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Informist, Wednesday, Jan. 21, 2026

 

--MCX Feb gold contract hits fresh record high of INR 153,831 per 10 gm

--MCX May silver contract hits fresh record high of INR 338,000 per kg 

--COMEX Feb gold contract hits fresh record high of $4,852.6 per ounce 

 

MUMBAI – Futures contracts of gold and silver hit a fresh all-time high on the Multi Commodity Exchange on Wednesday for the third consecutive day. Prices of the gold contract on COMEX also hit record highs. Prices of the precious metals soared on the back of safe-haven demand as tensions between the US and the European Union showed no signs of dissipation. Multiple European countries reacted negatively to US President Donald Trump's consistent push for acquiring Greenland, which persisted after his threat over the weekend. 

 

The European Parliament is planning to suspend approval of the US trade deal agreed in July, the BBC reported, citing sources close to its international trade committee. The suspension is set to be announced in Strasbourg, France on Wednesday. This move by the European Parliament will escalate tensions between the US and Europe, which began during the weekend when President Trump threatened to impose tariffs on eight European nations that were against his plans to acquire Greenland. 

 

On Tuesday, Trump warned that he would impose a new round of tariffs against European nations unless they acquiesced to his demands that the US take over Greenland, just hours before he was set to meet with his European counterparts at the World Economic Forum, The New York Times reported. Greenland is expected to be a key focus at the World Economic Forum. Trump said he agreed to a meeting at the forum following what he described as a "very good" call with NATO Secretary General Mark Rutte, Dow Jones reported.

 

Trump said there was "no going back" on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies, Reuters reported. "We will work something out where NATO is going to be very happy and where we're ‍going to be very happy," he later said, according to the report.

 

"It's the loss of trust in the US caused by Trump's moves over the weekend to tariff European countries and increase his coercion in trying to take Greenland. (The move in gold) reflects fears about global geopolitical (tensions)," Reuters quoted Kyle Rodda, a senior ‍market analyst at Capital.com, as saying.

 

Expectations of monetary policy easing further reinforced the bullish sentiment, Kedia Advisory said. Investors are also closely watching an upcoming US Supreme Court decision related to the Federal Reserve's independence, along with the delayed US personal consumption expenditure inflation data, due Thursday, both of which could influence the US central bank's future rate path, it said.

 

At 0923 IST, the most-active February gold contract on the MCX hit a new record high of INR 154,710 per 100 kg. The May silver contract on the bourse also hit another high of INR 338,000 per 100 kg. 

 

At 0925 IST, the most-active February contract on COMEX was up 1.7% at $4,848.5 per ounce, after hitting a record high of $4,852.6 per ounce earlier in the day.  End

 

US$1 = INR 91.30

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

 

Reported by Shreya Shetty

Edited by Tanima Banerjee

 

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