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Informist, Monday, Jan. 19, 2026

--COMEX March silver contract hits fresh record high of $94.37 per ounce 

--MCX March silver contract hits fresh record high of INR 301,315 per kg 

--COMEX February gold contract hits fresh record high of $4,698 per ounce 

--MCX Feb gold contract hits fresh record high of INR 145,500 per 10 gram 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose to new all-time highs Monday tracking the contracts on COMEX. Prices rose due to safe-haven demand amid fresh geopolitical tensions. Silver prices also rose on strong demand, reflecting the metal's essential role in solar energy, electric vehicles, and advanced electronics.

At 0929 IST, the most-active February gold contract on the MCX was up 1% at INR 144,425 per 10 grams, after hitting a record high of INR 145,500 per 10 grams earlier in the day. The most-active February contract on the COMEX was up nearly 2% at $4,667.7 per ounce, after hitting a record high of $4,698 per ounce earlier in the day. 

At 0931 IST, the most-active March silver contract on the MCX was up nearly 4% at INR 298,350 per kg, after hitting a record high of INR 301,315 per kg. The most-active March contract on COMEX was up 5% at $93.00 per ounce, after hitting a record high of $94.37 per ounce.

On Sunday, US President Donald Trump imposed new tariffs on eight European nations over his push to acquire Greenland. In a post on Truth Social platform, Trump announced that an extra 10% import tariff on goods from certain countries would begin on Feb. 1. According to Reuters, the tariff would rise to 25% on Jun. 1 and remain in place until an agreement is reached for the US to obtain Greenland. The countries targeted include France, Germany, and the UK, along with several other northern European countries. European Union ambassadors said they broadly agreed to step up diplomatic efforts to deter Trump from imposing tariffs on European allies, while also preparing retaliatory measures should the duties go ahead.

"Gold's rally has been powerful, but it has also been grounded in fundamentals that are still very much in place," Dow Jones quoted George Cheveley, natural resources portfolio manager at Ninety One, as saying. That includes a weaker US dollar, ongoing geopolitical tensions, expectations of rate cuts by the US Federal Reserve, and heightened concern over fiscal deficits and sustained central-bank demand, the report said.

"Major banks remain bullish on the medium-term outlook: Commerzbank lifted its 2026 year-end forecast to $4,900/oz (per ounce), while HSBC and UBS see prices testing $5,000/oz in 2026, citing geopolitical risks, rising debt levels, and structural central-bank demand," Kedia Adviosry said. For silver, major banks remain constructive over the medium term, with Commerzbank projecting $95 per ounce by the end of 2026.  End

US$1 = INR 90.74

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

Reported by Reshma Ravi

Edited by Tanima Banerjee

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