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Informist, Thursday, Feb. 19, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX Thursday as lingering geopolitical tensions between the US and Iran raised the demand for safe-haven assets, analysts said. However, the gains in prices are likely to be capped due to fading expectations of a rate cut by the US Federal Reserve.

 

At 1614 IST, the most-active April GOLD contract on the MCX was up 0.2% at INR 156,055 per 10 grams. The most-active April contract on the COMEX was up 0.3% at $5,024.0 per ounce. The most-active March SILVER contract on the MCX was up 0.3% at INR 244,945 per kilogram, and the same-month contract on the COMEX was up 0.9% at $78.21 per ounce.

 

In Mumbai, the spot price of gold of 99.9% purity was INR 154,735 per 10 grams on Thursday, up from INR 151,963 per 10 grams Wednesday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.

 

The White House has warned that Iran would be "very wise" to make a deal with the US amid reports that President Donald Trump is weighing fresh military action against the Islamic Republic, the BBC reported. On Wednesday, Trump discussed attack options with advisers and said that a US strike could take place as early as Saturday, though he has not yet made a final decision, the report said. 

 

"However, the US Fed rate cut uncertainty could limit gains of both precious metals," Manoj Jain, director, Prithvi Finmart said. Minutes of the Federal Open Market Committee's January meeting indicated a split among officials, with several participants considering rate hikes if inflation stayed high, and others favouring additional cuts if inflation fell as anticipated. Market participants are now focused on US weekly jobless claims data, due later in the day, and US personal consumption expenditure report due Friday, for further cues on the Fed rate cut path.

 

Gains in precious metals are also likely to be capped as trading volumes are thin because markets in China and several other Asian countries were shut for the Lunar New Year holidays, Jain said. "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran talks, ahead of the key US economic data and geo-political tensions," Jain said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 153,000–INR 158,000 per 10 grams

--COMEX gold seen at $4,970.0–$5,050.0 an ounce

--MCX silver seen at INR 240,000-INR 248,000 per kg

--COMEX silver seen at $75.00-$81.00 an ounce

 

End

 

US$1 = INR 90.67

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

 

Edited by Tanima Banerjee

 

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