More Stories

Informist, Monday, Jun. 22, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India on Monday as the rupee fell sharply against the dollar, analysts said. Market sentiment was also lifted due to progress in negotiations between the US and Iran to end the war in West Asia. 

 

At 1545 IST, the most active August contract of GOLD was up 0.9% at INR 148,561 per 10 grams on the MCX. The same-month contract on the COMEX was up 0.5% at $4,225.8 per ounce. The most active July SILVER contract on the MCX was up 1.5% at INR 236,823 per kilogram. The same-month silver contract on the COMEX was up 0.2% at $66.44 per ounce.

 

Precious metals in the domestic market rose as the rupee fell sharply against the dollar, analysts said. The rupee ended 0.4% lower at 94.6775 against the dollar. When the rupee depreciates against the dollar, gold prices in the domestic market rise because the precious metal is priced in rupees. 

 

"... gold and silver prices rose after negotiators heralded progress in talks between the US and Iran to find a permanent resolution to the war that's roiled global markets," SMC Global Securities said in a report. The first round of talks between high-ranking US and Iranian officials in Switzerland ended Monday, with an Iranian foreign ministry spokesperson saying good progress has been made, Reuters reported, citing Iran's Press TV. Mediators Pakistan and Qatar said the US and Iran made "encouraging progress" on the first day of high-level talks in Switzerland, Al Jazeera reported.

 

They said the US and Iran agreed on "a roadmap for a final deal to be reached within 60 days", as well as a "deconfliction cell" to ensure an end to "military operations in Lebanon."

 

However, the hawkish outlook from the US Federal Reserve is likely to cap gains in gold, analysts at Kedia Advisory said. US Federal Reserve Chair Kevin Warsh's emphasis on inflation at last week's press conference, without more nuanced commentary on what might clear the bar for a rate hike, led investors to conclude that an increase was imminent and to bid up bond yields, Reuters reported.  Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal.

 

Meanwhile, gold and silver prices are expected to remain volatile this week amid volatility in crude oil prices and the dollar index, as well as US-Iran peace deal negotiations, Manoj Jain, director of Prithvi Finmart, said in a note. 

 

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–$4,280 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 94.68

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.