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Informist, Thursday, Apr. 30, 2026

By Afra Abubacker

NEW DELHI – Futures contracts of gold and silver rebounded Thursday on the Multi Commodity Exchange of India and the COMEX amid a weaker dollar index and lower-level buying. Gold contracts on COMEX hit a one-month low on Wednesday. Prices also rose due to increased safe-haven demand amid media reports that the US military was set to brief US President Donald Trump on new plans for potential attack against Iran.

At 1915 IST, the most active June contract of GOLD was up 1.4% at INR 151,160 per 10 grams on the MCX. The same-month contract on COMEX was up 1.5% at $4,628.7 per ounce, after hitting one-month low of $4,522 on Wednesday. The most active July SILVER contract on the MCX was up 2% at INR 242,800 per kilogram and the same-month contract on COMEX was up 2% at $73.48 per ounce. At 2014 IST, the dollar index was at 98.303, down 0.7% from 98.97 from Wednesday

"Gold rebounded above $4,600/oz, trimming earlier losses but still tracking a weekly decline, while silver recovered to above $73/oz after testing three-week lows," Kotak Securities said. Prices rose as buying interest emerged after prices fell for three straight sessions. "However, rising US Treasury yields and a steady policy stance from the Federal Reserve have capped the upside, as markets price in prolonged restrictive rates, it added. 

The US Federal Open Market Committee Wednesday held the federal funds target range at 3.50-3.75% for the third straight meeting in 2026, as widely expected. The comments were little changed from the previous meeting in March, though some members of the panel favoured a tighter tone on monetary policy as inflation risks increased due to high energy prices. 

Gold is typcally considered as a hedge against inflation but higher interest rates dim the appeal of gold, as it increases the opportunity cost of holding non-interest yielding asset. 

Meanwhile, Donald Trump will receive a breifing on Thursday from US Central Command leader on new plans for potential military action against Iran. The US military has prepared a plan for a "short and powerful" wave of strikes on Iran, likely including infrastructure targets, Axios reported, citing sources.

Outlook for the rest of the session:

--MCX gold seen at INR 149,889–INR 153,127 per 10 grams

--COMEX gold seen at $4,556.7–$4,757.7 an ounce

--MCX silver seen at INR 234,591-INR 250,477 per kg

--COMEX silver seen at $71.43-$75.32 an ounce

End

US$1 = INR 98.47

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

Edited by Akul Nishant Akhoury

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