India Bullion
Down as Fed rate cut hopes dim on inflation concern
This story was originally published at 16:56 IST on 9 March 2026
Register to read our real-time news.Informist, Monday, Mar. 9, 2026
By Reshma Ravi
MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and COMEX fell Monday. The multi-year high price of crude oil gave rise to fears of a rise in inflation, dimming hopes of a rate cut by the US Federal Reserve, which in turn brought bullion prices down.
At 1626 IST, the most-active April GOLD contract on the MCX was down 0.7% at INR 160,634 per 10 grams. The most-active April contract on COMEX was down 1% at $5,101.8 per ounce. The most-active May SILVER contract on the MCX was down 1.5% at INR 264,300 per kilogram. The corresponding contract on COMEX was down 0.5% at $83.87 per ounce.
"Higher oil prices and escalating tensions in the middle-east (West Asia) increased worries of tightening monetary policies by global central banks and limiting gains of both precious metals," Manoj Jain, director at Prithvi Finmart, said in a note. Crude oil prices surged over 25% Monday, rising to a near-four-year high earlier in the day as persistent hostilities in West Asia raised concern about prolonged disruptions in the Strait of Hormuz. Some major oil producers in West Asia have started cutting supplies, which also supported prices.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran war and volatility in the global financial markets," Jain said. The US and Israel continue to bombard Iran, with explosions reported in Qom and Tehran, hours after Israeli attacks on oil facilities caused toxic smoke across the Iranian capital, Al Jazeera reported.
On Sunday, Mojtaba Khamenei was chosen the country's new supreme leader by the Assembly of Experts to succeed his father Ayatollah Ali Hosseini Khamenei, state media reported. The senior Khamenei was killed in the first wave of US-Israel strikes on Iran on Feb. 28, which triggered the military conflict in the region.
Meanwhile, "we suggest traders to trade in a given range with buy on dips strategy while long-term investors could accumulate gold and silver in staggered way in every price correction," Jain said.
Outlook for the rest of the session:
--MCX gold seen at INR 159,000–INR 162,500 per 10 grams
--COMEX gold seen at $5,080.0–$5,160.0 an ounce
--MCX silver seen at INR 260,000-INR 268,000 per kg
--COMEX silver seen at $82.00-$86.00 an ounce
End
US$1 = INR 92.32
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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