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Informist, Thursday, May 14, 2026

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India and the COMEX Thursday, as market participants closely watched talks between US President Donald Trump and his Chinese counterpart, Xi Jinping, for signals of any potential easing of tensions in West Asia. Market sentiment remains cautious and gold prices are expected to remain rangebound in the near term, according to analysts.

 

At 1635 IST, the most active June contract of GOLD was steady at INR 162,218 per 10 grams on the MCX. The same-month contract on the COMEX was steady at $4,703.2 per ounce. The most active July SILVER contract on the MCX was down 1.3% at INR 296,373 per kilogram, and the same-month contract on COMEX was down 2.0% at $87.59 per ounce.

 

"Gold remains in a consolidation phase as investors assess whether China could play a diplomatic role in resolving the war," Kotak Securities said in a report. "On the monetary front, the Senate approval of Kevin Warsh as Federal Reserve Chair reinforced expectations of a prolonged higher-rate environment amid persistent US inflation pressures," the brokerage said. Market participants are now pricing very limited chances of rate cuts this year, with rising odds of a rate hike in December, Kotak said.

 

Meanwhile, a hike in gold and silver import duties in India late Tuesday has led to record discounts in the spot market, reflecting weakening demand. The government increased import duties on gold and silver from 6% to 15% to dissuade people from non-essential gold purchases and conserve foreign exchange.

 

"The tariff hike is likely to be a near-term headwind for physical gold demand in India, potentially tempering local buying and weighing on import flows," analysts at ING said in a report.

 

Outlook for the rest of the session:

--MCX gold seen at INR 160,000–INR 165,000 per 10 grams

--COMEX gold seen at $4,650.0–$4,750.0 an ounce

--MCX silver seen at INR 290,000-INR 302,000 per kg

--COMEX silver seen at $84.00-$91.00 an ounce

End

 

US$1 = INR 95.76

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

 

Edited by Saji George Titus

 

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