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Informist, Monday, Jun. 8, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver continued their slump on the Multi Commodity Exchange of India and COMEX on Monday as rising crude oil prices stoked inflation worries and expectations of a prolonged higher interest rate environment. COMEX gold prices fell to an over two-month low, slipping below the $4,300 per ounce mark, while silver prices fell below $67 per ounce.

 

At 1717 IST, the most active August contract of GOLD was down 0.7% at INR 154,523 per 10 grams on the MCX. The same-month contract on COMEX was down 0.3% at $4,352.7 per ounce. The most active July SILVER contract on the MCX was down 1.2% at INR 245,688 per kilogram. The same-month contract on COMEX was down 1.1% at $68.35 per ounce.

 

"Bullion losses intensified Monday... as hawkish macro signals and stalled geopolitical diplomacy continued to weigh on both metals," Kaynat Chainwala, assistant vice president, commodity research at Kotak Securities, said in a note. "The oil-to-inflation transmission chain remains central as elevated crude sustains inflation expectations, reinforcing tighter monetary policy and strengthening the dollar and real yields, headwinds that now dominate bullion's trajectory, overriding its conventional safe-haven appeal," Chainwala said.

 

Moreover, stronger-than-expected US jobs data released Friday has boosted hopes of an interest rate hike by the US Federal Reserve this year. US non-farm payrolls rose by 172,000 in May, against expectations of an 85,000 increase. "The strong US jobs report last Friday lifted real yields and pushed the dollar index above 100, directly undermining non-yielding metals," Chainwala said.

 

COMEX gold prices fell to an over two-month low of $4,293 per ounce earlier in the day, while silver prices slid to $66.30 per ounce. In the last two sessions, gold prices have fallen by around 5% and silver prices by around 10%. "Silver's sharper decline underscores growth concerns compounded by tech volatility. With the May CPI release on June 10 (Jun. 10) pivotal, a hot reading could solidify Fed rate hike bets, extend dollar strength, and further pressure precious metals. As monetary policy tightens and the recent Iran-Israel escalation, the risk skew remains firmly to the downside," Chainwala said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 151,500–INR 155,500 per 10 grams

--COMEX gold seen at $4,280–$4,370 an ounce

--MCX silver seen at INR 238,000-INR 246,000 per kg

--COMEX silver seen at $64.00-$71.00 an ounce

End

 

US$1 = INR 95.71

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

 

Edited by Saji George Titus

 

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