More Stories

Informist, Wednesday, Jun. 24, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India fell Wednesday, tracking losses in COMEX contracts, as the dollar strengthened. Market sentiment was also weighed down by rising bets of rate hikes by the US Federal Reserve, while market participants assessed conflicting signals on US-Iran peace talks, analysts said.

 

US President Donald Trump said Tuesday that Iran had agreed to nuclear inspections into "infinity" while Tehran said it had made no such concession in negotiations, raising questions about the viability of their fragile peace deal, Reuters reported. The two sides also disagreed on the details of a provision that would allow Iran access to funds frozen in overseas accounts.

 

At 1544 IST, the most active August contract of GOLD was down 1% at INR 144,580 per 10 grams on the MCX. The same-month contract on the COMEX was down 2% at $4,083.3 per ounce. The most active July SILVER contract on the MCX was down 0.6% at INR 224,584 per kilogram. The same-month silver contract on the COMEX was down 1.5% at $61.17 per ounce.

 

At 1548 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.3% at 101.67. A strong greenback makes dollar-priced commodities such as gold and silver costlier for holders of other currencies, thereby denting demand.

 

"Gold and silver continue to suffer from the prospect of higher-for-longer US rates, despite several long-term supportive drivers remaining intact. The primary headwind remains the market's reassessment of the US rate outlook following last week's hawkish FOMC meeting," Ole Hansen, head of commodity strategy at Saxo Bank, said in a report. Traders now see a 52.0% chance of a rate hike in September, up from 43.9% 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.

 

"Silver has struggled even more than gold. The gold-silver ratio has climbed towards a three-month high around 66, underlining silver's dual role as both a precious and industrial metal. While gold continues to attract some defensive demand, silver has faced additional pressure from concerns about global growth and weaker sentiment towards industrial metals more broadly," Ole Hansen said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 142,000–INR 146,500 per 10 grams

--COMEX gold seen at $4,040–$4,130 an ounce

--MCX silver seen at INR 218,000-INR 229,000 per kg

--COMEX silver seen at $60.70-$61.70 an ounce

 

End

 

US$1 = INR 94.67

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

 

Edited by Avishek Dutta

 

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.