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Informist, Thursday, Jan. 29, 2026

 

--COMEX March silver contract hits fresh record high of $119.5 per ounce

--MCX March silver contract hits fresh record high of INR 400,780 per kg 

--COMEX April gold contract hits fresh record high of $5,626.8 per ounce 

--MCX April gold contract hits fresh record high of INR 187,782 per 10 gram 

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange hit fresh record highs, tracking the all-time highs hit by contracts on the COMEX. Prices of silver surged past the INR 400,000 per kilogram mark, while those of gold rose above the INR 180,000 per 10 grams level as tensions between the US and Iran fuelled safe-haven demand. Prices were also supported by a weak dollar.

 

Threat of war between the US and Iran loomed after US President Donald Trump told Iran that time was running out and that a huge US armada was moving quickly towards the country "with great power, enthusiasm and purpose", The Gaurdian reported. Writing on social media on Wednesday, the US president said the fleet headed by aircraft carrier USS Abraham Lincoln was larger than the one sent to Venezuela before the removal of Nicolas Maduro earlier this month, and was "prepared to rapidly fulfil its missions with speed and violence if necessary," the report said.

 

In response to Trump's comments, Iran's foreign minister, Abbas Araghchi, said Iranian armed forces were ready to "immediately and powerfully" respond to any possible attack by the US, Al Jazeera reported.

 

The US dollar fell to its lowest level in four years earlier this week after Trump said on Tuesday that the value of the dollar was "great", when asked whether he thought it had declined too much. Traders took his comments as a signal to sell the greenback aggressively. Though the index rebounded on Thursday after US Treasury Secretary Scott Bessent said the US has a strong dollar policy and that means setting the right fundamentals, it remained in the lower range. A weaker dollar makes dollar-denominated commodities such as gold cheaper for those holding other currencies, aiding demand. 

 

The market showed little reaction to the US Federal Reserve's decision to leave rates unchanged, or to comments after the announcement by Fed Chair Jerome Powell. "Precious metals simply don't care that the Fed is clearly in hiatus mode, rather than pause, with the complex as a whole trading higher throughout the press conference," Reuters quoted Tai Wong, an independent metals trader, as saying. 

 

"Rising government debt burdens, geopolitical concerns and policy unpredictability have accelerated a structural re-rating of gold's role in portfolios," Reuters quoted analysts at OCBC as saying in a note. "Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes."

 

At 0921 IST, the most-active March silver contract on the MCX hit another record high of INR 407,456 per kg. The most-active March silver contract on COMEX was up 3.3% at $117.3 per ounce after hitting a high of $119.5 per ounce earlier in the day. 

 

At 0922 IST, the most-active April gold contract on the MCX hit another record high of INR 189,500 per 10 gm. The most-active April gold contract on COMEX was up 4.3% at $5,571.9 per ounce, after hitting a record high of $5,626.8 per ounce earlier in the day.  End

 

US$1 = INR 91.93

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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