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Informist, Thursday, Apr. 2, 2026

By Reshma Ravi

MUMBAI – Futures contracts of gold and silver fell sharply on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the COMEX, due to a rise in dollar. Market sentiment was hit after US President Donald Trump said that the US would continue its military actions in Iran in the coming weeks. This raised concerns over inflation, which further reduced expectations of US Federal Reserve interest rate cuts this year, analysts said. Gold and silver plunged after rising for four consecutive days. 

At 1606 IST, the most active June GOLD contract on the MCX was down 3.4% at INR 148,505 per 10 grams. The most active June contract on COMEX was down 3.5% at $4,663.2 per ounce. The most active May SILVER contract on the MCX was down 6% at INR 227,898 per kilogram. The same-month contract on the COMEX was down 7% to $70.89 per ounce.

At 1608 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was up 0.7% at 100.2. A strong dollar makes commodities priced in the currency, such as gold and silver, less appealing for those holding other currencies, denting demand. 

Gold and silver snapped a four-day winning streak on Thursday as hope for a near-term resolution to the West Asia conflict faded, Kaynat Chainwala, assistant vice president, commodity research of Kotak Securities, said in a note. Trump's statements, acknowledging the war may be nearing its end while simultaneously warning of extreme military action in the weeks ahead, injected fresh uncertainty and prompted broad selling pressure across precious metals, Chainwala added. 

Trump said the US would hit Iran "extremely hard for the next two to three weeks" and repeated that the US was close to completing its objective. "We will continue until our objectives are fully achieved. Thanks to the progress we've made, I can say we are on track to complete all of America's objectives shortly, very shortly," Al Jazeera quoted Trump as saying. "We are going to hit them extremely hard over the next two to three weeks. We are going to take them back to the stone ages where they belong," he said. 

"Currently, rising oil prices heightened inflation concerns, pushing expectations of tighter monetary policy and higher yields. Market sentiment has shifted significantly, with traders now fully pricing out any US rate cuts in 2026 compared to earlier expectations of two reductions, adding pressure on gold," analysts at Kedia Advisory said in a note.

Outlook for the rest of the session:

--MCX gold seen at INR 145,000–INR 151,000 per 10 grams

--COMEX gold seen at $4,580.0–$4,700.0 an ounce

--MCX silver seen at INR 224,800-INR 235,800 per kg

--COMEX silver seen at $68.00-$74.00 an ounce

End

US$1 = INR 93.10

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

Edited by Akul Nishant Akhoury

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