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Informist, Wednesday, Feb. 11, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India Wednesday, tracking gains in contracts on COMEX amid a weak dollar. Rising expectations of a US Federal Reserve rate cut also supported the precious metal. Market participants await the January non-farm payrolls report, due later in the day, and inflation data due Friday for more cues on the Fed's monetary policy path. 

 

At 1617 IST, the most-active April GOLD contract on the MCX was up 2% at INR 159,294 per 10 grams. The most-active April contract on COMEX was up 1% at $5,098.0 per ounce.

 

In Mumbai, the spot price of gold of 99.9% purity was INR 156,113 per 10 grams, up from INR 155,700 per 10 grams on Tuesday, Kumar Jain, spokesperson of India Bullion and Jewellers Association, said.

 

At 1618 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.4% to 96.55. A weaker dollar makes dollar-denominated commodities, such as gold and silver, cheaper for holders of other currencies, boosting demand. 

 

Meanwhile, US retail sales were unexpectedly unchanged on month at $735.0 billion in December, after it reported 0.6% rise in November, the Census Bureau of the Commerce Department data showed Tuesday. Economists surveyed by Reuters had predicted that retail sales, primarily consisting of goods and not adjusted for inflation, would increase 0.4%. Retail sales stalled in December as households scaled back spending on motor vehicles and other big-ticket items, potentially setting consumer spending and the economy on a slower-growth path, Reuters reported. 

 

Market participants expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Typically, gold performs well in a low-interest-rate environment as it is a non-interest-yielding asset. "... recent batch of economic data from the US signalled slowdown in economic growth, reinforcing expectation for two rate cuts this year," ICICI Direct said. 

 

Geopolitical tensions between the US and Iran supported gold's safe-haven appeal, analysts said. US President Donald Trump has continued to threaten Iran with possible military attacks if Tehran does not accede to his demands on issues ranging from nuclear enrichment to ballistic missiles, Al Jazeera reported. In comments to Israeli Channel 12, published on Tuesday, Trump said: "Either we reach a deal, or we'll have to do something very tough."

 

SILVER contracts on the MCX and COMEX also rose Wednesday, tracking gains in gold. At 1618 IST, the most-active March silver contract on the MCX was up 6% at INR 267,100 per kilogram, and the same month contract on COMEX was up 5% at $84.76 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 156,000–INR 160,500 per 10 grams

--COMEX gold seen at $5,020.0–$5,160.0 an ounce

--MCX silver seen at INR 261,000-INR 271,000 per kg
--COMEX silver seen at $82.00-$87.00 an ounce

End

 

US$1 = INR 90.70

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

 

Edited by Saji George Titus

 

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