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Informist, Tuesday, Mar. 10, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India Tuesday, tracking a rise in contracts on the COMEX because of a weak dollar. Market sentiment was also lifted by firm safe-haven demand amid the ongoing military conflict in West Asia, analysts said.

 

At 1630 IST, the most-active April GOLD contract on the MCX was up 1% at INR 162,000 per 10 grams. The most-active April contract on COMEX was up 2% at $5,194.7 per ounce. The most-active May SILVER contract on the MCX was up 4% at INR 276,551 per kilogram. The corresponding contract on COMEX was up 6% at $89.48 per ounce.

 

At 1631 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.1% at 98.63. A weaker dollar makes dollar-denominated commodities such as gold and silver cheaper for holders of other currencies, boosting demand. 

 

"...precious metals remain supported by safe-haven demand stemming from concerns over protracted conflict between the US, Israel, and Iran. Furthermore, prices are expected to benefit from persistent central bank accumulation and robust ETF demand," ICICI Direct said in a report.

 

US President Donald Trump has threatened to hit Iran "20 times harder" if it stops oil tankers in the Strait of Hormuz, hours after saying the war could end "very soon". "If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on Truth Social.

 

In the previous session, the precious metals fell after the multi-year-high price of crude oil gave rise to fears of higher inflation. This dimmed hopes of a rate cut by the US Federal Reserve, which in turn brought bullion prices down. On Monday, crude oil prices rose to a near-four-year high as persistent hostilities in West Asia raised concern about prolonged disruptions in the Strait of Hormuz. "Higher energy costs fuelled inflation concerns and further dimmed the prospects for a near-term cut in interest rates by the US Federal Reserve," SMC Global Securities said in a report.  

 

"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," Manoj Jain, director of Prithvi Finmart, said in a report. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 159,000–INR 164,000 per 10 grams

--COMEX gold seen at $5,080.0–$5,220.0 an ounce

--MCX silver seen at INR 261,600-INR 278,000 per kg

--COMEX silver seen at $82.80-$91.40 an ounce

 

End

 

US$1 = INR 91.81

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

 

Edited by Avishek Dutta

 

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