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Informist, Monday, Jan. 19, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver hit a new record high on the Multi Commodity Exchange of India and COMEX Monday. Prices surged on safe-haven demand amid geopolitical tensions after US President Donald Trump threatened to impose tariffs on eight European countries, analysts said. Silver prices surged to over INR 300,000 per kg on the domestic exchange while on COMEX it surged above $94 per ounce.

 

At 1600 IST, the most-active February GOLD contract on the MCX was up nearly 2% at INR 145,142 per 10 grams, after hitting a record high of INR 145,500 per 10 grams earlier in the day. The most-active February contract on COMEX was up nearly 2% at $4,674.4 per ounce, after hitting a record high of $4,698 per ounce.

 

In the Mumbai spot market, gold of 99.9% purity was trading at INR 143,978 per 10 grams, up from INR 141,717 per 10 grams Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. 

 

Sunday, Trump announced that an extra 10% tariff on goods from certain countries would be levied from Feb. 1. According to Reuters, the tariff is slated to rise to 25% on Jun. 1 and remain in place until an agreement is reached for the US to acquire Greenland. The countries targeted include France, Germany, and the UK, along with several northern European countries. European Union ambassadors said they broadly agreed to step up diplomatic efforts to deter Trump from imposing tariffs on European allies while preparing retaliatory measures should the US go ahead and impose the duties.

 

"Major banks remain bullish on the medium-term outlook: Commerzbank lifted its 2026 year-end forecast to $4,900/oz (per ounce), while HSBC and UBS see prices testing $5,000/oz in 2026, citing geopolitical risks, rising debt levels, and structural central-bank demand," Kedia Adviosry said in a note.

 

At 1608 IST, the most-active March SILVER contract on the MCX was up 5% at INR 302,960 per kg, after hitting a record high of INR 304,200 per kg earlier in the day. The most-active March contract on COMEX was up 5% at $92.84 per ounce, after hitting a record high of $94.365. Silver prices are expected to rise to $100 per ounce in the medium term, after rising to $94 per ounce, because of heightened geopolitical risk, policy uncertainty, and underlying structural supply-demand dynamics, Kedia Advisory said in a report.

 

Silver prices also rose because of strong demand, reflecting the metal's essential role in solar energy, electric vehicles, and advanced electronics. 

 

Market participants await US personal consumption expenditures data and GDP data, due Thursday, which will provide further cues to the US Federal Reserve's rate-cut trajectory.

 

Outlook for the rest of the session:

--MCX gold seen at INR 142,000–INR 148,000 per 10 grams

--COMEX gold seen at $4,620.0–$4,740.0 an ounce

--MCX silver seen at INR 297,000-INR 308,000 per kg

--COMEX silver seen at $92.20-$93.60 an ounce

 

End

 

US$1 = INR 90.91

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

 

Edited by Rajeev Pai

 

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