More Stories

Informist, Tuesday, Feb. 3, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rebounded on the Multi Commodity Exchange of India and the COMEX Tuesday after prices fell sharply in the last two sessions. Prices rose on Tuesday amid increased safe-haven demand, as there was no US economic data this week due to the partial US government shutdown. Key economic data is vital for investors to gauge the US Federal Reserve's rate-cut trajectory.      
 

On Monday, the US Bureau of Labor Statistics said the closely watched employment report for January will not be released this Friday because of a partial shutdown of the federal government, Reuters reported. The US government partially shut down on Saturday after the US Congress failed to approve a deal to keep the labor department's operations funded. "Additionally, hopes for an aggressive interest rate cut by the US Federal Reserve started fading after US President Donald Trump named former Fed governor Kevin Warsh as his choice to succeed Jerome Powell as Fed Chair," ICICI Direct said in a report. Current chair Jerome Powell's term is scheduled to end in May.

On Tuesday, the precious metals rebounded after falling sharply over the last two sessions amid profit-taking following a sharp rally. Prices also fell as the Chicago Mercantile Exchange raised margins on precious metals futures contracts. 

 

At 1642 IST, the most-active April GOLD contract on the MCX was up 6% at INR 151,951 per 10 grams. The most-active April contract on COMEX was up 6% at $4,914.1 per ounce. At 1643 IST, the most-active March SILVER contract on the MCX was up 13% at INR 266,000 per kilogram. The most-active March contract on COMEX was up 12% at $86.05 per ounce. 

 

However, gains in precious metals could be capped due to easing geopolitical tensions between the US and Iran. Iran's President Masoud Pezeshkian has announced that he has instructed diplomats to seek talks with the US, as tensions over the threat of a military confrontation appear to be easing, Al Jazeera reported. "The US ISM manufacturing index (Institute for Supply Management index) jumped to 52.6 in January from 47.9, returning to expansion territory after 26 consecutive months of contraction. Stronger data prompted traders to scale back expectations for Federal Reserve rate cuts this year," Kotak Securities said in a note. Typically, higher interest rates dent demand for non-yielding precious metals.

 

Outlook for the rest of the session:

--MCX gold seen at INR 147,000–INR 156,000 per 10 grams

--COMEX gold seen at $4,820.0–$5,020.0 an ounce

--MCX silver seen at INR 252,000-INR 280,000 per kg

--COMEX silver seen at $82.00-$88.00 an ounce

End

 

US$1 = INR 90.26

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.