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Informist, Tuesday, Jan. 27, 2026

 

--MCX March silver contract hits fresh record high of INR 354,780 per kg 

--MCX Feb gold contract hits fresh record high of INR 159,820 per 10 gram 

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange hit fresh all-time highs on Tuesday after contracts on COMEX hit a record high on Monday. Prices of the silver contract on COMEX hit $117.7 per ounce and the gold contract rose to $5,107.9 per ounce on Monday due to a surge in safe-haven demand. Though both contracts on COMEX fell slightly on Tuesday, silver prices remained elevated above the $100 per ounce mark, and the gold contract also stayed above the $5,000 per ounce level as geopolitical tensions persisted.

 

Prices of precious metals were spurred by US President Donald Trump's new tariff threats against multiple countries. Trump said on Saturday that he would impose a 100% tariff on Canada if it proceeds with a trade deal with China, warning Prime Minister Mark Carney that such an agreement would put Canada at risk. On Monday, he said that US tariffs on imported automobiles, pharmaceuticals, and lumber from South Korea were rising to 25% from 15% as the country's legislature hasn't enacted the trade agreement with the US, Dow Jones reported. 

 

On the geopolitical front, US-brokered talks between Ukraine and Russia concluded a second day in Abu Dhabi on Saturday without an agreement, though further discussions are expected next weekend. The stalemate came as overnight Russian airstrikes disrupted power supplies for more than a million Ukrainians amid sub-zero temperatures.

 

Gold prices were also supported by fears of a US government shutdown after the deadly shooting in Minneapolis over the weekend led Senate Democrats in the country to demand changes to homeland-security provisions in a government funding package, The Wall Street Journal reported.

 

Prices of the precious metals on COMEX also rose due to US monetary policy easing, robust central bank purchases, with China extending its gold-buying spree for a fourteenth month in December, and record inflows into exchange-traded funds, Reuters reported. "We expect further upside. Our current forecast suggests that prices will peak at around $5,500 later this year," Reuters quoted Philip Newman, director at Metals Focus as saying. "Periodic pullbacks are likely as investors take profits, but we expect each correction to be shortlived and met with strong buying interest," Newman added.

 

At 0935 IST, the most-active March silver contract on the MCX hit another record high of INR 359,800 per kg. The most-active February gold contract on the MCX was up nearly 2% at INR 158,600 per 10 grams after hitting a record high of INR 159,820 per 10 gm earlier in the day.  End

 

US$1 = INR 91.75

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

 

Reported by Udita S. Jaiswal 

Edited by Avishek Dutta

 

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