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Informist, Monday, Jul. 6, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India edged lower Monday as traders booked profits after the recent rise in prices. However, gold and silver futures on COMEX were trading higher due to technical rebalancing as the market was shut Friday, analysts said. Market participants are now waiting for US services purchasing managers index data later in the day for further cues. They will also closely watch minutes of the US Federal Open Market Committee's recent meeting, slated to be released Wednesday.

 

At 1716 IST, the most active August contract of GOLD on the MCX was down 0.3% at INR 146,900 per 10 grams. The same-month contract on COMEX was up 1% at $4,167.4 per ounce. The most active September SILVER contract on the MCX was down 0.2% at INR 236,950 per kilogram. The same-month silver contract on COMEX was up 2.5% at $62.58 per ounce.

 

The downside in prices on the domestic bourse was limited by a fall in the rupee against the dollar. The rupee fell to a more than three-week low during the day and settled at 95.3950. The Indian unit moved in a range of 27 paise during the day. When the rupee depreciates against the dollar, gold prices in the domestic market rise because the precious metal is priced in rupees.

 

"...prices may rise (this week) as deal between US and Iran improved crude exports and eased concerns over shipping disruption through Strait of Hormuz, pushing oil prices lower and easing inflation concerns," ICICI Securities said in a report. Gold prices had risen over 2?ter weaker than expected US non-farm payrolls data eased concerns about a tighter monetary policy.

 

Data released Thursday showed US non-farm payrolls rose just 57,000 in June against expectations of around 110,000-115,000, while April and May figures were revised lower. The unemployment rate fell to 4.2% in June from 4.3% in May as workers exited the labour force, taking the participation rate to its lowest level in more than five years.

 

"Gold is likely to remain volatile as traders await these key macroeconomic cues," said Jateen Trivedi, vice-president research analyst, commodity and currency at LKP Securities.

 

Outlook for the rest of the session:

--MCX gold seen at INR 145,000–INR 148,000 per 10 grams

--COMEX gold seen at $4,110–$4,190 an ounce

--MCX silver seen at INR 232,000-INR 242,000 per kg

--COMEX silver seen at $59-$65 an ounce

 

End

 

US$1 = INR 95.40

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

 

Edited by Avishek Dutta

 

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