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Informist, Friday, Jul. 10, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and COMEX were down Friday and heading towards a weekly loss on expectations of interest rate hikes by the US Federal Reserve this year. Market sentiment was also hurt by a firmer dollar, analysts said. Market participants now await the US CPI data due Tuesday for further cues on the interest rate trajectory under new Fed Chair Kevin Warsh.

 

At 1606 IST, the most active August contract of GOLD on the MCX was down 0.7% at INR 144,275 per 10 grams. The same-month contract on COMEX was down 0.6% at $4,117.8 per ounce. The most active September SILVER contract on the MCX was down 1.3% at INR 223,550 per kilogram. The same-month silver contract on COMEX was down 1.2% at $59.99 per ounce.

 

"Gold prices remained under pressure as MCX Gold failed to sustain above (INR) 1,45,000, declining around 900 (0.65%) to 1,44,350. Weakness in international bullion, supported by a firm US dollar and lingering uncertainty surrounding the renewed US-Iran tensions, kept sentiment cautious," Jateen Trivedi, vice-president and research analyst, commodity and currency, at LKP Securities, said in a note. "Although geopolitical risks continue to provide intermittent support, higher dollar strength has capped any meaningful upside in gold," he said.

 

The minutes of the US Federal Open Market Committee's policy meeting in June showed policymakers were split on future interest rates, with officials offering competing cases for hikes or cuts. The meeting summary provided little information on where policymakers stand for the future, noting that decisions would be made based on "incoming information". Expectations of rate hikes this year continue to weigh on market sentiment. The CME FedWatch tool shows 49% of market participants expect a 25 basis-point rate hike by the Fed at its September meeting, up from 46% a week ago and 33% a month ago.

 

HSBC Securities (USA) Inc. Thursday lowered its gold price forecast for 2026 and 2027 but retained its view for the subsequent two years. The global brokerage cut its average price forecast for 2026 to $4,560 per ounce from $4,864, citing a steeper-than-expected decline in gold prices so far this year and the hawkish shift by the Fed.

 

Outlook for the rest of the session:

--MCX gold seen at INR 142,000–INR 146,000 per 10 grams

--COMEX gold seen at $4,080–$4,140 an ounce

--MCX silver seen at INR 218,000-INR 228,000 per kg

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

 

End

 

US$1 = INR 95.32

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

 

Edited by Rajeev Pai

 

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