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Informist, Friday, Jan. 23, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver rose to a record high on the Multi Commodity Exchange of India and on the COMEX Friday. Prices rose due to the uncertainty surrounding geopolitical tensions between the US and the European Union. Precious metals on the MCX also rose as the rupee hit a record low against the dollar. Silver on the COMEX is nearing $100 per ounce, and gold is nearing $5,000 per ounce.  

 

At 1620 IST, the most-active February GOLD contract on the MCX was up 0.4% at INR 156,891 per 10 grams, after hitting a record high of INR 159,226 per 10 grams earlier in the day. The most-active February contract on COMEX was up 0.1% at $4,920.2 per ounce, after hitting a record high of $4,970 per ounce.

 

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. 

 

At 1623 IST, the most-active March SILVER contract on the MCX was up 1.3% at INR 331,500 per kilogram, after hitting a record high of INR 339,927 per kg earlier in the day. The most-active March contract on COMEX was up 2% at $98.19 per ounce, after hitting a record high of $99.395 per ounce.

Prices on the domestic exchange rose as the rupee fell to a record low against the dollar. The rupee fell to a record low of 91.9650 against the dollar. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

Prices also rose due to the geopolitical uncertainty surrounding Greenland, analysts said. The uncertainty rose despite US President Donald Trump saying this week that he had "formed a framework for a future deal." The details of the "framework" of the deal have been hazy, and European officials on Thursday appeared willing to discuss it only in vague terms, Dow Jones reported. "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.

 

European leaders met for a summit on Thursday after US President Donald Trump stepped back from imposing tariffs on the European nations opposed to 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.

 

Additionally, on Thursday, the data showed core inflation in the US rose 2.8% on year in November, from 2.7% in October, largely in line with expectations and above the US Federal Reserve's target of 2%. The data was delayed because of the record 43-day government shutdown through October. US GDP grew 4.4% in the third quarter, higher than estimates of a 4.3% rise. Jobless claims in the US rose by 1,000 to 200,000 in the week ended Jan. 17, against estimates of 208,000. The data lowered the expectations of a rate cut by the US Federal Reserve. However, market participants are still expecting a 50-basis-point rate cut by the US Fed this year, Manoj Jain, director at Prithvi Finmart, said.  

 

Outlook for the rest of the session:

--MCX gold seen at INR 152,000–INR 158,000 per 10 grams

--COMEX gold seen at $4,850.0–$4,980.0 an ounce

--MCX silver seen at INR 310,000-INR 350,000 per kg

--COMEX silver seen at $97.00-$99.00 an ounce

 

End

 

US$1 = INR 91.95

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

 

Edited by Saji George Titus

 

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