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Informist, Tuesday, Jul. 7, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India fell Tuesday, tracking a fall in contracts on the COMEX due to a firm dollar. Market sentiment was hurt after Iran said there would be no further negotiations for a final deal if threats from the US continue, analysts said. Market participants await minutes of the US Federal Open Market Committee's last meeting, slated to be released Wednesday.

 

At 1519 IST, the most active August contract of GOLD on the MCX was down 1.1% at INR 145,282 per 10 grams. The same-month contract on COMEX was down 0.7% at $4,140.2 per ounce. The most active September SILVER contract on the MCX was down 1.8% at INR 231,808 per kilogram. The same-month silver contract on COMEX was down 1.6% at $61.35 per ounce.

 

Iran's Foreign Minister Abbas Araghchi said negotiations for a final deal would not begin if threats continue, after US President Donald Trump warned that Washington would reach an agreement with Tehran or "finish the job," Al Jazeera reported.

 

A sharp rise in the rupee against the dollar put further pressure on domestic gold prices. The rupee posted its biggest gain in over three weeks, and settled at 94.9675 a dollar on Tuesday. When the rupee appreciates against the dollar, gold prices in the domestic market fall because the precious metal is priced in rupees. "The rupee strengthened...after Saudi Arabia reduced August crude oil prices for Asian buyers, easing concerns over India's import bill and adding pressure on MCX Gold," Jateen Trivedi, vice president research analyst, commodity and currency at LKP Securities, said in a note.

 

Market participants continue to expect interest rate hikes by the US Fed this year. The CME FedWatch tool shows an over 47% probability of an interest rate hike in September, up from 46?ay ago, but lower than nearly 51% a week ago.

 

Meanwhile, the People's Bank of China bought gold in June for the 20th consecutive month, Carsten Fritsch, commodity analyst at Commerzbank AG, said in a report. China's gold reserves rose by 480,000 ounces or around 15 tonnes last month. "These are the largest monthly purchases since October 2023. Gold purchases over the past 20 months total more than 80 tonnes - or just over 4 tonnes per month. However, purchases have recently picked up noticeably," Fritsch said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 143,000–INR 147,500 per 10 grams

--COMEX gold seen at $4,100–$4,170 an ounce

--MCX silver seen at INR 226,000-INR 238,000 per kg

--COMEX silver seen at $59-$63 an ounce

 

End

 

US$1 = INR 94.97

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

 

Edited by Himanshi Gupta

 

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