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Informist, Thursday, Jan. 22, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and the COMEX on Thursday as easing geopolitical tensions dented the safe-haven appeal of the precious metal. Prices also fell as market participants cautiously await delayed data on US core inflation and consumption for November, jobless claims and third quarter GDP figures, due later in the day, to gauge the US Federal Reserve's interest rate trajectory.

 

At 1616 IST, the most-active February GOLD contract on the MCX was down 0.9% at INR 151,536 per 10 grams. The most-active February contract on COMEX was down 0.2% at $4,829.1 per ounce.

 

In the Mumbai spot market, price of gold of 99.9% purity was INR 151,499 per 10 grams, down from INR 154,227 per 10 grams Wednesday, said Kumar Jain, spokesperson for India Bullion and Jewellers Association.

 

"...demand for safe haven may decline amid ease in geopolitical tension after US President Donald Trump ruled out the use of military force over Greenland and said that he would refrain from imposing tariffs on goods from European nations," ICICI Direct said in a report.

 

On Wednesday, US President Donald Trump stepped back from plans to impose tariffs on imports from European Union countries that opposed his push to acquire Greenland. "Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," Trump posted on his social media platform Truth Social. "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st." Trump did not mention details of the "framework". Earlier in Davos, US Commerce Secretary Howard Lutnick foreshadowed the recall in tariffs, saying that the situation was "going to end in a reasonable manner."

 

This was after the European Parliament suspended the approval of a key US trade deal agreed in July in protest against Trump's demand to take over Greenland, the BBC reported.

 

Gold prices also fell due to lower expectations of a rate cut by the US Federal Reserve. The Federal Reserve is likely to hold its key interest rate through this quarter and possibly until Chair Jerome Powell's tenure ends in May, Reuters reported. 

 

SILVER contracts fell on MCX but rose on COMEX. At 1617 IST, the most-active March silver contract on the MCX was down 3% at INR 309,000 per kg. The most-active March contract on COMEX was up 1% at $93.63 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 148,000 –INR 154,000 per 10 grams

--COMEX gold seen at $4,740.0–$4,880.0 an ounce

--MCX silver seen at INR 295,000-INR 325,000 per kg

--COMEX silver seen at $92.50-$95.00 an ounce

End

 

US$1 = INR 91.63

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

 

 

Edited by Akul Nishant Akhoury

 

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