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Informist, Thursday, Jun. 25, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rebounded from a seven-month low on the Multi Commodity Exchange of India Thursday, tracking a rise in contracts on COMEX due to a fall in the dollar. Precious metal futures also rose due to short-covering after prices fell sharply in the previous session, analysts said. On Wednesday, gold had fallen to a low of $3,977.50 per ounce, the lowest since Nov. 28 2025. Silver had fallen to a low of $55.82 per ounce on Wednesday.

 

At 1609 IST, the most active August contract of GOLD was up 0.3% at INR 141,675 per 10 grams on the MCX. The same-month contract on the COMEX was up 0.2% at $4,001.5 per ounce. The most active July SILVER contract on the MCX was up 2.1% at INR 217,500 per kilogram. The same-month silver contract on the COMEX was up 1.1% at $57.45 per ounce.

 

Prices rose due to improved market sentiment as crude oil prices fell sharply, and touched pre-war levels, with more ships transiting through the Strait of Hormuz. US Energy Secretary Chris Wright said some 20 million barrels of crude oil have exited the Strait in the last 24 hours. 

 

However, the gains are likely to be capped amid growing expectations of interest-rate hikes by the US Federal Reserve this year, analysts said. "Gold fell below USD4000/oz ($4,000 per ounce) for the first time in eight months on the prospect of higher interest rates. Despite a slump in energy prices, concerns about persistently higher inflation have seen a significant re-rating of monetary policy expectations," Daniel Hynes, a senior commodity analyst at ANZ Research, said in a note. Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal.

 

"Higher yields, a stronger dollar and weaker exchange-traded funds demand are likely to weigh on gold for longer than we previously anticipated," Ewa Manthey, commodities strategist at ING Economics, said in a report. ING Economics expect gold to average $4,300 per ounce in the third quarter of 2026 and $4,600 per ounce in the fourth quarter, down from our earlier projections of $4,850 per ounce and $5,000 per ounce, respectively.

 

"We are also lowering our silver price forecasts. While the silver market is expected to remain in deficit, some of the strongest demand drivers are becoming less supportive. Growth in solar demand is slowing, while continued thrifting and substitution in photovoltaic manufacturing are reducing silver intensity per panel," Manthey said. ING Economics expect silver to average $68 per ounce in the third quarter of 2026 and $74 per ounce in the fourth quarter, down from earlier forecasts of $79 per ounce and $84 per ounce, respectively.

 

Outlook for the rest of the session:

--MCX gold seen at INR 139,000–INR 144,000 per 10 grams

--COMEX gold seen at $3,900–$4,130 an ounce

--MCX silver seen at INR 216,000-INR 229,000 per kg

--COMEX silver seen at $56.70-$61.70 an ounce

End

 

US$1 = INR 94.39

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

 

Edited by Saji George Titus

 

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