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Informist, Wednesday, Apr. 8, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of gold and silver surged on the Multi Commodity Exchange of India, tracking a sharp rise on the COMEX Wednesday as the dollar slumped after the US and Iran agreed to a two-week ceasefire, easing concern about prolonged energy supply shocks and the resulting inflationary fallout, according to analysts. Prices of both the precious metals rose to a three-week high, with silver prices rising more than 7%.

The US and Iran agreed to a ceasefire to negotiate a definitive agreement for peace between the warring parties and in the West Asia, according to various statements on social media by top officials. "We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," US President Donald Trump said on his social media platform Truth Social. "Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the Agreement to be finalized and consummated."

At 1554 IST, the most-active June contract of GOLD was up 1.8% at INR 152,950 per 10 grams on the MCX. The most-active June contract on the COMEX was up 2.7% at $4,810.1 per ounce. The most-active May SILVER contract on the MCX was up 5.7% at INR 244,481 per kilogram. The same-month contract on the COMEX was up 6.9% at $76.92 per ounce. "The rally in bullion ran alongside a broader relief rally in global markets," Kaynat Chainwala, assistant vice president commodity research at Kotak Securities, said in a note.

COMEX gold prices rose to a three-week high of $4,888 per ounce and silver prices rose to $77.77 per ounce. On the domestic bourse, gold and silver prices rose to a three-week high of INR 154,934 per 10 grams and INR 246,376 per kg, respectively.

While gold prices have risen after the ceasefire was announced, market participants were concerned if the conditions for a deal will materialise. "Despite the rebound, gold remains around 11% below late February highs, following forced liquidation during the escalation in Middle East (West Asia) tensions, which temporarily weakened its safe-haven appeal," analysts at ING Economics said in a report. "Sentiment, however, is showing tentative signs of stabilisation," they said.

Gold's traditional safe-haven appeal has been tempered throughout the conflict by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, Chainwala said. "With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals," she added.

Outlook for the rest of the session:

--MCX gold seen at INR 150,000–INR 156,000 per 10 grams

--COMEX gold seen at $4,750.0–$4,860.0 an ounce

--MCX silver seen at INR 240,000-INR 248,000 per kg

--COMEX silver seen at $72.00-$80.00 an ounce

End

US$1 = INR 92.58

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

Edited by Akul Nishant Akhoury

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