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Informist, Monday, Jun. 29, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of gold and silver edged lower on the Multi Commodity Exchange of India and the COMEX Monday as renewed hostilities between the US and Iran raised oil prices, fuelling inflation concern and expectations of interest rate hikes by the US Federal Reserve, analysts said. Gold prices have fallen over 11% this month and traded near the $4,000 per ounce mark while silver prices have given up around 23% in June.

At 1712 IST, the most active August contract of GOLD on MCX was down 1% at INR 142,793 per 10 grams. The same-month contract on the COMEX was down 1.1% at $4,049.70 per ounce. The most active September SILVER contract on the MCX was down 0.7% at INR 222,000 per kilogram. The same-month silver contract on the COMEX was down 2.3% at $58.31 per ounce.

"Gold witnessed fresh profit booking as prices faced strong resistance near $4,100 on COMEX and around (INR) 145,500 on MCX," said Jateen Trivedi, vice-president research analyst, commodity and currency, at LKP Securities said in a note. "A stronger US dollar continued to weigh on bullion, while expectations of higher interest rates reduced the appeal of non-yielding assets such as gold," he said. Trivedi added buying interest from global central banks has also slowed as markets reassess the global interest rate outlook.

The conflict in West Asia intensified since Thursday, with Iran striking a container ship, a vessel carrying Qatari oil, and military bases in Kuwait and Bahrain, prompting multiple retaliatory US strikes. However, a report by Axios said the US and Iran had agreed to halt strikes and meet in Qatar later this week to resume talks on the Strait of Hormuz and other issues aimed at ending the war.

ICICI Direct Research said gold prices are likely to find the floor and move north on expectations of correction in dollar and softening of US treasury yields in the coming weeks. Market participants will closely monitor US Fed Chairman Kevin Warsh's speech Wednesday and the US non-farm employment change data due Thursday.

Outlook for the rest of the session:

--MCX gold seen at INR 141,000–INR 144,200 per 10 grams

--COMEX gold seen at $4,020–$4,080 an ounce

--MCX silver seen at INR 218,000-INR 226,500 per kg

--COMEX silver seen at $56-$60 an ounce

End

US$1 = INR 94.54

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

Edited by Akul Nishant Akhoury

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