MCX gold, silver hit new highs as geopolitical woes spur safe-haven demand
This story was originally published at 10:20 IST on 28 January 2026
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--COMEX April gold contract hits fresh record high of $5,280.5 per ounce
--MCX April gold contract hits fresh record high of INR 172,949 per 10 gram
--MCX March silver contract hits fresh record high of INR 377,655 per kg
MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange hit fresh all-time highs Wednesday, tracking a fresh high for the gold contract on COMEX. The gold contract surged to $5,280.5 per ounce Wednesday due to geopolitical tensions and economic uncertainty, which boosted the safe-haven demand for the precious metals.
Safe-haven demand for the precious metals was spurred by persisting tensions between the US and Iran. Gold prices also rose due to fears of a partial US government shutdown beginning Saturday as the killing of a US citizen by federal agents in Minneapolis over the weekend led Senate Democrats in the country to demand changes to homeland security provisions in a government funding package, CNBC reported.
Markets are focussed on the US Federal Reserve's two-day policy meeting that started Tuesday, with interest rates expected to be unchanged and investors watching Fed Chair Jerome Powell's press conference on Wednesday amid mounting worries about the central bank's independence, Reuters reported.
Prices of the precious metals on COMEX also rose due to robust central bank purchases, with China extending its gold-buying spree for a fourteenth month in December, and record inflows into exchange-traded funds, Reuters reported.
At 1000 IST, the most-active March silver contract on the MCX was INR 376,314 per kg, up nearly 6%, after hitting a record high of INR 377,655 per kg earlier Wednesday. The most-active April gold contract on the MCX was up nearly 2% at INR 171,675 per 10 grams after hitting a record high of INR 172,949 per 10 gm earlier in the day. End
US$1 = INR 91.59
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Udita S. Jaiswal
Edited by Nishant Maher
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