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Informist, Friday, Mar. 6, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX rebounded Friday after prices fell over 1% in the previous session. The precious metals rose amid persistent military hostilities in West Asia, which lifted safe-haven demand. 

 

Precious metals also rose after the Chicago Mercantile Exchange on Thursday cut the initial margin on its COMEX 100 gold futures to 7% from 9%, and reduced the margin on its COMEX 5,000 silver futures to 14% from 18%. Such a move typically leads to increased liquidity, and potential upward pressure on prices, analysts said. 

 

At 1629 IST, the most-active April GOLD contract on the MCX was up 0.1% at INR 159,822 per 10 grams. The most-active April contract on COMEX was up 0.3% at $5,093.6 per ounce. The most-active May SILVER contract on the MCX was up 0.5% at INR 263,569 per kilogram, and the same-month contract on the COMEX was up 1% at $82.97 per ounce.

 

"Escalating tensions between US and Iran will continue to provide key support for prices," ICICI Direct said in a report. Massive explosions hit several locations in Tehran overnight, including residential areas and the vicinity of Tehran University, as the war enters its seventh day, Al Jazeera reported.

 

Meanwhile, US President Donald Trump said Iran was being demolished "ahead of schedule and at levels people have never seen before", claiming the country now had "no air force, no air defence". Secretary of Iran's Supreme National Security Council, Ali Larijani, said Iranian forces were "waiting" for any US ground invasion and were ready to "disgrace those corrupt American officials by killing and capturing thousands," as per the report.

 

However, the gains in the precious metals are likely to be capped by fading expectations of a rate cut by the US Federal Reserve. Rising geopolitical risks and higher oil prices lifted inflation concerns, promoting traders to scale back expectations of Federal Reserve easing to just one rate cut this year, compared with two projected earlier in the week, analysts at Kedia Advisory said.  

 

Outlook for the rest of the session:

--MCX gold seen at INR 158,000–INR 161,500 per 10 grams

--COMEX gold seen at $5,040.0–$5,125.0 an ounce

--MCX silver seen at INR 260,000-INR 268,000 per kg

--COMEX silver seen at $81.00-$85.00 an ounce

 

End

 

US$1 = INR 91.74

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

 

Edited by Avishek Dutta

 

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