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Gold, silver continue to touch new highs as US dollar weakens

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Mumbai, Jan 27: Gold and silver prices surged to record highs on Tuesday, amid persistent weakness in the US dollar and expectations of rate cuts by the US Federal Reserve.

MCX gold February futures rose 1.48 per cent to Rs 1,58,343 per 10 grams. Meanwhile, MCX silver March futures rose 6.56 per cent to Rs 3,56,670 per kg.

Earlier in the day, gold had peaked to Rs 1,59,820 per 10 grams, up 2.4 per cent, before profit-booking eased the price level.

International markets also saw gold and silver touching record highs, as geopolitical risks drove investors to safe-haven assets. Renewed fears of a government shutdown in the US and President Donald Trump’s new threats of 25 per cent tariffs on South Korean automobiles, lumber, and pharmaceutical imports added fuel to trade tensions. Trump also warned Canada of a 100 per cent tariff if it makes a deal with China.

US gold futures April contracts rose around 1 per cent to $5,113.70 per troy ounce as the dollar index eased by 0.1 per cent, making bullion cheaper in overseas currencies.

Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices.

COMEX Silver has surged beyond the $99 mark, registering fresh lifetime highs.

Meanwhile, the two-day Federal Open Market Committee (FOMC) in the US this week is expected to hold interest rates steady but traders expect at least two rate cuts later in the year.

“Market focus has now shifted to the upcoming Federal Reserve decision, although speculation around political pressure on the central bank continues to dominate. These developments have strengthened the debasement trade, triggering strong inflows into silver and other precious metals,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“Gold has support at Rs 1,57,050 to Rs 1,55,310 zone while resistance at Rs 1,59,850 and Rs 1,62,950. Silver has support at Rs 3,38,810 and Rs 3,22,170 while resistance at Rs 3,55,810 and Rs 3,62,470,” the analyst said.

Another analyst forecasts that gold is expected to hit Rs 1,65,000 per 10 gram and silver to reach Rs 3,65,000 per kg in the upcoming sessions.

Silver’s sharp surge from Rs 60,000 to Rs 3,20,000 could lead to a phase of consolidation at elevated levels or rebalancing by market participants becomes more likely, according to a recent report.

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Tesla shareholders to vote on Musk board seat and $158 billion pay award on Dec 3

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Tesla has scheduled its annual shareholder meeting for December 3, where investors will vote on the re-election of Chief Executive Elon Musk and other directors, along with an advisory resolution on executive compensation and the appointment of the company’s auditor.

According to a proxy filing with the US Securities and Exchange Commission, Tesla has nominated Musk, Chair Robyn Denholm and director JB Straubel for new three-year terms on the board.

Shareholders will also be asked to approve, on a non-binding basis, executive compensation for 2025 and ratify PricewaterhouseCoopers as Tesla’s independent auditor for the fiscal year ending December 31.

Moreover, the proxy statement disclosed executive compensation attributed to Musk for 2025 of about $158.36 billion, consisting entirely of stock-based awards.

The figure reflects the accounting value assigned to performance-linked equity grants and does not represent cash compensation received by the billionaire entrepreneur.

Tesla said the awards remain contingent on the achievement of specified market capitalisation and operational targets.

The company previously reported in May that Musk’s realised compensation for 2025 was zero with none of the 12 tranches tied to the incentive program having been earned.

The equity package comprises roughly 423.7 million restricted shares that vest only after predetermined milestones are met.

In addition, any earned shares are generally subject to a five-year holding requirement, with limited exceptions.

The annual meeting will be held at Tesla’s Gigafactory Texas facility in Austin at 3 pm. However, Central Time and will also be accessible online.

Additionally, the filing highlighted several board-level links between Tesla and SpaceX.

However, the proxy statement did not reference any potential merger involving Tesla and SpaceX.

Apart from that, Elon Musk-backed SpaceX is scheduled to announce its third-quarter results on Tuesday after its shares fell nearly 35 per cent from their post-listing high.

