Mumbai, Jan 12, 2026, 03:56 IST
Gold and silver prices in India look set to stay steady this week, as traders await a U.S. Supreme Court decision on President Donald Trump’s tariff policy amid rising geopolitical tensions, analysts said. MCX gold futures gained 2.25% last week, closing at 138,819 rupees per 10 grams, while overseas gold futures hovered near $4,500.90 an ounce. Silver on the MCX surged 6.94% to 252,725 rupees per kg, after hitting a record 259,692, according to PTI. Pranav Mer of JM Financial described any dips as “buying opportunities,” while Angel One’s Prathamesh Mallya noted that the dollar, Federal Reserve signals, and key inflation and employment data could drive prices, with gold possibly testing 141,000 rupees. The Times of India
The tariff case has become a hot button issue for markets, with potential implications for whether Trump’s broad “emergency” duties remain and how the collected funds are handled. U.S. Treasury Secretary Scott Bessent told Reuters the Treasury could easily cover any court-ordered refunds, dismissing them as a “corporate boondoggle.” He also said repayments would probably be stretched out over weeks or longer. The lawsuit takes aim at Trump’s use of the International Emergency Economic Powers Act, a 1977 law granting presidents wide-ranging authority during national emergencies. Reuters
Geopolitical tensions have kept safe-haven demand elevated. A U.S. military operation reportedly captured Venezuelan President Nicolas Maduro, and Trump announced that oil once destined for China would now be rerouted to the United States, according to Reuters. Craig Singleton, a China expert at the Foundation for Defense of Democracies, pointed to the incident as evidence of the disconnect between China’s “great-power rhetoric” and its actual influence in the region. Reuters
Gold prices in India held steady on Sunday, with 24-carat gold at 140,460 rupees per 10 grams, according to Goodreturns. The 22-carat variant was quoted at 128,750 rupees, and 18-carat at 105,340 rupees. Silver remained firm at 260,000 rupees per kilogram amid buying interest ahead of Makar Sankranti and Pongal festivals. Analysts from SMC Global Securities forecast next week’s MCX gold range between 133,000 and 143,000 rupees, while MCX silver is expected between 236,000 and 260,000 rupees. COMEX gold is projected to trade within a $4,280 to $4,580 band.
MCX serves as India’s leading exchange for commodity futures, offering contracts that allow traders to fix prices for future delivery. COMEX, based in the U.S., is the key metals futures market and frequently sets the worldwide benchmark.
The gap between retail rates and futures is crucial at the moment. Sharp shifts on MCX can quickly impact jewellery prices, even if shop demand remains uneven.
Gold doesn’t move in isolation. When the dollar strengthens and bond yields climb, interest tends to wane since holding a non-yielding asset becomes more costly.
The run-up has been steep, opening the door for a swift pullback: a tariff ruling that calms jitters, a dollar bounce, or just profit-taking might send prices tumbling fast—particularly in silver, which has seen wild swings.
Traders are currently juggling two key variables that could shift on a dime: the Supreme Court’s decision on tariffs and the next moves from Washington amid ongoing geopolitical shifts.
