Precious metals witnessed a notable uptick in early trading on Monday, January 6, 2026, as escalating geopolitical tensions involving Venezuela prompted investors to seek safe-haven assets. Both gold and silver futures on the Multi Commodity Exchange (MCX) opened higher, extending gains from the previous session.
Market Movement and Key Price Levels
The most active February gold futures contract on MCX commenced trading with strength. The contract opened at Rs 62,180 per 10 grams, marking a significant gain of Rs 320 or 0.52% compared to the previous close. The bullish sentiment was not confined to gold alone. Silver futures mirrored the trend, with the March contract opening higher at Rs 73,890 per kilogram, reflecting an increase of Rs 290 or 0.39%.
This upward movement in domestic markets was primarily driven by a combination of international cues and a slightly weaker Indian Rupee against the US dollar. In global markets, spot gold prices traded firmly above the $2,100 per ounce mark. The primary catalyst for this flight to safety is the renewed geopolitical uncertainty stemming from Venezuela's actions, which have heightened risk aversion among investors worldwide.
City-Wise Gold and Silver Rates for January 6
Following the trend on the futures exchange, physical gold and silver prices across major Indian cities also traded higher. The rates for 24-carat and 22-carat gold saw an upward revision in most markets. Here is a snapshot of the prices in key cities:
Mumbai: 24-carat gold was priced at approximately Rs 62,500 per 10 grams, while 22-carat gold hovered around Rs 57,300 per 10 grams. Silver stood near Rs 74,500 per kg.
Delhi: The capital city reported 24-carat gold rates near Rs 62,600 per 10 grams. 22-carat gold was available for about Rs 57,400 per 10 grams.
Chennai: Prices in Chennai were slightly higher, with 24-carat gold at Rs 62,800 per 10 grams and 22-carat at Rs 57,600 per 10 grams.
Kolkata: In Kolkata, 24-carat gold was quoted around Rs 62,400 per 10 grams, and 22-carat gold was near Rs 57,200 per 10 grams.
Bangalore: The tech hub saw 24-carat gold priced at Rs 62,550 per 10 grams and 22-carat at Rs 57,350 per 10 grams.
Geopolitical Tensions and Market Outlook
The immediate trigger for the precious metals rally is the fresh wave of geopolitical tensions centered on Venezuela. Analysts point out that such situations typically lead to increased volatility in equity and currency markets, pushing investors towards traditional safe havens like gold and silver. The uncertainty prompts a shift in asset allocation, with bullion acting as a hedge against potential market downturns.
Market participants are closely monitoring the situation, as any further escalation could sustain or even amplify the buying in precious metals. Additionally, traders are awaiting cues from upcoming economic data and central bank commentaries for further direction. The current price action suggests that unless the geopolitical risks subside, the underlying support for gold and silver prices is likely to remain firm in the near term.
For retail buyers and investors in India, the advice from experts remains to consider systematic investment in gold for portfolio diversification, especially during periods of heightened uncertainty. The day's price gain underscores how global events can swiftly impact local commodity markets and personal finance.
