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Informist, Thursday, Feb. 5, 2026

 

By Reshma Ravi

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India Thursday, tracking the fall in contracts on the COMEX due to a firm dollar. Prices of precious metals also fell due to easing geopolitical tensions between the US and Iran, denting their safe-haven appeal.

 

At 1525 IST, the most-active April GOLD contract on the MCX was down 0.7% at INR 151,911 per 10 grams. The most-active April contract on COMEX was down 0.7% at $4,914 per ounce. The most-active March SILVER contract on the MCX was down 7.1% at INR 249,826 per kilogram and the same contract on COMEX was down 7% at $78.87 per ounce.

 

At 1528 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was up 0.2% at 97.87. A strong dollar makes commodities priced in the currency, such as gold and silver, less appealing to those holding other currencies, thereby, denting demand.

 

The US and Iran have agreed to hold nuclear talks in Oman on Friday, despite differences about the agenda, amid heightened tensions as the US builds up a military presence in West Asia, Reuters reported. "...demand for safe haven may decline amid ease in geopolitical tension in Middle East (West Asia) following US and Iran agreeing to hold talks in Oman despite of differences about the agenda," ICICI Direct said in a report.

 

Market participants' sentiment was hurt after hawkish comments from the US Federal Reserve Governor Lisa Cook. Cook emphasised that persistent upside risks to inflation outweigh signs of labor market cooling, signalling limited appetite for near-term rate cuts, Kedia Advisory said in a note. Typically, higher interest rates dent demand for non-interest-yielding precious metals.   

 

Price movement in the near term will largely depend on geopolitical tensions. If talks between the US and Iran are successful, prices may fall further, but if they fail, prices could rise again above $5,000 per ounce on COMEX, Manoj Jain, director, Prithvi Finmart said. Jain also said market volatility is likely to persist over the next two sessions.

 

Market participants now await job openings data and the weekly unemployment claims, which is due later in the day. The data will provide investors cues on the rate-cut trajectory of the US Federal Reserve. "Overall, precious metals remain highly sensitive to Fed signals, dollar strength, and geopolitics, suggesting continued volatility as markets reassess the timing and pace of US rate cuts," Kedia Advisory said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 148,000–INR 157,000 per 10 grams

--COMEX gold seen at $4,800.0–$4,980.0 an ounce

--MCX silver seen at INR 240,000-INR 260,000 per kg

--COMEX silver seen at $74.00-$81.00 an ounce

 

End

 

US$1 = INR 90.36

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

 

 

Edited by Tanima Banerjee

 

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