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Informist, Monday, Feb. 2, 2026

 

MUMBAI – Spot gold prices fell Monday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Prices on the exchanges fell due to profit-booking after they touched record highs and momentum began to cool, analysts said. Gold futures contracts also fell after the Chicago Mercantile Exchange raised margins on precious metal futures. 

 

In the Mumbai spot market, the price of gold of 99.9% purity was INR 142,270 per 10 grams, lower than INR 153,013 per 10 grams Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are no longer charging a premium as prices have fallen, Jain said.     

 

The Chicago Mercantile Exchange increased margin requirements for gold and silver futures contracts with effect from Monday, it said in a release. For non-heightened risk profiles, gold futures margins have been increased to 8% from the current 6%. For heightened risk profiles, the margins have been raised to 8.8% from the present 6.6%. 

 

Easing geopolitical tensions between the US and Iran also weighed on prices. On Sunday, US President Donald Trump said Iran was "seriously talking" with Washington, just hours after Tehran's top security official, Ali Larijani, wrote on social media platform X that preparations for negotiations were in progress, according to Reuters.

 

Prices also declined following Trump's nomination of Kevin Warsh to succeed Jerome Powell as the next chair of the US Federal Reserve when Powell's term ends in May. "Warsh is considered the toughest on inflation among the candidates for the role, lessening the likelihood of a dramatic easing of monetary policy," ANZ analysts wrote in a note. Typically, a higher interest rate dents demand for non-yielding precious metals.  End

 

Reported by Reshma Ravi

Edited by Avishek Dutta

 

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