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Informist, Wednesday, Jan. 14, 2026

 

--MCX February gold contract hits new record high of INR 143,338 per 10 gm 

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India hit a fresh record high on Wednesday, tracking gains on COMEX. Prices rose due to increasing safe-haven demand amid geopolitical tensions and expectations of further rate cuts by the US Federal Reserve this year.

 

Ongoing geopolitical tensions and uncertainties over the Fed's autonomy has driven investors toward safe-haven assets, boosting demand for gold. Global central bank chiefs and and top Wall Street bank chief executive officers on Tuesday released a joint statement expressing "full solidarity" with US Federal Reserve Chair Jerome Powell following renewed concerns over the Fed's independence after criticism from President Donald Trump. The US president has repeatedly attacked the Fed chair for not reducing interest rates quickly enough. Tensions escalated earlier this week when Powell issued a sharply worded video message claiming he was being prosecuted by the US Department of Justice.

 

Meanwhile, US inflation moderated in December, reinforcing expectations of rate cuts by the Federal Reserve this year. The US core CPI rose 0.2% on month and 2.6% on year in December, the Labor Department said. Analysts in a Reuters poll had expected a rise of 0.3% on year and 2.7% on month. "US President Donald Trump also welcomed the inflation figures, reiterating his push for the US Federal Reserve chair Jerome Powell to cut interest rates "meaningfully," SMC Global Securities said in a report. 

 

Investors are currently anticipating two interest rate cuts this year. Typically, gold performs well in a low-interest-rate environment due to its non-interest-yielding nature. "The reason for the slightly positive tone across the board in the markets was the benign CPI data (which) portends a higher likelihood of Fed rate cuts in the future," Reuters quoted David Meger, director of metals trading at High Ridge Futures, as saying. 

 

Gold prices also rose due to increasing safe-haven demand after Trump said in a post on Truth Social that "help is on its way" for Iranians protesting against their government, in the latest sign that the US might soon take some action. "The mass protests in Iran and the violent response of the Mullah regime are providing tailwinds" for gold, Dow Jones quoted Commerzbank Research's Carsten Fritsch as saying in a note.

 

At 1034 IST, the most-active February gold contract on the MCX was up 0.6% at INR 143,084 per 10 grams, after hitting a record high of INR 143,338 per 10 grams a little earlier. Analysts see gold prices in the range of INR 142,000-INR 144,000 per 10 grams on Wednesday.  End

 

US$1 = INR 90.22

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

 

Reported by Reshma Ravi 

Edited by Tanima Banerjee

 

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