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Informist, Thursday, Apr. 9, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India Thursday as investors remained cautious after cracks began appearing in the agreement between the US and Iran for a two-week ceasefire, analysts said. Gold futures on COMEX fell on profit-taking after prices had surged after the ceasefire was announced Wednesday, analysts added.

 

At 1535 IST, the most-active June contract of GOLD was steady at INR 151,873 per 10 grams on the MCX. The most-active June contract on COMEX was down 0.6% at $4,767.3 per ounce. The most-active May SILVER contract on the MCX was down 1.2% at INR 237,090 per kilogram. The same-month contract on COMEX was down 2% at $74.18 per ounce.

 

"Fundamentally, the market remains driven by geopolitical uncertainty surrounding the Strait of Hormuz. Reports of halted tanker transit following Israeli strikes and alleged breaches in ceasefire terms have kept supply risks elevated," Kotak Securities said in a report.

 

Doubts that the two-week ceasefire would hold are hurting sentiment, reigniting concerns about high energy prices and inflationary pressures. Cracks began to appear in the ceasefire agreement as Israel carried out its largest strike against Hezbollah in Lebanon Wednesday, killing at least 112 people and injuring 837. Israel said it had halted attacks on Iran but the ceasefire does not cover Lebanon. According to Iranian media reports, Iran shut the Strait of Hormuz again after Israel breached the ceasefire deal. Tehran is also considering backing out of the ceasefire, as per the reports.

 

"Meanwhile, US FOMC meeting minutes showed that some of the policymakers felt that rate hike might be needed to counter inflation, driven by hostilities in Middle East (West Asia)," ICICI Direct said in a report. Market partcicpants now await the US personal consumption expenditures data for February, due later in the day, for cues on the US Federal Reserve's rate-cut path.

 

Meanwhile, gold is likely to regain momentum and could retest record highs this year amid heightened geopolitical tensions, Dow Jones quoted Standard Chartered's energy and metals research team as saying in a note. There are tentative signs of gold prices stabilising as exchange-traded product flows turned positive in April, the team said. If such flows stabilise, gold prices are more likely to find a floor, they added. Additionally, continued net purchases by central banks are likely to support the market. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 149,000–INR 155,000 per 10 grams

--COMEX gold seen at $4,700.0–$4,820.0 an ounce

--MCX silver seen at INR 230,000-INR 245,000 per kg

--COMEX silver seen at $71.00-$77.00 an ounce

 

End

 

US$1 = INR 92.65

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

 

Edited by Rajeev Pai

 

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