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Commodities 27 January 2026 - 2 February 2026

MCX silver price hits lower circuit again; gold under ₹1.45 lakh as Budget 2026 ripples through markets

MCX silver price hits lower circuit again; gold under ₹1.45 lakh as Budget 2026 ripples through markets

Silver futures on the Multi Commodity Exchange of India crashed to a 9% lower circuit, hitting the day’s down limit at ₹2,41,744 per kg on Monday—plunging about 42% from last week’s peak of ₹4,20,048. Gold April futures weren’t spared either, sliding more than 5% at one point to ₹1,40,001 per 10 grams. Ponmudi R, CEO of Enrich Money, said, “The ₹1,43,000 – ₹1,45,000 zone continues to act as a strong dynamic support.”
2 February 2026
Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent crude futures jumped more than 2% on Thursday and briefly traded above $70 a barrel, a four-month high, as investors weighed the risk of a U.S. military strike on Iran, OPEC’s fourth-largest producer at about 3.2 million barrels per day. Brent was up $1.39, or 2.03%, at $69.79 by 1011 GMT after touching $70.35; U.S. West Texas Intermediate rose $1.37 to $64.58. The immediate fear is Iran could “close the Strait of Hormuz” — a route for about 20 million barrels per day of oil — PVM analyst John Evans said, while DBS Bank’s Suvro Sarkar called the geopolitical risk premium the “main driver.”
Gold price breaks $5,300 record before Fed decision, lifting GLD and miners

Gold price breaks $5,300 record before Fed decision, lifting GLD and miners

Gold prices surged past $5,300 an ounce on Wednesday, hitting a fresh record as the U.S. dollar hovered near multi-year lows ahead of the Federal Reserve’s policy announcement. Spot gold jumped 1.9% to $5,289.48 by 12:45 p.m. ET, after reaching $5,311.31 earlier. Meanwhile, U.S. gold futures for February climbed 4% to $5,286.50. The Fed’s decision is scheduled for 2 p.m. ET, with traders closely watching Chair Jerome Powell’s remarks for hints on future interest rate moves.
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