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Informist, Thursday, Apr. 23, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver edged lower on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on COMEX due to a rise in the dollar index. Market sentiment was also hurt as rising crude oil prices renewed concerns about inflation as market participants assessed the uncertainties in the West Asia conflict after peace talks between the US and Iran remain stalled.

 

At 1633 IST, the most-active June contract of GOLD was down 0.5% at INR 151,839 per 10 grams on the MCX. The same-month contract on COMEX was down 1% at $4,706.7 per ounce. The most-active May SILVER contract on the MCX was down 3.2% at INR 240,350 per kilogram. The same-month contract on COMEX was down 4.7% at $74.33 per ounce.

 

Crude oil prices rose above $100 per barrel as Iran's Islamic Revolutionary Guards Corps Wednesday seized two cargo ships near the Strait of Hormuz after they violated rules, which included taking permits for routes. Iran's Parliamentary Speaker Mohammad Bagher Ghalibaf said the Strait will not reopen as long as the US naval blockade remains, calling it a "blatant violation of ceasefire".

 

"The move extends a choppy trend since Tuesday, when bullion briefly rallied after the US extended its ceasefire with Iran, only to pare gains as planned peace talks collapsed and diplomatic engagement stalled," Kaynat Chainwala, assistant vice president-commodity research at Kotak Securities, said in a note. "Elevated oil is anchoring inflation expectations and reinforcing the case for a higher interest rate environment, with markets pricing in no rate cuts through 2026, posing a headwind for non-yielding bullion."

 

Market participants are now waiting for the US jobless claims data for fresh cues, though developments on the US–Iran front are expected to remain the primary driver of sentiment in the near term.

 

Outlook for the rest of the session:

--MCX gold seen at INR 149,000–INR 153,500 per 10 grams

--COMEX gold seen at $4,650–$4,750 an ounce

--MCX silver seen at INR 235,000-INR 245,000 per kg

--COMEX silver seen at $70.00-$78.00 an ounce

End

 

US$1 = INR 94.10

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

 

Edited by Tanima Banerjee

 

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