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Informist, Tuesday, Apr. 21, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India Tuesday, tracking a fall in contracts on the COMEX due to a rise in the dollar. The precious metal futures also fell as market participants remained cautious amid uncertainty about the US-Iran peace talks ahead of the end of the two-week ceasefire, analysts said.  

 

The US delegation led by Vice President J.D. Vance is set to travel to Pakistan Tuesday if Iran agrees to a second round of peace talks ahead of the expiry of the ceasefire Thursday morning Indian time, reports said. According to media reports, Iran's Parliament Speaker Mohammad Bagher Ghalibaf is expected to attend the talks. However, diplomatic efforts to end the US-Israel war on Iran remain uncertain, with Tehran saying it will not negotiate under the "shadow of threats," Al Jazeera reported. 

 

At 1820 IST, the most active June contract of GOLD was down 0.2% at INR 153,709 per 10 grams on the MCX. The same-month contract on COMEX was down 0.7% at $4,814.3 per ounce. The most active May SILVER contract on the MCX was down 0.4% at INR 251,584 per kilogram. The same-month contract on COMEX was down 1% at $79.06 per ounce.

 

At 1828 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 98.26. A strong greenback makes commodities priced in the dollar, such as gold and silver, less appealing to holders of other currencies, thereby denting demand.

 

"... uncertainty persists as Trump said that the ceasefire may not be extended, while disruptions through the Strait of Hormuz continue to sustain energy-driven inflation risks," Kotak Securities said in a report. On Monday, US President Donald Trump said the ceasefire is unlikely to be extended, and the US will "knock out every single power plant, and every single bridge, in Iran" if there is no deal.

 

"The West Asia conflict, now in its eighth week, has heightened fears of prolonged energy supply disruptions and the associated inflationary fallout, reinforcing the higher-for-longer rate narrative and weighing on precious metals," Kaynat Chainwala, assistant vice-president of commodity research, Kotak Securities, said in a note. 

 

Meanwhile, market participants will closely monitor the Senate confirmation hearing for Kevin Warsh, Trump's nominee to lead the US Federal Reserve, which is due later in the day. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 151,000–INR 156,000 per 10 grams

--COMEX gold seen at $4,750–$4,830 an ounce

--MCX silver seen at INR 248,000-INR 254,000 per kg

--COMEX silver seen at $75.00-$82.00 an ounce

 

End

 

US$1 = INR 93.50

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

 

Edited by Saji George Titus

 

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