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Informist, Wednesday, May 6, 2026

 

By Afra Abubacker

 

NEW DELHI – Futures contracts of gold and silver rose Wednesday on the Multi Commodity Exchange of India, tracking gains in contracts on the COMEX. Gold prices rose as reports that the US and Iran were nearing a peace deal pressured crude oil prices and the dollar, lifting market sentiment and easing inflationary worries.   

 

At 1805 IST, the most active June contract of GOLD was up 1.5% at INR 152,054 per 10 grams on the MCX. The same-month contract on COMEX was up 3% at $4,710.3 per ounce. The most active July SILVER contract on the MCX was up 3% at INR 256,456 per kilogram and the same-month contract on COMEX was up 5% at $77.28 per ounce.

 

The White House believes it is close to agreeing on a one-page memorandum of understanding with Iran to end the conflict, Axios reported. "We will close this very soon. We are getting close," Axios quoted a Pakistani source familiar with the development. Last month, Pakistan hosted peace talks between the two warring nations and continues to serve as the mediator in the peace negotiations. 

 

Gold prices rose as crude oil prices on NYMEX hit a two-week low below $88.66 per barrel. Elevated crude oil prices raise inflation concerns and dampen expectations of early monetary easing in the US. Typically, higher interest rates dim the appeal of the non-yielding precious metal.

 

A sustainable truce deal would lower inflation risk and limit the chance of US Federal Reserve rate hikes. "For gold, the next driver will be the outlook for interest rates, with US Treasury borrowing plans and key economic data likely to shape expectations for Fed policy," Dow Jones quoted ING analysts. Fears of further conflict help maintain gold's safe-haven appeal, they added.

 

For further cues, the market awaits data on US non-farm payrolls and unemployment rate, due on Friday, to gauge the Fed's monetary policy path. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 148,974–INR 153,014 per 10 grams 

--MCX silver seen at INR 242,971-INR 256,968 per kg

--COMEX silver seen at $72.49-$78.08 an ounce

 

End

 

US$1 = INR 94.61

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

 

Edited by Saji George Titus

 

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