Mumbai: On the Multi Commodity Exchange (Multi Commodity Exchange), gold futures for February delivery climbed by Rs 1,509, or 1.11 per cent, to Rs 1,37,270 per 10 grams, with a business turnover of 15,226 lots. The rise followed a weak previous week, when the yellow metal had retreated by Rs 4,112, or 2.94 per cent, after touching record highs in late December.
Silver futures also posted robust gains on the MCX. The March contract surged by Rs 6,434, or 2.72 per cent, to Rs 2,42,750 per kilogram across 13,112 lots, recovering from a weekly fall of Rs 3,471, or 1.45 per cent.
In the international market, Comex (COMEX) gold futures for February delivery rose by USD 86.4, or 2 per cent, to USD 4,416 per ounce. The metal had dipped by USD 223.1, or 4.9 per cent, during the holiday-shortened previous week, closing at USD 4,329.6 per ounce on Friday.
Gold prices rebounded towards the USD 4,500-per-ounce level after last week’s volatility, supported by renewed geopolitical tensions following the capture of Venezuelan President Nicolas Maduro by US forces, according to Rahul Kalantri, Vice President (Commodities) at Mehta Equities Ltd.
On Saturday, US President Donald Trump said the United States would “run” Venezuela until a proper political transition takes place, while Secretary of State Marco Rubio indicated that Washington could achieve its objectives without directly governing the country.
Comex silver futures mirrored the rally, jumping by USD 4.19, nearly 6 per cent, to USD 75.20 per ounce. The white metal had declined sharply by 8 per cent, or USD 6.18, in the previous week, after hitting a record high of USD 82.67 per ounce and then tumbling 14.1 per cent, or USD 11.65, to settle at USD 71.01 per ounce.
Market participants are also closely watching key US macroeconomic data this week, particularly the December jobs report due on Friday, for clues on the Federal Reserve’s monetary policy stance, said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Trivedi noted that silver surged nearly 150 per cent last year, driven by supply constraints, strong industrial and investment demand, and supportive macroeconomic conditions. He added that China, which produces 60–70 per cent of the world’s refined silver, has imposed export restrictions this year, further tightening global supply and supporting prices.