Spot gold opens higher on record-high futures as US-EU tensions persist
This story was originally published at 14:12 IST on 23 January 2026
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MUMBAI – Spot gold prices opened higher Friday, tracking record high prices of futures contracts on the Multi Commodity Exchange of India and the COMEX as uncertainty surrounding the Greenland issue continued despite US President Donald Trump's statements about potentially working towards a future deal, analysts said.
The 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.
In the Mumbai spot market, the price of gold of 99.9% purity was INR 155,428 per 10 grams, higher than INR 151,499 per 10 grams Thursday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
In India, gold premiums have surged past $100 an ounce for the first time in more than a decade, as traders priced possible curbs on precious metals imports, Reuters reported on Wednesday. Market participants are speculating that the government may increase the import duties on gold and silver in the Union Budget for 2026-27 on Feb. 1 to curb imports. "Anticipating the hike, traders are charging premiums over record prices," Reuter quoted Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold, as saying.
European leaders met for a summit on Thursday after US President Donald Trump stepped back from imposing tariffs on the European nations that were against his plan to acquire Greenland, Bloomberg reported. Although the retreat eased the immediate risk to Europe's economic and geopolitical interests, leaders are now turning their attention to the longer-term consequences, 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. End
US$1 = INR 91.86
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Avishek Dutta
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