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Informist, Monday, Apr. 6, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX Monday, paring the day's losses, as market sentiment was lifted amid hopes of a potential ceasefire between the US and Iran, analysts said. The contracts also rose because of a weak dollar.

 

At 1442 IST, the most active June GOLD contract on the MCX was up 1% at INR 151,242 per 10 grams. The most active June contract on COMEX was up 0.8% at $4,736.3 per ounce. The most active May SILVER contract on the MCX was up 1% at INR 235,509 per kilogram. The same-month contract on the COMEX was up 0.8% at $73.48 per ounce.

 

At 1450 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.4% at 99.86. A weaker dollar makes dollar-denominated commodities such as gold and silver cheaper for holders of other currencies, boosting demand. 

 

Gold and silver prices rose after media reports said Iran and the US received a plan to end hostilities that could come into effect Monday and reopen the Strait of Hormuz, Manoj Jain, director of Prithvi Finmart, said. The plan to end hostilities has been put together by Pakistan and exchanged overnight with Iran and the US, outlining a two-tier approach with an immediate ceasefire followed by a comprehensive agreement, Reuters reported, citing sources familiar with the proposal. The proposal, tentatively termed the Islamabad Accord, also gives the parties an additional 15–20 days to finalise a broader settlement, the report said.

 

Future contracts of precious metals were trading in red earlier in the day due to concerns over higher inflation and fading hopes of US Federal Reserve interest rate cuts after US President Donald Trump threatened to unleash hell on Iran if it failed to reopen the Strait of Hormuz by Tuesday, a critical route for global oil shipments. 

 

However, price gains could be capped due to stronger-than-expected US data. "... stronger-than-expected US data, including March non-farm payrolls rising 178,000, the strongest job growth since late 2024, alongside strong private payrolls, firm ISM Manufacturing PMI and retail sales, reinforced the higher-for-longer interest rate narrative, reducing expectations of near-term Fed rate cuts," Kaynat Chainwala, assistant vice president, commodity research of Kotak Securities, said in a note.

 

Gold and silver prices will remain volatile this week amid volatility in the dollar index, crude oil prices, and the US-Iran war. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 148,000–INR 153,000 per 10 grams

--COMEX gold seen at $4,640.0–$4,750.0 an ounce

--MCX silver seen at INR 228,000-INR 240,000 per kg

--COMEX silver seen at $70.00-$76.00 an ounce

 

End

 

US$1 = INR 93.06

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

 

Edited by Saji George Titus

 

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