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Informist, Tuesday, Jun. 16, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX Tuesday as ‌the peace agreement between the US and Iran eased concerns of an interest rate hike by the US Federal Reserve. The gains are likely to be capped as market participants cautiously await the US Federal Reserve's policy decision on Wednesday and comments by new chair Kevin Warsh.    

 

At 1551 IST, the most active August contract of GOLD was up 0.2% at INR 153,171 per 10 grams on the MCX. The same-month contract on the COMEX was up 0.3% at $4,365.3 per ounce. The most active July SILVER contract on the MCX was up 0.2% at INR 250,900 per kilogram. The same-month silver contract on the COMEX was up 0.5% at $70.56 per ounce.

 

"Gold rose as the US-Iran deal eased global inflation fears and potentially tempered expectations of interest rate hikes," Daniel Hynes, senior commodity strategist at ANZ, said in a note. US President Donald Trump said on Monday that a preliminary agreement to end the war in West Asia had been signed by the US and Iran, although details have yet to be made public, and both countries said a permanent truce is yet to be negotiated, Reuters reported. 

 

Traders have scaled back expectations for a US rate hike in December to 40% from about 43.3% last week, according to the CME FedWatch tool. "Reduced concerns over an energy-driven inflation shock have eased expectations for further interest rate hikes," analysts at Kedia Advisory said.

 

However, the gains are likely to be capped as investors remain cautious ahead of the US Federal Reserve monetary policy meeting, the first meeting under the leadership of Kevin Warsh, ICICI Direct said in a report. The central bank is most likely to leave the policy rate unchanged, but the focus will be on statements and the dot plot to clarify the interest rate trajectory. Additionally, any discussion on reducing the size of the Fed's balance sheet will draw attention, ICICI said. 

 

Meanwhile, central banks, among the largest buyers of gold in recent years, continue to maintain a favourable stance towards the yellow metal, according to the World Gold Council. "The 2026 Central Bank Gold Reserves Survey shows that central banks are as enthusiastic as ever towards gold, with a record high 45% reporting that they plan to increase their gold reserves in the coming 12 months," said the survey report. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 151,000–INR 155,000 per 10 grams

--COMEX gold seen at $4,320–$4,400 an ounce

--MCX silver seen at INR 245,000-INR 256,000 per kg

--COMEX silver seen at $67.00-$72.00 an ounce

 

End

 

US$1 = INR 94.56

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

 

 

Edited by Saji George Titus

 

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