Blitz Bureau
NEW DELHI: Gold and silver prices fell on MCX and global markets on January 16 as the US dollar strengthened, following weaker‑than‑expected weekly jobless claims. Further, a softer tone from US President Donald Trump on Iran reduced safe‑haven demand for the precious metals. MCX gold February futures dipped 0.26 per cent to Rs 1,42,743 per 10 grams in morning trade, while MCX silver March futures eased 0.94 per cent to Rs 2,88,824 per kg.
Spot gold eased about 0.29 per cent to $4,602.43 an ounce, though it remained around 2 per cent higher for the week. Spot silver fell roughly 0.8 per cent to $91.69 an ounce after earlier touching an all‑time high of about $93.57–$93.70 during the session. Analysts said the pullback came as the dollar index climbed toward 99.49, its strongest level since early December.
Market watchers said that rising geopolitical risks stemming from unrest in Iran and tensions involving Venezuela and Greenland continue to provide demand for precious metals. Gold and silver prices are expected to remain volatile this week amid volatility in the dollar index, ahead of the US Supreme Court decision on tariffs, they added.
The Augmont Bullion report said that silver retreated sharply from its record high of $93 after Trump refrained from announcing new tariffs on critical mineral imports. Instead, he said the US keeps negotiations open with foreign countries to secure supplies and swiftly cut supply-chain risks, while considering import curbs only if talks fail to yield timely results.
