MUMBAI, Jan 12, 2026, 16:50 IST
- MCX February gold futures soared to a new high of Rs 141,250 per 10 grams; silver climbed to Rs 263,996 per kg
- Spot gold briefly surged past $4,600 an ounce as investors flocked to safety amid Fed concerns and geopolitical tensions
- Analysts flagged sharp swings ahead, as traders focused on critical support and resistance points
Gold prices in India hit new highs on Monday, pushing up futures and retail rates amid a global rush to safe-haven assets.
This shift hits Indian consumers and jewellers directly, as daily price boards in key cities climb alongside a surge in global dollar-denominated gold. Traders are also watching the rally as a test of risk appetite, with the dollar weakening amid renewed doubts over U.S. policy risks.
Spot gold hit a record high of $4,600.33 an ounce, while silver surged to $84.60, Reuters reported. The spike followed a criminal investigation into Federal Reserve Chair Jerome Powell, stoking concerns over the Fed’s independence. Zain Vawda, an analyst at MarketPulse by OANDA, noted that with the Fed’s independence now openly challenged, a “political risk” discount is “bleeding into the U.S. dollar.” (Reuters)
Gold futures on the Multi Commodity Exchange (MCX), India’s top commodity platform, climbed Rs 2,431—or 1.8%—to hit a fresh high of Rs 1,41,250 per 10 grams for February delivery, according to the Times of India. In Delhi, 24-carat gold traded at Rs 14,230 per gram, while 22-carat was at Rs 13,045. Mumbai saw 24-carat gold at Rs 14,215 and 22-carat at Rs 13,030, the report added. (The Times of India)
Retail gold prices climbed nationwide, with 24-carat hitting around Rs 1,42,150 per 10 grams and 22-carat at Rs 1,30,300, according to Goodreturns. Silver also edged up, reaching roughly Rs 2,70,000 per kg. The site noted gold has added about Rs 3,800 per 10 grams over the last three sessions following a dip on Jan. 9. (Goodreturns)
Manoj Kumar Jain from Prithvifinmart Commodity Research noted “very high volatility” in precious metals as investors rush toward safe-haven assets like gold and silver. He identified MCX gold support levels between Rs 1,37,850 and Rs 1,36,880, with resistance seen from Rs 1,39,670 to Rs 1,40,520. Jain also suggested silver might find support around $65 per troy ounce. (The Economic Times)
Gold is generally priced worldwide in dollars, meaning shifts in the U.S. currency can swiftly affect local prices. Since the MCX contract is quoted in rupees, any dollar weakness or rupee fluctuation can amplify the impact for Indian buyers.
The political scene in the U.S. is adding pressure. Powell revealed that the Justice Department handed the Federal Reserve grand jury subpoenas and dangled a criminal indictment linked to his congressional testimony, labeling it a “pretext” aimed at pressuring the Fed on interest rates, according to Reuters. (Reuters)
However, the recent surge has left prices volatile. Even a slight softening in Iran-related news or a change in bets on U.S. rate cuts might spark profit-taking. Analysts warn that sharp reversals could follow the sizable daily swings we’ve seen.
Carat numbers often trip up first-time buyers: 24-carat means almost pure gold, whereas 22-carat is what you usually see in jewellery. On volatile days like this, that distinction becomes crucial since retail prices can shift every minute, even if the main “gold price today” figure stays unchanged.
Traders are keeping an eye on whether the dollar remains under pressure and if safe-haven buying continues. In India, the key issue is how much physical demand can withstand the impact of record futures prices reaching shop counters.
