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Informist, Monday, Feb. 9, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India Monday, tracking gains in contracts on COMEX because of the weak dollar. Market sentiment was also lifted by growing expectations of a rate cut by the US Federal Reserve, supported by dovish comments from San Francisco Fed President Mary Daly, analysts said. 

 

At 1653 IST, the most-active April GOLD contract on the MCX was up 1% at INR 156,725 per 10 grams. The most-active April contract on COMEX was up 0.7% at $5,014.0 per ounce.

 

In Mumbai, the spot price of gold of 99.9% purity was INR 155,593 per 10 grams, up from INR 151,489 per 10 grams Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.

 

At 1657 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.3% at 97.34. A weaker dollar makes dollar-denominated commodities, such as gold and silver, cheaper for those holding other currencies, aiding demand. 

 

On Friday, San Francisco Federal Reserve President Daly said she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market, Reuters reported. Investors expect at least two 25 basis-point rate cuts in 2026, with the first expected in June. Typically, gold performs well in a low-interest-rate environment as it is a non-interest-yielding asset.

 

Initial claims for unemployment benefits in the US jumped 22,000 to 231,000 in the week ended Jan. 31, according to the Labor Department. Job openings fell by 386,000 to 6.542 million by the last day of December, the lowest level since September 2020, Reuters reported. "This string of weak data has reinforced market expectations of Federal Reserve rate cuts, with June increasingly seen as the likely starting point," Kedia Advisory said in a note. 

 

Market participants await the January US non-farm payrolls data Wednesday for more cues on the Fed's monetary policy path. The data were delayed from last week due to the partial government shutdown that ended recently. The January CPI, which has also been postponed, is due Friday.

 

However, the rise in gold prices could be capped by easing geopolitical tensions between the US and Iran, denting gold's safe-haven demand, analysts said. Iran's President Masoud Pezeshkian has called on the US to respect his country as the two nations look ahead to another round of nuclear negotiations next week following mediated discussions in Oman, Al Jazeera reported. Pezeshkian described the indirect talks held in Oman Friday as a "step forward" and said his administration favours dialogue, according to the report.

 

"Meanwhile, a sharp upside may be capped as CME group again raised margin requirements for gold and silver futures contracts," ICICI Direct said in a report. "Both initial and maintenance margins for COMEX 100 Gold Futures have been increased to 9% from 8%, and for COMEX 5000 Silver Futures have been hiked to 18% from 15%," ICICI Direct said in a report. 

 

SILVER contracts on the MCX and COMEX were also up Monday, tracking gains in gold. At 1658 IST, the most-active March silver contract on the MCX was up 2% at INR 254,950 per kilogram, and the same contract on COMEX was up 3% at $79.02 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 152,000–INR 162,000 per 10 grams

--COMEX gold seen at $4,980.0–$5,120.0 an ounce

--MCX silver seen at INR 240,000-INR 280,000 per kg

--COMEX silver seen at $79.00-$82.00 an ounce

 

End

 

US$1 = INR 90.75

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

 

Edited by Rajeev Pai

 

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