MCX February Gold Contract Hits New Record High Of Rs 143,096 Per 10 Gm

MCX February gold contract has hit a new record high of Rs 143,096 per 10 gm. This is shortly after silver prices rose above $90 an ounce for the first time ever.

Amid persistent geopolitical uncertainty driving safe-haven demand, gold futures on the Multi Commodity Exchange (MCX) saw sharp swings. The February 5 contract opened lower by Rs 1,740 at Rs 1,40,501 per 10 grams compared to the previous close of Rs 1,42,241.

However, prices quickly rebounded to a record high of Rs 1,43,340, marking a gain of Rs 1,099. At last check, futures were trading at Rs 1,43,306, up Rs 1,065 or 0.75%.

Precious metals have made a strong start to 2026, after blistering rallies last year, with the prospect of a criminal indictment against Federal Reserve Chair Jerome Powell reviving worries about the monetary authority’s independence.

Central bankers across the world have rallied behind Powell and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the political intervention could backfire, as per Bloomberg reports.

Bloomberg also reported that haven demand has also been aided by US President Donald Trump’s capture of Venezuela’s leader, his renewed threats to take Greenland, and violent protests in Iran that could lead to a toppling of the Islamic regime there. Citigroup Inc. analysts upgraded their forecasts this week for gold and silver to $5,000 per ounce and $100 an ounce, respectively, in the next three months.

"We upgrade our near-term price forecasts across the precious metals complex as investment momentum remains strong and the multitude of bullish drivers are now likely to remain intact during Q1FY26," the Citi note said.

The gold price forecast implies an upside of 9% over the current level of $4,589. For silver, it indicates a likely jump of 17% by April.