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Informist, Friday, Jan. 23, 2026

 

--COMEX March silver contract hits fresh record high of $99.2 per ounce 

--MCX March silver contract hits fresh record high of INR 339,927 per kg 

--COMEX February gold contract hits fresh record high of $4,970 per ounce 

--MCX Feb gold contract hits fresh record high of INR 159,226 per 10 gram 

 

MUMBAI – Futures contracts of gold and silver hit fresh all-time highs on the Multi Commodity Exchange, tracking contracts on COMEX. Prices rose to a new record high, with the COMEX silver contract nearing $100 per ounce and the gold contract nearing $5,000 per ounce, as geopolitical tensions lingered even as US President Donald Trump walked back on his threats of imposing tariffs on European Union nations in his push to acquire Greenland.

 

Prices also rose as the dollar remained weak. The dollar remained down Friday, on track for its worst week in a year, after falling the most in a month in the US trading session. A weaker dollar makes dollar-denominated commodities such as gold cheaper for those holding other currencies, aiding demand. 

 

Safe-haven demand for both precious metals continued to surge due to uncertainty surrounding the Greenland issue despite Trump's statements about potentially working towards a future deal. Details of the "framework" of the deal have been hazy, and European officials on Thursday appeared to be willing to talk about it only in vague terms, Dow Jones reported. 

 

European Union leaders met for a summit late on Thursday after Trump stepped back from his threat to impose new tariffs over Greenland, Blomberg reported. While Trump's step back has removed the immediate threat to European economic and geopolitical sovereignty, leaders are beginning to sift through the longer-term implications, the report said. 

 

During the summit, European leaders said they wanted an EU-US trade deal to be back on track after the European Parliament suspended its ratification in protest over Trump's threats. However, Trump's threats shook Europe's confidence in its partner, Reuters reported, quoting EU officials and leaders as saying. "Transatlantic relations have definitely taken a big blow over the last ‌week," the report quoted the bloc's foreign policy chief Kaja Kallas as saying. While saying ‌they want to work on strengthening transatlantic cooperation, the EU leaders warned that they were ready to act if Trump was to threaten them again, the report said.

 

"Caution dominates despite a slight easing in geopolitical tensions between the US and Europe," Dow Jones quoted DHF Capital's Bas Kooijman as saying in an email. "Sentiment remains in check, keeping demand for defensive assets elevated," he added. 

 

At 0921 IST, the most-active February silver contract on the MCX was up 2.7% at INR 336,147 per kg after hitting a new record high of INR 339,927 per kg earlier in the day. The most-active March silver contract on COMEX was up 2.5% at $98.8 per ounce after hitting a high of $99.2 per ounce. 

 

At 0921 IST, the most-active February gold contract on the MCX was up 1.4% at INR 158,485 per 10 gm after hitting a new record high of INR 159,226 per 10 gm earlier in the day. The most-active February gold contract on COMEX was up 0.8% at $4,953.7 per ounce, after hitting a record high of $4,970 per ounce.  End

 

US$1 = INR 91.47

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

 

Reported by Shreya Shetty

Edited by Avishek Dutta

 

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