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Informist, Friday, May 8, 2026

By Afra Abubacker

NEW DELHI – Futures contracts of gold and silver extended gains for the fourth straight session on the Multi Commodity Exchange of India. Bullion prices rose Friday, tracking gains in contracts on COMEX amid a soft dollar and safe-haven demand as optimism over a potential US-Iran peace agreement faded following the recent attacks in the Strait of Hormuz. 

At 1849 IST, the most active June contract of GOLD was up 0.4% at INR 152,840 per 10 grams on the MCX. The same-month contract on the COMEX was up 0.5% at $4,733.7 per ounce. The most active July SILVER contract on the MCX was up 1.6% at INR 267,995 per kilogram, and the same-month contract on COMEX was up 1.5% at $81.37 per ounce.

Iran's foreign minister Friday accused the US of "a reckless military adventure" and of undermining diplomatic efforts to end the war, a day after the US military and Iran exchanged fire in the Strait of Hormuz. US forces said they targeted Iranian military facilities responsible for attacking US warships in the Strait. Despite the firings, US President Donald Trump said the ceasefire is still in effect, but warned "we'll knock them out a lot harder, and a lot more violently" if Iran doesn't sign a deal soon.

Meanwhile, US employment rose more ‌than expected to 115,000 jobs in April, the Bureau of Labor Statistics data showed Friday. Economists polled by Reuters had forecast payrolls rising by 62,000 jobs. The unemployment rate was steady at 4.3% in April, indicating resilience in the labor market and leaving room for the US Federal Reserve to keep the interest rates unchanged for some time. 

According to CME's FedWatch, 94% of traders expect the US Federal Reserve to keep rates unchanged at 3.50-3.75% in its June meeting, slightly higher than 93.3% a week ago. Meanwhile, nearly 6% expect it to hike the rate by 25 basis points, down from nearly 7% a week ago. Typically, higher interest rates dim the appeal of the non-yielding precious metal.

"Gold maintains a positive structure as long as it stays above the $4,680-per-ounce area," Dow Jones quoted XS.com's Simon-Peter Massabni as saying. "The recent breakout of gold to the upside has triggered fresh algorithmic buying and institutional inflows, increasing the likelihood of another attempt at the psychological $4,800 level if momentum remains intact," he added. 

Outlook for the rest of the session:

--MCX gold seen at INR 151,500–INR 154,000 per 10 grams

--COMEX gold seen at $4,680.0–$4,800.0 an ounce

--MCX silver seen at INR 248,805-INR 270,365 per kg

--COMEX silver seen at $74.00-$84.00 an ounce

End

US$1 = INR 94.48

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

Edited by Tanima Banerjee

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