More Stories

Informist, Thursday, Jul. 9, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and COMEX rose Thursday as traders covered their short positions after a sharp fall in prices, analysts said. An easing of crude oil prices and a weaker dollar provided support. However, the rise in prices was capped by expectations of interest rate hikes by the US Federal Reserve this year.

 

At 1842 IST, the most active August contract of GOLD on the MCX was up 0.8% at INR 144,892 per 10 grams. The same-month contract on COMEX was up 1% at $4,120.9 per ounce. The most active September SILVER contract on the MCX was up 1.4% at INR 226,627 per kilogram. The same-month silver contract on COMEX was up 2.2% at $59.80 per ounce.

 

"Gold prices witnessed minor short covering, with MCX Gold recovering towards (INR) 1,44,500, while COMEX Gold gained around 0.75?ter taking support near $4,075. A softer US dollar and nearly 1.15?cline in crude oil prices provided relief to bullion, helping prices recover from lower levels," Jateen Trivedi, vice-president and research analyst, commodity and currency, at LKP Securities, said in a note.

 

Meanwhile, the minutes of the US Federal Open Market Committee's policy meeting in June showed policymakers were split about the future of interest rates, with officials offering competing cases for hikes or cuts. The meeting summary provided little information on where policymakers stand for the future, noting that decisions would be made based on "incoming information". 

 

Expectations of rate hikes this year continue to weigh on market sentiment. The CME FedWatch tool shows nearly 50% of market participants expect a 25 basis-point rate hike by the Fed at its September meeting, up from 46?ay ago and 33% a month ago. HSBC Securities (USA) Inc. Thursday lowered its forecast for gold prices for this year and the next.

 

The global brokerage cut its average gold price forecast for 2026 to $4,560 per ounce from $4,864 per ounce, citing a steeper-than-expected decline in gold prices so far this year and the hawkish shift by the Fed. For 2027, gold prices are expected to average $4,925 per ounce, down $75 from $5,000 per ounce earlier. "We leave our 2028 and 2029 average price forecasts unchanged at $5,200/oz and $5,300/oz, respectively. We see a 2027 year-end price of $5,025/oz," HSBC said in a report. Gold price at the end of 2026 is expected to be $4,750 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 143,000–INR 146,700 per 10 grams

--COMEX gold seen at $4,070–$4,150 an ounce

--MCX silver seen at INR 220,000-INR 232,000 per kg

--COMEX silver seen at $56-$62 an ounce

 

End

 

US$1 = INR 95.38

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

 

Edited by Rajeev Pai

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000indbul

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.