More Stories

Informist, Friday, Jan. 30, 2026

 

MUMBAI – Spot gold prices fell Friday tracking the futures contracts on the Multi Commodity Exchange of India and the COMEX. Prices fell due to profit booking after futures contracts rose to a record high in the previous session, analysts said. Market sentiment was also hurt by rumours that the US Federal Reserve could get a more hawkish Chair. However, the fall in prices could be limited due to the geopolitical tensions between the US and Iran. 

 

In the Mumbai spot market, the price of gold of 99.9% purity was INR 168,475 per 10 grams, lower than INR 176,121 per 10 grams Thursday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are charging a premium of INR 8,000 per 10 grams on gold prices, Jain said. 

 

On Thursday, US President Donald Trump said he intends to announce on Friday his pick to replace Fed Chair Jerome Powell, as speculation intensifies over who will lead the US central bank after Powell steps away from the job in May. "Rumours that Kevin Warsh will replace Jerome Powell as Fed Chair have weighed on gold during Asian trade," Reuters quoted Matt Simpson, a senior analyst at StoneX as saying. 

 

However, the fall in prices could be limited due to heightened geopolitical tensions. Trump warned Iran that "time is running out" to negotiate a deal on its nuclear programme following the steady build-up of US military forces in the Gulf. The US Defence Secretary Pete Hegseth said at a Cabinet meeting on Thursday that his department would be able to deliver on any military instruction given by Trump, The Guardian reported. "They [Iran] have all the options to make a deal," he said. "They should not pursue nuclear capabilities. And we will be prepared to deliver whatever this president expects."   

 

Trump has threatened to impose tariffs on countries that supply oil to Cuba, as Washington steps up its pressure on the Caribbean nation, the BBC reported. The proposed new levies were outlined in an executive order, although no details were given on specific tariff rate or which countries could be targeted.  End

 

Reported by Reshma Ravi

Edited by Vandana Hingorani

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.