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Informist, Wednesday, Mar. 11, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver fell on the Multi Commodity Exchange of India Wednesday, tracking a fall in contracts on the COMEX due to a rise in dollar. Market participants now cautiously await the US consumer price index data for February, due later in the day, for further cues on the US Federal Reserve's rate cut path.

 

At 1558 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was up 0.1% at 99.07. 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 1559 IST, the most-active April GOLD contract on the MCX was down 0.6% at INR 162,330 per 10 grams. The most-active April contract on COMEX was down 0.8% at $5,201.6 per ounce. The most-active May SILVER contract on the MCX was down 2% at INR 271,945 per kilogram. The corresponding contract on COMEX was down nearly 3% at $87.25 per ounce.

 

Precious metals also fell as investors assess the uncertainty surrounding the conflict in West Asia, Manoj Jain, director of Prithvi Finmart, said. US Energy Secretary Chris Wright said on social media that the US Navy had escorted an oil tanker through the Strait of Hormuz, a critical waterway for global energy trade. He later deleted the post, with the White House clarifying that no such military escort was undertaken. On Tuesday, US President Donald Trump 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."

 

Meanwhile, the US and Israel continue to bomb Tehran and other cities, including civilian areas, while Iran has retaliated by launching missiles on Israel, Iraq, the United Arab Emirates, and Bahrain. "The US and Israel pounded Iran with what the Pentagon and the Iranians on the ground called the most intense airstrikes of the war, despite global markets betting that President Donald Trump will seek to end the conflict soon," SMC Global Securities said in a report. "Precious metals remain highly volatile until announcements of a complete ceasefire in West Asia," Jain said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 160,000–INR 164,000 per 10 grams

--COMEX gold seen at $5,150.0–$5,240.0 an ounce

--MCX silver seen at INR 268,000-INR 276,000 per kg

--COMEX silver seen at $84.00-$90.00 an ounce

 

End

 

US$1 = INR 92.04

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

 

Edited by Tanima Banerjee

 

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