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Informist, Wednesday, Jul. 8, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and the COMEX fell to a one-week low Wednesday after US President Donald Trump said the memorandum of understanding with Iran was over. Crude oil prices surged around 7% following the president's comments, renewing concerns about inflation and weighing on gold prices.

 

At 1812 IST, the most active August contract of GOLD on the MCX was down 1.1% at INR 143,753 per 10 grams. The same-month contract on COMEX was down 1.8% at $4,080.3 per ounce. The most active September SILVER contract on the MCX was down 2.8% at INR 224,300 per kilogram. The same-month silver contract on COMEX was down 4.1% at $58.81 per ounce.

 

"To me, I think it's over. I don't want to deal with them anymore. They're scum... They're led by sick people... I'll speak to our negotiators," Trump said at a summit of the North Atlantic Treaty Organization in Turkey. "They want to negotiate — they're good people... but they have to come back to me. As far as I'm concerned, it's just a waste of time dealing with them," he said.

 

This has renewed concerns about inflation and expectations of an interest rate hike by the US Federal Reserve. The CME FedWatch tool shows nearly 51% of market participants expect a 25-basis-point rate hike by the US Fed at its September meeting, up from 49?ay ago and 36% a month ago. Market participants await minutes of the US Federal Open Market Committee's last meeting, due later in the day for fresh cues on the interest rate trajectory under new chair Kevin Warsh.

 

"Gold prices came under heavy selling pressure...after renewed geopolitical tensions lifted the US dollar and crude oil prices," Jateen Trivedi, vice-president research analyst, commodity and currency at LKP Securities, said in a note. "Sentiment turned risk-averse after US President Donald Trump stated that the ceasefire with Iran had ended and no nuclear deal was possible, triggering a sharp rebound in crude oil of nearly 7%," Trivedi said.

 

COMEX gold prices hit a one-week low of $4,050 per ounce, while silver plunged to $58.42 per ounce. Gold prices on the domestic bourse fell to INR 142,837 per 10 grams and silver prices declined to INR 223,026 per kg.

 

Outlook for the rest of the session:

--MCX gold seen at INR 142,000–INR 145,500 per 10 grams

--COMEX gold seen at $4,040–$4,130 an ounce

--MCX silver seen at INR 220,000-INR 228,000 per kg

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

 

End

 

US$1 = INR 95.56

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

 

Edited by Avishek Dutta

 

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