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Informist, Friday, Jun. 19, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and COMEX Friday and were on track for a third consecutive weekly decline after hawkish signals from the US Federal Reserve dampened investor sentiment. Market sentiment was also weighed down by uncertainty over the durability of the US-Iran peace agreement.

 

At 1605 IST, the most active August contract of GOLD was down 1.3% at INR 147,450 per 10 grams on the MCX. The same-month contract on the COMEX was down 1% at $4,185.2 per ounce. The most active July SILVER contract on the MCX was down 1.3% at INR 234,400 per kilogram. The same-month silver contract on the COMEX was down 2% at $65.18 per ounce.

 

"... gold and silver prices are on track for a third weekly loss, as a hawkish Federal Reserve and rate-hike bets outweighed the signing of an interim peace deal between the US and Iran," SMC Global Securities said in a report. Nine of the US central bank's 19 policymakers now believe they will need to raise the Fed's policy rate this year, according to projections accompanying the monetary policy, which left the policy rate unchanged at 3.50%-3.75%. 

 

Prices also fell as market participants were cautious about the US-Iran deal. "Despite signing the US-Iran peace deal, markets are cautious about further US-Iran negotiations," Manoj Jain, director of Prithvi Finmart, said in a note. Switzerland said talks between US and Iranian negotiators on a pact to end the war in West Asia would not take place on Friday, while Vice President J.D. Vance dropped plans to travel there, fuelling uncertainty whether a lasting truce can be found.

 

In the near term, gold is likely to remain volatile with a cautious bias. "Continued dollar strength and elevated bond yields could lead to further consolidation, with domestic prices potentially testing the 140,000 per 10 grams support zone," Pankaj Singh, founder and principal researcher of SmartWealth AI, said in a note. "However, persistent central bank buying, de-dollarisation trends, geopolitical uncertainties and concerns over fiscal sustainability continue to provide strong structural support," Singh added.

 

Central banks, among the largest buyers of gold in recent years, continue to maintain a favourable stance towards the yellow metal, according to a survey by 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," the survey said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 145,000–INR 149,500 per 10 grams

--COMEX gold seen at $4,120–$4,230 an ounce

--MCX silver seen at INR 225,000-INR 242,000 per kg

--COMEX silver seen at $60.00-$70.00 an ounce

End

 

US$1 = INR 94.32

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

 

Edited by Saji George Titus

 

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