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Informist, Tuesday, May 5, 2026

By Afra Abubacker

NEW DELHI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose Tuesday, tracking gains in contracts on the COMEX. Gold prices rose as investors bought more at lower price levels. A fall in crude oil prices also supported bullion, as it eased inflationary worries. 

At 1820 IST, the most active June contract of GOLD was up 0.5% at INR 150,010 per 10 grams on the MCX. The same-month contract on COMEX was up 1% at $4,576.6 per ounce. The most active July SILVER contract on the MCX was up 0.6% at INR 245,425 per kilogram and the same-month contract on COMEX was up 0.5% at $73.87 per ounce.

Gold rebounded on Tuesday as traders bought more at lower price levels. On Monday, gold prices declined 2.4% and hit a five-week low of $4,510.1 per ounce. 

"COMEX gold and silver are attempting a modest recovery today on dip buying and slight easing in oil prices," Kotak Securities said in a note. "However, the upside remains capped amid lingering uncertainties over US-Iran uncertainty, a firmer dollar, and caution ahead of Friday's pivotal US non-farm payrolls report," it added. 

On Tuesday, the most active June contract of crude oil on the NYMEX fell 4% to $102.22 per barrel. Oil prices fell as market sentiment improved after US forces enabled safe passage of vessels through the Strait of Hormuz. "It shows that limited safe passage is possible under current conditions and helps chip away at some of the worst-case supply disruption fears," Reuters quoted Tim Waterer, chief market analyst at KCM Trade. "However, it's still very much a one-off event rather than a full reopening," he added.

Elevated crude oil prices raise inflation concerns and dampen expectations of early monetary easing in the US. Typically, higher interest rates dim the appeal of the non-yielding precious metal.

Outlook for the rest of the session:

--MCX gold seen at INR 148,434–INR 151,264 per 10 grams

--COMEX gold seen at $4,495.0–$4,614.0 an ounce

--MCX silver seen at INR 241,098-INR 250,906 per kg

--COMEX silver seen at $71.74-$75.66 an ounce

End

US$1 = INR 95.28

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

Edited by Deepshikha Bhardwaj

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