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Informist, Tuesday, Jan. 27, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver hit record highs on the Multi Commodity Exchange of India Tuesday due to increasing safe-haven demand amid geopolitical risk. However, the precious metals fell on the COMEX amid profit-taking after hitting record highs in the previous session, analysts said. 

 

At 1611 IST, the most-active February GOLD contract on the MCX was up 2% at INR 158,828 per 10 grams, after hitting a record high of INR 159,820 per 10 grams earlier in the day. The most-active February contract on COMEX was down 0.1% at $5,078.7 per ounce.

 

At 1612 IST, the most-active March SILVER contract on the MCX was up 9% at INR 362,247 per kilogram, after hitting a record high of INR 364,821 per kg earlier in the day. The most-active March contract on COMEX was down 3% at $112.04 per ounce.

 

In the Mumbai spot market, the price of gold of 99.9% purity was INR 159,027 per 10 grams, higher than INR 155,428 per 10 grams Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.

 

Gold prices on the domestic exchange rose after US President Donald Trump said that tariffs on imported automobiles, pharmaceuticals, and lumber from South Korea would be raised to 25% from the current 15%, as the country's legislature hasn't enacted a trade agreement with the US. This came after Trump said he would impose tariffs on Canada, amid worsening relations between the two countries. Canada's Prime Minister Mark Carney visited China earlier this month, and Trump said he would impose 100% tariffs on Canada if it signed a trade deal with China.  

 

Market participants' sentiment was also lifted due to fears of a US government shutdown after the deadly shooting in Minneapolis over the weekend led Senate Democrats to demand changes to homeland security provisions in a government funding package. "... investors fear over another government shutdown after Democratic leaders threatened to block approval of a $1.2 trillion funding package if it includes additional allocations for Homeland Security. Moreover, concern over Fed independence and strong central bank buying would be supportive for the prices," ICICI Direct said in a report.

 

The precious metals on COMEX fell amid profit-taking after hitting record highs in the previous session. Monday, the most active February gold contract on the COMEX hit a record high of $5,107.9 per ounce and the most active March silver contract hit a record high of $117.7 per ounce. While both metals fell Tuesday, silver prices remained above $100 per ounce and gold above $5,000 on persistent geopolitical tensions.

 

"On MCX, both metals (are) trading over their key moving averages 20, 50 and 100-DEMA (Double Exponential Moving Average) levels, which are at (INR) 145,550-137,300 and (INR) 128,300 for gold and (INR) 286,250-238,700-199,600 for silver, respectively. While the momentum is undeniably strong, there is a technical warning sign. The RSI (relative strength Index) is currently in overbought territory across all timeframes. More importantly, a daily RSI divergence has appeared-a classic "red flag" suggesting that long positions should proceed with caution despite the bullishness," Aamir Makda, commodity and currency analyst at Choice Broking, said in a note.   

 

Outlook for the rest of the session:

--MCX gold seen at INR 156,000–INR 162,000 per 10 grams

--COMEX gold seen at $5,020.0–$5,160.0 an ounce

--MCX silver seen at INR 350,000-INR 370,000 per kg

--COMEX silver seen at $108.00-$116.00 an ounce

End

 

US$1 = INR 91.72

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

 

Edited by Saji George Titus

 

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