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Informist, Friday, Jun. 12, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose sharply on the Multi Commodity Exchange and COMEX Friday on growing optimism about a peace agreement between the US and Iran, which helped ease concerns about prolonged inflationary pressure and aggressive monetary tightening, analysts said. Despite the day's gains, gold prices on both exchanges are poised to post a second straight weekly decline, analysts added.

 

At 1640 IST, the most active August contract of GOLD was up 0.9% from Thursday at INR 150,317 per 10 grams on the MCX. The same-month contract on COMEX was up 3% at $4,237.5 per ounce. The most active July SILVER contract on the MCX was up 1.1% at INR 242,230 per kilogram. The same-month silver contract on COMEX was up 5% at $67.20 per ounce.

 

"The US President called off a planned strike on Iran and said to finalise a deal with Iran soon. After his comments, crude oil prices crashed, the dollar index and the US bond yields cooled off and supported gold and silver prices," Manoj Jain, director of Prithvi Finmart, said in a note. President Donald Trump said he called off another round of military strikes against Iran, claiming that a deal with Tehran was close to being finalised and a "time and place of the signing" are "to be announced shortly," Al Jazeera reported. 

"Gold and silver prices recovered from lower levels due to short-coverings as precious metal markets were in a highly oversold zone in the previous session," Jain said. In the previous session, the price of gold on COMEX had fallen to its lowest level in more than six months at $4,046 per ounce.

Meanwhile, downside risks persist for gold. The metal could slip below the $4,000 per-ounce mark in the near term if US Federal Reserve Governor Kevin Warsh signals rising inflation concerns, Dow Jones reported, quoting United Overseas Bank analyst Heng Koon How. Gold has remained under pressure, losing around 20% since the West Asia conflict began, as higher energy prices have fuelled inflation fears. These concerns have strengthened expectations that central banks may keep interest rates high for longer, increasing the opportunity cost of holding non-yielding assets such as gold.

 

Outlook for the rest of the session:

--MCX gold seen at INR 145,500–INR 151,000 per 10 grams

--COMEX gold seen at $4,070–$4,350 an ounce

--MCX silver seen at INR 230,000-INR 243,500 per kg

--COMEX silver seen at $61.00-$69.00 an ounce

 

End

 

US$1 = INR 95.11

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

 

Edited by Rajeev Pai

 

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