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Informist, Tuesday, Jun. 30, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India and COMEX Tuesday, after recovering the day's earlier losses. The rebound in prices was driven by short covering following a sharp price decline amid expectations of interest rate hikes by the US Federal Reserve this year. Silver prices were trading in the green Tuesday, tracking a rise in industrial metal prices. Silver exhibits the properties of both precious and industrial metals.

 

At 1854 IST, the most active August contract of GOLD on MCX was steady at INR 142,365 per 10 grams. The same-month contract on the COMEX was steady at $4,036 per ounce. The most active September SILVER contract on the MCX was up 2.1% at INR 227,255 per kilogram. The same-month silver contract on the COMEX was up 1.3% at $59.39 per ounce.

 

"The move follows Monday's sharper retreat, when both metals fell over 1.5% and settled below $4,020 and $58.50, pressured by renewed US-Iran hostilities over the Strait of Hormuz that revived inflation concerns and reinforced the case for further monetary tightening," Kaynat Chainwala, assistant vice president, commodity research at Kotak Securities, said in a note.

 

Market participants are now pricing in three rate hikes by the US Fed this year, with expectations at 64% for September, 70% for October, and 80% for December, according to the CME FedWatch tool. "Fed officials struck a cautious tone, with Richmond Fed President Tom Barkin warning inflation remains too high, though he noted tentative signs of moderation, while Minneapolis Fed President Neel Kashkari cited signs of broadening inflation pressure in pencilling in one rate hike for this year," Chainwala said.

 

Gold prices have corrected sharply since the war in West Asia began in late February and are currently hovering near a seven-month low of $4,000 per ounce. Prices had risen to a record high of over $5,600 per ounce in late January. "Gold continues to find strong buying interest near the $4,000 mark, with every dip below this level attracting fresh demand," according to Jateen Trivedi, vice president, research analyst, commodity and currency at LKP Securities.

 

Market participants will now closely monitor US Fed Chairman Kevin Warsh's speech on Wednesday and the US non-farm employment change data due Thursday. A stronger-than-expected print in the non-farm payrolls will likely firm up rate-hike bets and extend pressure on both gold and silver, Chainwala said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 140,000–INR 145,000 per 10 grams

--COMEX gold seen at $3,980–$4,100 an ounce

--MCX silver seen at INR 218,129-INR 228,776 per kg

--COMEX silver seen at $57-$60 an ounce

End

 

US$1 = INR 94.66

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

 

Edited by Saji George Titus

 

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