Gold, silver futures tank on inflation, rate hike fears, wipe out 2026 gains

Gold and silver futures on the Multi Commodity Exchange of India and **COMEX plummeted Monday, hitting the lowest levels of 2026, as the escalating military conflict in West Asia renewed concerns about inflation, which could prompt central banks to keep rates higher for longer. [Gold and silver](https://informistmedia.com/) futures have erased all the gains for this year, falling to $4,200 per ounce and $62 per ounce levels, respectively. At 1226 IST, the most-active April GOLD contract on the MCX was down 8% at INR 133,000 per 10 grams. The most-active April contract on COMEX was down 8.5% at $4,189.5 per ounce. The most-active May SILVER** contract on the MCX was down 10% at INR 204,500 per kilogram and the same month contract on COMEX was down 11% at $62.01 per ounce.