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Informist, Monday, Jan. 12, 2026

 

--COMEX March silver contract hits new record high of $83.91 per ounce 

--MCX March silver contract hits fresh record high of INR 263,996 per kg 

--COMEX Feb gold contract hits new record high of $4,612.7 per ounce 

--MCX Feb gold contract hits fresh record high of INR 141,250 per 10 gm 

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India hit fresh record highs on Monday, tracking gains on COMEX. Prices rose on COMEX due to a weak dollar, which makes dollar-denominated commodities more appealing to other currency holders, boosting demand.

 

At 0910 IST, the most-active February gold contract on the COMEX was up nearly 2% at $4,587.9 per ounce, after hitting a record high of $4,612.7 per ounce earlier in the day. At 0913 IST, the most-active February gold contract on the MCX was up over 1% at INR 140,700 per 10 grams, after hitting a record high of INR 141,250 per 10 grams.

 

At 0914 IST, the most-active March silver contract on the COMEX was up 5% at $83.405 per ounce, after hitting a record high of $83.91 per ounce earlier in the day. At 0910 IST, the most-active March silver contract on the MCX was up over 3% at INR 261,334 per kg, after hitting a record high INR 263,996 per kg earlier in the day. 

 

Bullion prices on COMEX also rose due to heightened geopolitical risks and expectations of more interest rate cuts in the US. US President Donald Trump is scheduled to be briefed on Tuesday on options to respond to the protests in Iran, The Wall Street Journal reported, citing US officials.

 

"Basically, what is impacting (the metals) for sure is the geopolitical risk factor, which is the main driver for the intraday bullish momentum that's been seen in both the gold and silver markets today," Kelvin Wong, a senior market analyst at OANDA, told Reuters.

 

Rising geopolitical tensions related to Iran and Venezuela have lifted safe-haven demand for precious metals. The US continues its blockade of Venezuela following the removal of Venezuelan President Nicolas Maduro, having seized another two tankers linked to Venezuelan oil exports in separate operations last week. Iran's parliamentary speaker on Sunday warned the US and Israel against any intervention after US President Trump threatened military strikes after unrest in Iran had killed more than 500 people. 

 

US non-farm payrolls data showed lower-than-expected job growth, reinforcing bets that the Federal Reserve will continue cutting interest rates. Traders are currently pricing in two more rate cuts this year. Typically, gold performs well in a low-interest-rate environment due to its non-interest-yielding nature. 

 

Fed Chair Jerome Powell said on Sunday that the Trump administration had threatened him with a criminal indictment over Congressional testimony, an action Powell called a "pretext" aimed at putting further pressure on the central bank to lower rates.  End

 

US$1 = INR 90.23

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

 

Reported by Udita S. Jaiswal

Edited by Avishek Dutta

 

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