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Informist, Tuesday, Jan. 13, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and the COMEX fell Tuesday due to profit booking after prices hit a record high in the previous session, analysts said. However, the fall in prices was limited due to increasing safe-haven demand amid geopolitical tensions.

 

At 1555 IST, the most-active February GOLD contract on the MCX was down 0.4% at INR 141,538 per 10 grams. The most-active February contract on COMEX was down 0.5% at $4,591.3 per ounce.

 

Spot gold of 99.9% purity was being traded in Mumbai at INR 140,482 per 10 grams, up from INR 140,005 per 10 grams Monday, said Kumar Jain, spokesperson, India Bullion and Jewellers Association.

 

Gold prices fell due to profit booking after prices surged to a record high in the previous session to $4,640.50. However, the fall in prices was limited due to geopolitical tensions and concerns about the US Federal Reserve's independence, Manoj Jain, director of Prithvi Finmart, said.  

 

US President Donald Trump has said that any country doing business with Iran will face a tariff rate of 25% on any trade with the US, a move that could exert pressure on Tehran as anti-government protests in the country enter a third week. Trump said the measure would be "effective immediately," although he did not provide further details. Trump has also been talking of possible military action against Iran, heightening uncertainty in the region. "Protests in Iran keep geopolitical tensions elevated, while President Trump has reiterated threats to take Greenland, bringing further upside to precious metals," ING analysts said.

 

Prices are likely to rise again due to political uncertainty and concerns over the US Federal Reserve's independence. The Trump administration served grand jury subpoenas on the Fed and opened a criminal investigation on Fed Chair Jerome Powell, centred on his congressional testimony in June about a renovation project at the Fed headquarters, triggering fears of political interference in the central bank's working. 

 

Powell, in a public statement, described the subpoenas and threats of criminal indictment as "pretexts" for exerting pressure on the Fed to alter its interest-rate policy, and reaffirmed the central bank's commitment to setting policy based on economic conditions rather than political influence. 

 

Growing expectations of a rate cut by the US Federal Reserve this year will also limit the fall in gold prices. "...major brokerages such as Goldman Sachs and Morgan Stanley expect two 25-basis-point rate cuts each in June and September," SMC Global Securities said. Market participants await the US consumer price index data for December, due later in the day, for further cues on the US Fed's rate cut path.  

 

SILVER contracts rose on MCX and COMEX. At 1556 IST, the most-active March silver contract on the MCX was up 0.4% at INR 269,961 per kg. The most-active March contract on COMEX was up 0.3% at $85.38 per ounce. 

 

Outlook for the rest of the session:

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

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

--MCX silver seen at INR 260,000-INR 280,000 per kg

--COMEX silver seen at $84.50-$86.50 an ounce

 

End

 

US$1 = INR 90.19

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

 

Edited by Avishek Dutta

 

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