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Informist, Tuesday, Jun. 23, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India Tuesday, tracking losses in COMEX contracts as the dollar strengthened. The precious metals also came under pressure on expectations that the US Federal Reserve will hike interest rates this year. However, lower crude oil prices amid progress in the US-Iran peace talks are likely to cap losses.  

 

At 1558 IST, the most active August contract of GOLD was down 1% at INR 146,668 per 10 grams on the MCX. The same-month contract on the COMEX was down 1.3% at $4,150.1 per ounce. The most active July SILVER contract on the MCX was down 3% at INR 228,023 per kilogram. The same-month silver contract on the COMEX was down 4.4% at $62.66 per ounce.

 

At 1555 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 101.14. A strong greenback makes dollar-priced commodities, such as gold and silver, costlier for holders of other currencies, thereby denting demand.

 

"... prices may slip on anticipation that the US Federal Reserve may maintain its hawkish stance and hike interest rates by the end of the year," ICICI Direct said in a report. Traders now see a 51.2% chance of a rate hike in September, up from 21.3% last week, according to ‌the CME FedWatch Tool, as investors price in hawkish monetary policy under new Chair Kevin Warsh. Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal.

 

"... sharp downside may be cushioned on early signs of progress in ongoing peace talks between the US and Iran," ICICI said. Iran's top negotiator, Mohammad Bagher Ghalibaf, says an agreement has been reached with the US to release $12 billion in frozen Iranian funds, Al Jazeera reported. This comes after the US announced a temporary easing of sanctions to allow the sale of Iranian oil and petrochemicals until Aug. 21.

 

US President Donald Trump said Tehran has agreed to allow international nuclear inspections and that any released Iranian assets will be used to buy US agricultural products.

 

Investors now await US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, due on Thursday, for further cues on monetary policy.

 

Meanwhile, global gold exchange-traded funds witnessed a net inflow of $1.14 billion in the week ended Friday, according to data released by the World Gold Council. Gross inflows during the week were $3.15 billion, while outflows were $2.00 billion. As of Jun. 19, global ETFs were holding 4,086.3 tonnes of gold, up 5.1 tonnes from a week ago, according to the data.

 

Outlook for the rest of the session:

--MCX gold seen at INR 144,000–INR 149,000 per 10 grams

--COMEX gold seen at $4,100–$4,170 an ounce

--MCX silver seen at INR 222,000-INR 235,000 per kg

--COMEX silver seen at $59.00-$66.00 an ounce

End

 

US$1 = INR 94.74

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

 

Edited by Saji George Titus

 

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