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Informist, Thursday, Jan. 29, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver Thursday rose above $5,600 per ounce and $120 per ounce on the COMEX, respectively, as rising geopolitical tensions boosted their safe-haven appeal. On the Multi Commodity Exchange of India, gold prices surged past INR 193,000 per 10 grams and prices of silver rose above INR 409,000 per kg.

 

At 1625 IST, the most-active April gold contract on the MCX was around 7% higher at INR 189,480 per 10 gm after hitting another record high of INR 193,096 per 10 gm. The most-active April gold contract on COMEX was up 3.6% at $5,534.7 per ounce, after hitting a record high of $5,626.8 per ounce earlier Thursday. On the domestic bourse, prices of the two metals also got a boost as the rupee fell sharply and ended at a record closing low against the dollar Thursday. The rupee hit a record low of 91.9925 a dollar earlier in the day, just shy of the key 92.00 level, and settled at 91.9550.

 

At 1628 IST, the most-active March silver contract was up 4.9% at INR 404,066 per kg after hitting a record high of INR 409,800 per kg. The most-active March silver contract on COMEX was up 3.1% at $117.1 per ounce after hitting an all-time high of $120.56 per ounce earlier in the day.

 

Threat of a conflict 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 Guardian reported. The US president Wednesday 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.

 

Meanwhile, the US Federal Open Market Committee Thursday left the federal funds target rate range unchanged at 3.50-3.75%. However, two officials--Stephen I. Miran and Christopher J. Waller--voted in favour of a 25-basis-points rate cut.

 

"At the same time, investor unease over the independence of the Federal Reserve intensified amid political pressure and leadership uncertainty, reinforcing the so-called debasement trade," Kotak Securities said in a report. Although the US Fed held rates steady, a divided vote and acknowledgment that inflation remains elevated kept expectations of future easing alive, the brokerage said.  End

 

US$1 = INR 91.95

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

 

Edited by Nishant Maher

 

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