Spot gold opens higher as futures hit record high on US-Europe trade tension
This story was originally published at 14:36 IST on 20 January 2026
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MUMBAI – Spot gold prices opened higher Tuesday, tracking the record high prices in futures contracts on the Multi Commodity Exchange of India and the COMEX due to rising safe-haven demand amid escalating tensions between the US and European nations.
In the Mumbai spot market, prices of gold of 99.9% purity was INR 146,375 per 10 grams, higher than INR 143,978 per 10 grams Monday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Local demand stayed muted amid record prices, Kedia Advisory said.
In a telephone interview with NBC News Monday, Trump did not rule out seizing Greenland by force, saying "No comment". He said he would "100%" go through with his plan to hit European nations with tariffs if he doesn't get 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. The countries targeted include France, Germany, and the UK, along with several other northern European countries.
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.
"Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices," ICICI Direct said in a report. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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