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Informist, Friday, Jan. 16, 2026

 

By Reshma Ravi

 

MUMBAI - Futures contracts of gold fell on the Multi Commodity Exchange of India and the COMEX on Friday as stronger-than-expected US economic data reduced expectations of a rate cut by the US Federal Reserve, while easing geopolitical tensions lowered the precious metal's safe-haven appeal.

 

At 1550 IST, the most-active February GOLD contract on the MCX was down 0.1% at INR 143,000 per 10 grams. The most-active February contract on COMEX was down 0.4% at $4,603.6 per ounce.

 

In the Mumbai spot market, price of gold of 99.9% purity was INR 141,717 per 10 grams, down from INR 142,152 on Wednesday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.

 

"Gold prices slipped amid reduced safe-haven demand and fading expectations of a near-term interest rate cut by the Federal Reserve due to stronger-than-expected data," analysts at Kedia Advisory said. The US Labor Department Thursday said that initial claims for state unemployment benefits fell 9,000 to a seasonally adjusted 198,000 for the week ended Saturday. Economists polled by the Wall Street Journal had forecast 215,000 claims. Higher interest rates dim the appeal of the non-interest-yielding precious metal. Also, US President Donald Trump said he believed the crackdown on protesters in Iran was reducing, adopting a wait-and-watch approach, after earlier threatening possible US intervention in Iran.

 

Meanwhile, "Outlook remains structurally positive, with major banks such as Commerzbank, HSBC, and UBS projecting gold prices between $4,800–$5,000/oz in 2026, citing geopolitical risks, rising debt, and sustained central bank buying," Kedia Adviosry said in note.

 

SILVER contracts fell on MCX and COMEX after the US refrained from putting import tariffs on critical minerals. "The threat of levies on minerals including silver and platinum had been one among several drivers of a breakneck rally, but US President Donald Trump stopped short of imposing the duties, while not ruling out doing so in future," Nirmal Bang said in a report. At 1553 IST, the most-active March silver contract on the MCX was down 0.1% at INR 292,427 per kg. The most-active March contract on COMEX was down 1.3% at $91.18 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 140,500–INR 144,500 per 10 grams

--COMEX gold seen at $4,550.0–$4,660.0 an ounce

--MCX silver seen at INR 284,000-INR 298,000 per kg

--COMEX silver seen at $90.20-$92.00 an ounce

End

 

US$1 = INR 90.86

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

 

Edited by Vandana Hingorani

 

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