Gold futures on the Multi Commodity Exchange (MCX) rebounded by ₹1,038 to ₹1.44 lakh per 10 grams on Thursday, ending a three-session decline as value buying emerged after the recent correction. The August delivery contract settled at ₹1,44,749 per 10 grams, up 0.72%, in a business turnover of 10,018 lots, according to the exchange data.
"Bargain hunting at lower levels lifted the precious metal after its recent correction, while a weaker US dollar also lent support to prices," traders were quoted as saying in the PTI report. In the international markets, Comex gold futures for the August contract gained $36.44, or 1%, to $4,118.84 per ounce in New York, paring losses to reclaim the $4,100 level on value buying after a sell-off.
Price Movement and Drivers
| Market | Contract | Previous Close | Current Price | Change | % Change |
|---|---|---|---|---|---|
| MCX | August 2026 | ₹1,43,711 | ₹1,44,749 | +₹1,038 | +0.72% |
| Comex | August 2026 | $4,082.40 | $4,118.84 | +$36.44 | +1.00% |
Data as of July 9, 2026. Source: PTI.
Geopolitical Overhang Caps Gains
Despite the rebound, upside remained limited as renewed US-Iran tensions fuelled inflation concerns, strengthening expectations that the US Federal Reserve could keep interest rates higher for longer, according to Gaurav Garg, Research Analyst at Lemonn Markets Desk. Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, noted that "fresh US military strikes on Iran and retaliatory actions by Tehran pushed crude oil prices higher, reviving fears of energy-driven inflation and capping gains on the upside in global trade."
US President Donald Trump indicated that the interim ceasefire agreement and Memorandum of Understanding with Iran were effectively no longer valid, although diplomatic negotiations between the two nations are continuing. This cautious stance kept investors on edge.
Outlook and Key Data to Watch
"Traders will now closely monitor further developments in the Washington-Tehran conflict, upcoming US macroeconomic data and Federal Reserve commentary for clear signals on the policy outlook and the near-term direction of gold prices," Modi added. The interplay between geopolitical risk and monetary policy expectations will likely determine gold's next leg, with any escalation in West Asia potentially reigniting safe-haven demand, while persistent inflation could keep the Fed hawkish and cap upside.
For commodity traders and analysts, the key levels to watch are the MCX ₹1,44,749/10g and Comex $4,118.84/oz. The business turnover of 10,018 lots on MCX indicates active participation following the three-session decline. Any further signs of de-escalation or dovish Fed commentary could fuel a rally, while renewed military action may prompt a flight to gold.
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