Spot gold continues to rise as futures hit record high on US-EU trade war
This story was originally published at 14:35 IST on 21 January 2026
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MUMBAI – Spot gold prices opened higher Wednesday for the third consecutive day, tracking record high prices of futures contracts on the Multi Commodity Exchange of India and the COMEX due to the ongoing trade tensions between the US and the European Union and potential disruption within the North Atlantic Treaty Organization.
In the Mumbai spot market, prices of gold of 99.9% purity was INR 155,204 per 10 grams, higher than INR 146,375 per 10 grams Tuesday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are charging a premium of INR 1,000 per 10 grams on gold prices, Jain said.
European Parliament is planning to suspend approval of the US trade deal in July, BBC reported, citing sources close to its international trade committee. The suspension is set to be announced in Strasbourg, France, on Wednesday. This move by European Parliament will escalate tensions between the US and Europe, which began in the weekend when US President Donald Trump threatened to impose tariffs on eight European nations who were against his plans to acquire Greenland.
On Tuesday, Trump said there was "no going back" on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies. He later said, "We will work something out where NATO is going to be very happy and where we're going to be very happy," Reuters reported.
The rally also followed the US Supreme Court's decision to postpone any ruling on the legality of US President Donald Trump's trade tariffs, which triggered renewed safe-haven demand for both precious metals. The court had not issued a ruling on Ja. 9 as well, on cases questioning whether US President Trump exceeded his authority while imposing the global tariff measures. The decision was delayed by four weeks, extending business uncertainty. End
Reported by Reshma Ravi
Edited by Akul Nishant Akhoury
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