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Informist, Monday, Jan. 12, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose to fresh all-time highs Monday, tracking gains on COMEX because of a weak dollar. Prices also rose as escalating unrest in Iran and mounting political pressure on the US Federal Reserve raised the safe-haven appeal of the precious metal, according to analysts. Gold prices soared past the $4,600-per-ounce level on COMEX while silver prices surged above the $85-per-ounce mark.

 

US Fed Chair Jerome Powell said in a statement early Monday that the Department of Justice has served the central bank with grand jury subpoenas related to his June congressional testimony on the ongoing renovations of the Fed's office buildings. He said the subpoenas are "a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President". Powell denied the subpoenas were due to his testimony or the renovation.

 

This led to significant pressure on the dollar, supporting prices of GOLD and SILVER. At 1638 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.5% at 98.77. A weak dollar makes dollar-denominated commodities, such as gold and silver, cheaper for holders of other currencies, aiding demand.

 

At 1647 IST, the most-active February gold contract on the MCX was up 2.0% at INR 141,570 per 10 grams, after touching a record high of INR 141,643 per 10 grams. The most-active February gold contract on COMEX was up 2.3% at $4,622.3 per ounce, after touching a record high of $4,628.4 per ounce. The most-active March silver contract on the MCX was up 4.8% at INR 264,804 per kg, after touching a record high of INR 265,481 per kg. The most-active March silver contract on COMEX was up 6.0% at $84.71 per ounce, after touching a record high of $85.25 per ounce.

 

"Geopolitical tensions, particularly unrest in Iran and warnings against possible U.S. intervention, further reinforced demand for defensive instruments, while softer U.S. economic data has kept expectations of future rate cuts alive," Kotak Securities said in a report. According to data published by the US Labor Department Friday, non-farm payrolls increased 50,000 in December, compared with a rise of 73,000 expected by economists polled by The Wall Street Journal.

 

"Looking ahead, the combination of monetary policy uncertainty and global risk pressures suggests continued support for gold and silver, with prices likely to remain elevated as long as volatility persists," Kotak Securities said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 139,000–INR 143,500 per 10 grams

--COMEX gold seen at $4,550.0–$4,650.0 an ounce

--MCX silver seen at INR 257,000-INR 270,000 per kg

--COMEX silver seen at $83.20-$85.20 an ounce

 

End

 

US$1 = INR 90.15

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

 

Edited by Rajeev Pai

 

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