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Informist, Wednesday, Jun. 10, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver fell sharply on the Multi Commodity Exchange of India and COMEX on Wednesday, as fresh US-Iran strikes raised fears that a prolonged conflict accompanied by higher oil prices could fuel inflation and prompt interest rate hikes by the US Federal Reserve. COMEX gold prices fell to an over two-month low, slipping below the $4,184 per ounce mark, while silver prices fell below $63.55 per ounce.

 

At 1620 IST, the most active August contract of GOLD was down 2% at INR 149,500 per 10 grams on the MCX. The same-month contract on COMEX was down 2.3% at $4,189.6 per ounce. The most active July SILVER contract on the MCX was down 2% at INR 233,881 per kilogram. The same-month silver contract on COMEX was down 2.2% at $64.33 per ounce.

 

"Gold slipped below $4,200 per ounce on Wednesday, reaching its lowest level since Mar. 23 as renewed military tensions between the US and Iran increased concerns over inflation," analysts at Kedia Adviosry said. Gold and silver prices fell as oil prices rose on renewed hostilities between the US and Iran. On Tuesday, the US launched strikes against Iran after US President Donald Trump said Tehran had shot down a US Apache helicopter near the Strait of Hormuz, deepening doubts over a potential peace deal and further straining a fragile ceasefire. The clashes marked one of the biggest exchanges in hostilities since the two countries agreed to a ceasefire in April, Reuters reported.

 

"The resulting rise in oil prices has intensified inflation worries and increased expectations of further central bank tightening, reducing the attractiveness of non-yielding assets such as gold," analysts said. Traders are now pricing in a more than 42.9% chance of a Fed rate hike at its December meeting, according to the CME FedWatch tool. Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal.

 

"The precious metal is now roughly 20?low its pre-conflict level, with additional selling pressure emerging after prices fell below key technical support levels closely watched by investors," Dow Jones quoted analysts at MUFG as saying.

 

Market participants await US May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday, to gauge the Federal Reserve's monetary policy stance after a strong jobs report last week raised rate hike bets.

 

Outlook for the rest of the session:

--MCX gold seen at INR 147,500–INR 151,500 per 10 grams

--COMEX gold seen at $4,140–$4,250 an ounce

--MCX silver seen at INR 228,000-INR 238,000 per kg

--COMEX silver seen at $60.00-$66.00 an ounce

 

End

 

US$1 = INR 95.27

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

 

Edited by Avishek Dutta

 

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