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Informist, Wednesday, Jul. 1, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India Wednesday even as those were steady on COMEX, due to a sharp fall in the rupee against the dollar. Market participants are now waiting for US Fed Chairman Kevin Warsh's speech later in the day and the US non-farm employment change data due Thursday for more cues on the interest rate trajectory in the country.

 

At 1752 IST, the most active August contract of GOLD on MCX was up 0.4% at INR 143,082 per 10 grams. The same-month contract on the COMEX was steady at $4,035.6 per ounce. The most active September SILVER contract on the MCX was down 0.2% at INR 228,284 per kilogram. The same-month silver contract on the COMEX was down 1.3% at $59.12 per ounce.

 

COMEX gold prices are hovering near seven-month lows due to expectation of multiple rate hikes by the US Federal Reserve this year. Market participants are now pricing in a 50% chance of the Fed raising interest rates by 25 basis points in its September meeting. Around 24% expect the possibility of another 25-basis-point cut at the October meeting.

 

Silver prices fell on the domestic bourse, tracking a fall in COMEX, because of a rise in the dollar. At 1823 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.3% at 101.51. A strong greenback makes dollar-priced commodities such as gold and silver costlier for holders of other currencies, thereby denting demand.

 

"Stable US job openings also reinforced the view of a resilient economy, supporting higher-for-longer interest rates," Kotak Securities said in a report. "Hawkish Fed expectations, a stronger dollar, and easing geopolitical tensions remain key headwinds, while any deterioration in economic data or renewed geopolitical uncertainty could revive safe-haven buying," it said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 141,000–INR 144,800 per 10 grams

--COMEX gold seen at $4,000–$4,090 an ounce

--MCX silver seen at INR 222,000-INR 233,000 per kg

--COMEX silver seen at $57-$62 an ounce

End

 

US$1 = INR 95.25

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

 

Edited by Akul Nishant Akhoury

 

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