Overview
- MCX gold for February settled at Rs 1,42,601 per 10 grams on January 16, and MCX silver for March fell Rs 4,027 to Rs 2,87,550 per kg as traders booked profits.
- Physical bullion quotes stayed elevated, with 24-carat gold around Rs 1,43,400 per 10 grams in Mumbai and Delhi spot silver climbing to a record Rs 2,92,600 per kg.
- Dealers reported recent peaks in city markets, including gold touching Rs 1,47,300 per 10 grams earlier in the week on steady buying by jewellers and stockists.
- Overseas prices eased after record highs, with spot gold near $4,602 an ounce and silver near $90–91 after peaking around $4,650 and $93.5 respectively.
- Analysts cited the stronger dollar on lower US jobless claims and easing Iran tensions for the pullback, while noting medium-term support from Fed rate-cut expectations and robust industrial demand for silver.