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Informist, Monday, Feb. 16, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India fell, tracking COMEX on Monday amid thin trading as US markets were shut on account of Presidents' Day, analysts said. However, the fall was limited by rising safe-haven demand amid lingering geopolitical uncertainty. 

 

At 1619 IST, the most-active April GOLD contract on the MCX was down 0.3% at INR 155,370 per 10 grams. The most-active April contract on COMEX was down 0.4% at $5,024.9 per ounce.

 

Precious metals prices were down due to thin trading as the US and Chinese markets were shut for local public holidays, Manoj Jain, director of Prithvi Finmart, said. The US market is closed for Presidents' Day, while the Chinese market is closed for the Lunar New Year holiday.

 

However, the fall was limited amid rising safe-haven demand amid geopolitical uncertainty, as the market awaits talks between the US and Iran on Tuesday. Iran is ready to consider compromises to reach a nuclear deal with the US if Washington is willing to discuss lifting sanctions, the BBC reported, quoting an Iranian minister. US officials have repeatedly emphasised that Iran is holding up progress in the negotiations, the report said.  

 

Reuters reported Saturday, quoting two US officials, that the US military is preparing for the possibility of sustained, week-long operations against Iran if President Donald Trump orders an attack, in what comes to become a far more serious conflict between the countries than previously expected. 

 

Growing expectations of a US Federal Reserve rate cut in June could also limit the price decline, analysts said. "... softer than expected inflation data from the US reinforced expectations that the US Federal Reserve would deliver at least two rate cuts in 2026," ICICI Direct said in a report.

 

The US consumer price index increased 0.2% in January, following an unrevised 0.3% rise in December. Economists surveyed by Reuters had predicted that CPI would rise 0.3% in January. According to the CME FedWatch tool, 50.8% traders are now pricing in a 25-basis-point rate cut by the US Federal Reserve in June, up from 44.5% a month ago. Typically, gold performs well in a low-interest-rate environment as it is a non-interest-yielding asset. 

 

SILVER contracts on the MCX and COMEX fell, tracking losses in gold prices. At 1620 IST, the most-active March silver contract on the MCX was down 1.4% at INR 241,010 per kilogram, and the same-month contract on COMEX was down 1% at $77.03 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 153,000–INR 157,000 per 10 grams

--COMEX gold seen at $4,920.0–$5,090.0 an ounce

--MCX silver seen at INR 235,000-INR 245,000 per kg

--COMEX silver seen at $74.00-$78.00 an ounce

End

 

US$1 = INR 90.65

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

 

Edited by Saji George Titus

 

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