Spot gold, silver up tracking MCX, COMEX prices amid geopolitical tensions
This story was originally published at 15:23 IST on 5 January 2026
Register to read our real-time news.Informist, Monday, Jan. 5, 2026
By Reshma Ravi
MUMBAI – Gold and silver prices in the spot market rose Monday, tracking gold and silver futures on the Multi Commodity Exchange of India and the COMEX. Bullion contracts rose due to safe-haven demand amid rising geopolitical uncertainties.
Spot gold of 99.9% purity traded in the Mumbai market at INR 135,721 per 10 grams, up from INR 134,782 per 10 grams Friday. Spot silver of 99.9% purity edged higher at INR 236,775 per kg, compared with INR 234,550 per kg Friday, said Kumar Jain, spokesperson, India Bullion and Jewellers Association.
US President Donald Trump on Saturday said that the US had launched a "large-scale strike" on Venezuela, including in the capital Caracas. The US officials announced that Venezuelan President Nicolas Maduro and his wife Cilia Flores were transported to New York after the military operation, and faced charges of narco-terrorism conspiracy along with additional offences.
On Sunday, Trump said that the US might launch a second military strike on Venezuela following the capture of President Nicolas Maduro if remaining members of the administration do not cooperate with his efforts to get the country "fixed".
However, Monday saw a reversal from discount to premium in the spot market. After two months trading at a discount against the international spot price, gold was trading Monday at a premium, traders said. "In India, dealers charged a premium of up to $15 per ounce over the official all-in domestic price this week--a major swing from last week's discount of up to $61 per ounce," KITCO NEWS quoted a Mumbai-based bullion dealer as saying.
"India and China saw prices flip to a premium this week after a pullback from all-time highs helped boost retail demand, which was restrained by December's unprecedented price rally," it said. "Many buyers are holding off on purchases because prices are volatile, and they're unsure which way the market is headed," it added.
Physical demand for the yellow metal has improved as prices corrected from record highs, with gold trading at premiums for the first time in nearly two months, said Kedia Advisory in a note.
At 1445 IST, the most-active February gold contract on the MCX was up 1.5% at INR 137,749 per 10 grams. The same-month gold contract on COMEX was up 2.5% at $4,438.0 per ounce. At 1446 IST, the most-active March silver contract on the MCX was up 3% at INR 243,212 per kg. The March silver contract on COMEX was up 6% at $75.59 per ounce. End
US$1 = INR 90.27
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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