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Informist, Monday, Apr. 27, 2026

By Reshma Ravi

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India and the COMEX Monday due to stalled US-Iran peace negotiations and as rising crude oil prices kept inflation concerns elevated, analysts said. Prices also fell as market participants stayed cautious ahead of upcoming central bank meetings, analysts added.   

At 1717 IST, the most active June contract of GOLD was down 0.3% at INR 152,244 per 10 grams on the MCX. The same-month contract on COMEX was down 0.4% at $4,740.8 per ounce. The most active May SILVER contract on the MCX was down 0.6% at INR 243,135 per kilogram. The same-month contract on COMEX was down 1.2% at $75.53 per ounce.

"...prices may slip as attempts to revive peace talks between US and Iran faltered after US President Donald Trump cancelled a planned trip by top envoys and Iran reiterated that it would not engage in talks under blockade," ICICI Direct said. On Saturday, Trump said that Washington had cancelled plans to send a team to Pakistan for negotiation with their Iranian counterparts. Steve Witkoff and Jared Kushner were to take part in a second round of talks with Iran. The cancellation came after Iran said it would not be attending any direct talks while the US blockaded all shipping to or from the Islamic Republic.

"...gold and silver remain tied to the ongoing crisis in the Strait of Hormuz, and both metals will stay highly volatile as they navigate the competing forces of energy-driven inflation risk and shifting monetary policy expectations," Kaynat Chainwala, assistant vice-president, commodity research at Kotak Securities, said in a note.

Elevated inflation expectations reinforced the outlook for higher interest rates for longer, reducing demand for non-yielding bullion, analysts at Kedia Advisory said.

Market participants will be monitoring policy decisions by major global central banks this week. The US Federal Reserve will detail the policy decisions on Wednesday, Bank of Japan on Tuesday, Bank of Canada on Wednesday, and the European Central Bank and Bank of England on Thursday. "Any hawkish surprises could exert additional pressure on precious metals," Kaynat Chainwala said. 

Meanwhile, Commodity Futures Trading Commission figures show a decline in net-long exposure in both gold and silver, with rising short positions signalling weakening bullish sentiment, Kotak Securities said in a report. Additionally, sovereign selling emerged, with Azerbaijan liquidating 22 tonnes of gold after reaching allocation limits, Kotak added. 

"In precious metals, managed money net longs in COMEX gold decreased by 3,352 lots to 95,498 lots over the last reporting week. Inflationary concerns amid the ongoing energy disruptions in the Persian Gulf have seen investor appetite for gold sour. Similarly, speculators decreased their net long positions in COMEX silver by 2,183 lots to 8,863 lots as of Tuesday," analysts at ING said in a report.

Outlook for the rest of the session:

--MCX gold seen at INR 150,000–INR 156,000 per 10 grams

--COMEX gold seen at $4,680–$4,760 an ounce

--MCX silver seen at INR 240,000-INR 247,000 per kg

--COMEX silver seen at $72.00-$79.00 an ounce

End

US$1 = INR 94.19

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

Edited by Deepshikha Bhardwaj

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