon," Trump said at the White House on Tuesday, adding the exit could take place "within two weeks, maybe two weeks, maybe three," the report said. 

 

"Reduction in tensions could lead to a decline in crude oil prices, easing inflationary pressures and increasing the likelihood of central bank rate cuts, which generally benefit non-yielding assets like gold," ICICI Direct said in a report. 

 

However, expectations of US Federal Reserve rate cuts have nearly vanished, compared to earlier forecasts of two cuts before the conflict began, due to inflation risks from higher energy prices, analysts at Kedia Advisory said.

 

Gold prices on COMEX fell more than 11% in March, the steepest monthly decline since October 2008, as surging oil prices increased inflation concerns and bets on a hawkish monetary policy response, analysts said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 148,500–INR 153,500 per 10 grams

--COMEX gold seen at $4,580.0–$4,784.0 an ounce

--MCX silver seen at INR 228,800-INR 248,800 per kg

--COMEX silver seen at $68.00-$78.00 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 Titus

 

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