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Informist, Tuesday, Jan. 20, 2026

 

--MCX Feb gold contract hits fresh record high of INR 146,567 per 10 gm

--MCX Mar silver contract hits fresh record high of INR 313,896 per kg 

--COMEX March silver contract hits fresh record high of $94.75 per ounce 

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose to fresh all-time highs on Tuesday, while silver contracts on the COMEX also touched a record. Prices rose due to tensions between the US and the European Union, which have prompted the market to flock to precious metals for their safe-haven appeal. 

 

Geopolitical tensions have surged over the past few days after US President Donald Trump imposed new tariffs on eight European nations over his push to acquire Greenland. Trump imposed 10% tariffs on imports from European countries, starting Feb. 1. The tariffs would increase to 25% on Jun. 1 and continue until a deal is reached for the US to acquire Greenland.

 

On Monday, Trump did not rule out the potential use of military force, leaving markets on edge, especially after a US incursion in Venezuela earlier. European leaders broadly rejected Trump's demands, while some nations also warned of retaliatory economic measures against the US. French President Emmanuel Macron said it is time to use the EU's "trade bazooka" for the first time, the BBC reported. This is the Anti-Coercion Instrument, which would allow Europe to hit back with counter-tariffs, restrict access to the single market and block applications for lucrative EU contracts, furthering the trade war.

 

On Monday, Denmark dispatched additional troops to Greenland as Trump told Norway that he no longer needed to think "purely of peace" after not winning the Nobel Peace Prize, Dow Jones reported. "At the moment, the reaction to any market event seems to be "buy gold and silver," Dow Jones quoted IG's chief market analyst Chris Beauchamp as saying in an email.

 

The tariffs over Greenland follow the US capturing the Venezuelan president on Jan. 3 and taking control of the country's oil industry; and Trump suggesting a military strike against Iran was imminent amid that country's clampdown on civil unrest, only to appear to back down from the threat last week.

 

Citi Research remains tactically bullish on precious metals in the short term, the Wall Street Journal quoted strategist Kenny Hu as saying in a note. Key drivers of the bull market, such as geopolitical risks and worries over the US Federal Reserve's independence, are still intact, Hu said.

 

At 0920 IST, the most-active February gold contract on the MCX was up 0.5% at INR 146,400 per 10 grams, after hitting a record high of INR 146,567 earlier in the day.

 

At 0921 IST, the most-active March silver contract on the MCX was up 1.1% at INR 313,693 per kg, after hitting a record high of INR 313,896 per kg earlier in the day. The most-active March contract on COMEX was up 5.5% at $93.41 per ounce, after hitting a record high of $94.75 per ounce.  End

 

US$1 = INR 90.97

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

 

Reported by Shreya Shetty

Edited by Vandana Hingorani

 

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