What Is COMEX Gold and Silver? How It Sets Indian Prices
COMEX is the metals futures exchange in New York where the world’s most-watched gold and silver prices are set. When you see “COMEX gold” or “COMEX silver” in the news, it means the price of futures contracts traded there, quoted in US dollars per troy ounce. Indian gold and silver prices follow COMEX closely, after adding the rupee exchange rate, import duty and GST.
What is COMEX?
COMEX (Commodity Exchange Inc.) is part of CME Group, which also owns the CME, CBOT and NYMEX exchanges. It trades futures and options on gold, silver, copper and other metals, almost 24 hours a day on CME’s electronic platform.
COMEX gold and silver contracts
| COMEX Gold (GC) | COMEX Silver (SI) | |
|---|---|---|
| Contract size | 100 troy ounces | 5,000 troy ounces |
| Price quoted in | US$ per troy ounce | US$ per troy ounce |
1 troy ounce = 31.1035 grams, slightly heavier than a regular ounce.
How COMEX prices become Indian prices
A simplified way to convert the COMEX price into rupees per 10 grams:
Price per 10 g ≈ (US$ price per ounce ÷ 31.1035 × 10) × USD/INR rate + import duty + GST (3%)
So the Indian price can rise even when COMEX is flat, if the rupee weakens or import duty goes up. In 2026, both happened. The World Gold Council reports that India raised the import duty on gold from 6% to 15% (reversing the July 2024 cut) to conserve foreign exchange while the rupee was under pressure.
Jewellers also add making charges, and local prices differ slightly between cities.
COMEX vs MCX
- COMEX (US): global benchmark futures in US dollars.
- MCX (Multi Commodity Exchange of India): Indian gold and silver futures in rupees, regulated by SEBI. The MCX price already includes duty and the exchange rate, so it tracks COMEX but at a different level.
- Spot rates: the India Bullion and Jewellers Association (IBJA) publishes daily reference rates that many banks and jewellers use.
Why COMEX prices move
- US interest rates and the dollar: higher US rates and a stronger dollar usually weigh on gold.
- Geopolitical risk: wars and supply shocks push investors towards gold as a safe haven.
- Central bank buying: large purchases by central banks support prices.
- Industrial demand (silver): silver is used in solar panels and electronics, so it also moves with the economy and is more volatile than gold.
More on this in what affects gold prices in India.
Does COMEX affect the Indian stock market?
Not directly. It mainly affects gold and silver ETFs, jewellery companies, gold-loan companies (NBFCs), and India’s import bill. That bill in turn affects the rupee.
Frequently asked questions
Where can I see the COMEX gold price?
On CME Group’s website (the delayed quotes are free), or on most financial news sites and broker apps under “Gold futures (GC)”.
Can Indians trade on COMEX?
Retail investors in India generally trade gold through MCX futures, gold ETFs or gold mutual funds rather than COMEX. Trading foreign derivatives is restricted under RBI’s Liberalised Remittance Scheme rules.
Why is Indian gold costlier than the COMEX price converted to rupees?
Because of import duty (15% since the 2026 hike) and 3% GST, plus making charges on jewellery.
Related guides
Sources: CME Group, MCX, IBJA, World Gold Council. General information, not investment advice.