This will be the company’s second quarterly earnings report since going public in June, following a volatile stretch for the stock.

The stock has dropped around 35 per cent from the record high it hit soon after its debut.

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Oversight Board criticises Meta over election-related moderation errors

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The independent Oversight Board on Tuesday criticised Meta, saying the social media firm must improve the transparency and consistency of its election-related enforcement after a series of moderation failures involving political accounts in the United States and Brazil.

In a statement, the Board said it remained concerned by what it described as recurring shortcomings in Meta’s election integrity efforts and warned that mistakes in content moderation risk either suppressing legitimate political speech or undermining public confidence in electoral processes.

It pointed to the removal of political activist accounts linked to the ‘No Kings’ movement in the United States and restrictions placed on accounts associated with Brazilian President Luiz Inacio Lula da Silva during election periods as examples of enforcement actions that fuelled concerns about electoral interference.

According to the Board, the erroneous action against the No Kings Instagram account should have been detected by Meta’s safeguards designed to prevent moderation mistakes.

Meanwhile, it also questioned why the accounts were not included in Meta’s Cross-Check program which provides additional human review for high-profile civic and political entities before actions are taken that could affect participation in major public events.

The Board said Meta’s enforcement of fraud-related policies against ad accounts linked to Lula during Brazil’s presidential election campaign similarly represented a failure that should have been escalated to specialist reviewers.

The comments revisit concerns raised by the board following Brazil’s 2022 presidential election, when it called on Meta to establish measurable benchmarks for assessing the effectiveness of its election integrity programs and to publish relevant performance data.

While Meta regularly discloses broad statistics such as the number of advertisements archived or accounts removed, the Board said the company has yet to provide public metrics that adequately measure the effectiveness of its enforcement systems or identify significant shortcomings.

Moreover, the Board also warned that the wrongful removal of political content ahead of elections could have a chilling effect on political participation and potentially undermine electoral integrity.

“Automated enforcement tools must take language, nuance, and political context into account to better protect political speech that does not incite violence,” according to Oversight Board.

Meta had pledged in 2025 to reduce moderation errors while allowing greater freedom of expression around elections and political debate.

The Board said recent incidents suggest further improvements are needed for the company to meet that commitment.

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Indian stock markets closed on account of Dussehra

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Indian stock markets will remain closed on Tuesday on account of Dussehra with trading suspended across major segments on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Trading in equities, equity derivatives, securities lending and borrowing (SLB), currency derivatives and interest rate derivatives will remain closed for the day on both exchanges, according to them.

Notably, normal trading on NSE and BSE will resume on Wednesday.

However, the commodity derivatives segment will follow a different schedule. Trading will remain suspended during morning session from 9 am to 5 pm before resuming in evening. The session will continue till 11:30 pm or 11:55 pm depending on contract.

Multi Commodity Exchange of India (MCX) will not remain closed for entire day. Exchange will suspend trading during morning session from 9 am to 5 pm and reopen for evening session from 5 pm.

Investors will be able to trade commodities such as gold, silver, crude oil and base metals during evening session.

Meanwhile, National Commodity and Derivatives Exchange (NCDEX) will remain closed for both sessions on account of Dussehra.

Following Dussehra holiday, three regular trading holidays remain on NSE and BSE calendars for rest of 2026 — November 10, Tuesday, Diwali-Balipratipada; November 24, Tuesday, Prakash Gurpurb Sri Guru Nanak Dev; and December 25, Friday, Christmas.

In addition, exchanges have also scheduled a special Muhurat Trading session for November 8, 2026 on occasion of Diwali Laxmi Pujan. Timings for special session will be announced separately.

Notably, in the last session equity benchmarks closed in negative territory amid selling pressure in the banking and information technology (IT) sector stocks.

Sensex decreased over 850 points or 1 per cent to settle at 73,852.90 on Monday. Similarly, Nifty closed 257.20 points or 1.11 per cent lower at 22,888.95.

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