On the Multi Commodity Exchange, MCX Gold futures expiring on February 5, 2026 rose by Rs 5,931 or 4% to Rs 1,51,470 per 10 grams.
In the international market, gold prices crossed the $4,700 per ounce mark for the first time on Tuesday, while silver remained near all-time highs. Spot gold rose more than 1% to hit an all-time high of $4,721.91. Meanwhile, US gold futures for February delivery rose 2.8% to $4,722.70 an ounce.
On the MCX, gold found support between Rs 1,44,800 and Rs 1,44,100, with resistance between Rs 1,46,350 and Rs 1,47,000, said Manoj Kumar Jain of Prithvi Finmart. The strategy remains to buy gold on dips, while maintaining a stop loss below Rs 1,44,000, he added.
“This current surge in gold and silver prices is largely due to global uncertainty and geopolitical tensions, which are pushing investors towards gold as a safe haven. Strong international demand, coupled with concerns over inflation and potential trade disruptions due to Trump’s tariffs, are the main trigger driving prices of both precious metals to a new high,” said Colin Shah of Kama Jewelry.
Beyond Europe, lingering geopolitical risks continue to keep investors nervous. Lingering uncertainty surrounding Venezuela, fragile relations between the United States and Iran despite recent calm, and the still unresolved conflict between Russia and Ukraine keep global markets cautious and gold well supported.
At the same time, the Indian rupee has weakened sharply since early 2026. January USD/INR futures on the NSE are trading above 91, reflecting a depreciation of more than one rupee so far this year. This has created a double advantage for domestic investors as rising global gold prices combined with a weaker rupee are magnifying returns on gold investments in India.
