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Informist, Monday, May 11, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold edged lower on the Multi Commodity Exchange of India and the COMEX Monday as a rise in crude oil prices due to a deadlock in US-Iran peace deal negotiations renewed concerns about inflation and higher interest rates. Market participants will now closely watch the US consumer price index data, due Tuesday, for further cues on the US monetary policy path.

 

At 1658 IST, the most active June contract of GOLD was down 0.3% at INR 152,136 per 10 grams on the MCX. The same-month contract on the COMEX was down 1.1% at $4,677.3 per ounce. The most active July SILVER contract on the MCX was up 0.6% at INR 263,520 per kilogram, and the same-month contract on COMEX was up 0.3% at $81.08 per ounce.

 

Iran "has been playing games with the United States, and the rest of the World, for 47 years", US President Donald Trump wrote on Truth Social on Sunday. "They will be laughing no longer!"Two hours later, he said on the same platform: "I have just read the response from Iran's so-called ‘Representatives'. I don't like it — TOTALLY UNACCEPTABLE!" Further, Israeli Prime Minister Benjamin Netanyahu said Sunday that the war with Iran is "not over," as Tehran's nuclear ambition needs to be reined in.

 

"The renewed rise in oil prices intensified concerns that inflation could remain elevated, reinforcing expectations that the Fed may keep interest rates higher for longer," Kotak Securities said in a report. "Goldman Sachs delayed its Fed rate-cut outlook to late 2026 and early 2027, further pressuring non-yielding assets like gold," it added.

 

However, the fall in gold prices on the domestic bourse was limited, as the rupee posted its biggest one-day fall since Mar. 27, settling at a record closing low of 95.3100 on Monday.

 

Meanwhile, Prime Minister Narendra Modi Sunday urged citizens to avoid non-essential gold purchases to reduce India's import bill and save foreign exchange. Following these comments, market participants are speculating about an increase in the import duty on gold and silver. However, the government currently has no plan to raise the import duty on gold and silver to discourage unnecessary imports, Informist reported Monday, citing a government official.

 

Outlook for the rest of the session:

--MCX gold seen at INR 150,000–INR 154,500 per 10 grams

--COMEX gold seen at $4,620.0–$4,710.0 an ounce

--MCX silver seen at INR 259,000-INR 266,000 per kg

--COMEX silver seen at $76.00-$84.00 an ounce

End

 

US$1 = INR 95.31

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

 

Edited by Saji George Titus

 

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