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Informist, Thursday, Feb. 26, 2026

By Reshma Ravi

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the COMEX due to a rise in dollar. Prospects of a longer pause in rate cuts by the US Federal Reserve also weighed on prices. However, gold prices remained above $5,200 per ounce as market participants look ahead to US-Iran talks later on Thursday, analysts said.

Chicago Federal Reserve President Austan Goolsbee said interest rate cuts aren't appropriate until there's more evidence that inflation was on its way down, CNBC reported. Fed Governor Christopher Waller, who has been an advocate for lower rates, said he thinks policymakers should "look through" tariff impacts. He said recent data shows the labour market may be in better shape than previously indicated, mitigating the need for further cuts, the report said.

At 1608 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was up 0.1% at 97.75. A strong dollar makes commodities priced in the currency, such as gold and silver, less appealing for those holding other currencies, thereby, denting demand.

At 1609 IST, the most-active April GOLD contract on the MCX was down 1% at INR 159,445 per 10 grams. The most-active April contract on the COMEX was down 0.6% at $5,197.1 per ounce. The most-active May SILVER contract on the MCX was down 4% at INR 267,751 per kilogram and the same contract on the COMEX was down 4% at $87.61 per ounce.

However, the fall in prices is likely to be limited due to global trade uncertainty and US-Iran geopolitical tensions increasing the safe haven appeal of the precious metals. Market participants await the outcome of a meeting between the US and Iran officials on Thursday, as uncertainty surrounding the talks is keeping markets on the edge, said Manoj Jain, director of Prithvi Finmart, in a note. Iran and the US are scheduled to hold the latest round of talks in Geneva, aimed at resolving their longstanding nuclear dispute and averting new US strikes on Iran following a large-scale military buildup, Reuters reported.

Meanwhile, ongoing uncertainty over tariffs has boosted demand for safe-haven assets such as precious metals. After the US Supreme Court struck down most tariffs imposed by him in 2025, President Donald Trump imposed a baseline 10% tariff on all US imports for 150 days which came into effect Tuesday. Trump also threatened to raise the baseline tariff to 15%, but is yet to sign an executive order to implement the higher rate.

"Today, all focus will remain on progress on US-Iran talks. Any positive outcome could bring correction in prices, where as further delay could cause high volatility in prices," ICICI Direct said in a report.

"The US and Iran talks and US PPI (Producer Price Index) data and unemployment claims data could give further directions to precious metals market," Jain said. "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran talks and ahead of the US PPI data, Jain added. 

Outlook for the rest of the session:

--MCX gold seen at INR 158,650–INR 162,000 per 10 grams

--COMEX gold seen at $5,135.0–$5,240.0 an ounce

--MCX silver seen at INR 261,250-INR 270,500 per kg

--COMEX silver seen at $87.00-$93.00 an ounce

End

US$1 = INR 90.90

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

Edited by Akul Nishant Akhoury

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