Gold and silver prices experienced a decline on Tuesday as investors engaged in profit-taking following a significant surge to record highs. Concerns about an impending action from the US Justice Department against Federal Reserve Chair Jerome Powell contributed to market fluctuations. As of 1:15 PM, MCX gold futures for February traded at Rs 1,41,400 per 10 grams, marking a decrease of 0.44%. Meanwhile, MCX silver futures for March showed minimal movement, dropping 0.01% to Rs 2,68,926 per kg.
The price for 10 grams of 24-carat gold settled at Rs 1,40,482, down slightly from the previous day’s closing price of Rs 1,40,499, according to data from the India Bullion and Jewellers Association (IBJA). Gold prices had previously exceeded $4,600 per ounce, a historic milestone, before the recent profit-taking trends emerged. This surge was fueled by U.S. President Donald Trump’s announcement of a 25% tariff on countries trading with Iran, coupled with warnings of potential military action as protests in that region escalated.
Attention remains fixed on the ongoing criminal investigation into Powell’s testimony, which he claims was driven by political pressure aimed at lowering interest rates, as noted by Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd. Investors are also awaiting crucial US inflation data for clearer insights on future policy direction. While interest rates are expected to stay unchanged this month, market analysts anticipate two rate cuts later in the year.
Last week’s US jobs report indicated weaker-than-expected payroll growth, which reinforced projections that the Federal Reserve will likely implement further rate cuts. Protests in Iran are prompting market speculation about potential political instability and its impact on oil supply. Additionally, factors such as the ongoing conflict in Ukraine and fresh signals from Washington regarding Greenland are bolstering support for precious metals.
Analysts report that gold has support levels between Rs 1,39,550 and Rs 1,37,310, with resistance estimated between Rs 1,44,350 and Rs 1,46,670. For silver, support is identified in the range of Rs 2,60,810 to Rs 2,54,170, with resistance noted from Rs 2,71,810 to Rs 2,74,470. The outlook for silver remains strong, with medium-term price targets projected to exceed $100 by 2026, driven by ongoing supply deficits and increasing demand from industrial and renewable energy sectors.
Original Source: https://theshillongtimes.com/2026/01/14/gold-silver-prices-ease-amid-profit-booking-at-record-levels/
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Publish Date: 2026-01-14 04:24:00
