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Informist, Friday, Feb. 6, 2026

MUMBAI – Gold and silver futures are under long liquidation position, Kedia Advsiory said in a note Friday. Gold has support at INR 148,950 per 10 grams, with a further downside risk at INR 145,830 per 10 grams, while resistance is seen at INR 154,695 and a breakout could open the door toward INR 157,320 per 10 grams, it said.

Support for silver is seen at INR 230,175 per kilogram, with a further downside risk toward INR 216,540, while resistance is seen at INR 257,770 per kilogram, and a move above that level could see the metal moving to INR 271,730 per kilogram, it said.

Thursday, gold futures had eased on comments from Fed Governor Lisa Cook against near-term rate cuts, citing persistent inflation risks, reinforced expectations of a slower easing cycle. Sentiment was also influenced by US President Donald Trump's nomination of Kevin Warsh as the next Fed chair, which markets initially interpreted as a hawkish move, although Trump later clarified that he still expects rate cuts ahead. Geopolitical risks remained in the background, with US and Iran tensions unresolved despite planned nuclear talks in Oman, the note said.

Physical demand, however, stayed strong. Gold premiums in India surged to over a decade high on robust investment buying and expectations of a duty hike, with dealers charging premiums of up to $121 per ounce.

On silver, Kedia Advisory said rates eased as decreased geopolitical tensions eroded some of the safe haven demand. "In Europe, the ECB (European Central Bank) kept interest rates unchanged, reiterating confidence that inflation will converge toward its 2% target, which further reduced near-term safe-haven demand," Kedia Advisory said. "Structural deficits in the global silver market, along with steady investment inflows, especially from Chinese participants, have underpinned prices in recent months," it added. 

At 1102 IST, the most-active April gold contract on the MCX was down 0.2% at INR 151,731 per 10 grams. The most-active April contract on COMEX was down 0.9% at $4,848.0 per ounce. The most-active March silver contract on the MCX was down 3% at INR 236,200 per kilogram and the same contract on COMEX was down 4.4% at $73.36 per ounce.  End

US$1 = INR 90.22

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

Reported by Reshma Ravi

Edited by Vandana Hingorani

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