Gold prices are widely expected to open higher on Monday, 12 January 2026, as escalating geopolitical tensions between the United States and Iran fuel renewed safe-haven demand. Commodity market analysts anticipate a gap-up opening across both international and domestic markets following the weekend’s developments.
Anti-government protests in Iran intensified over the weekend, entering a second consecutive day on Sunday amid reports of internet shutdowns and an increasingly forceful government response. The demonstrations, which began in late December following a sharp currency collapse and worsening economic conditions, are now set to move into a third week. Heightened concerns over potential US intervention have added a further layer of uncertainty to global markets.
On Friday, MCX gold futures for the February 2026 contract closed marginally higher at ₹138,875 per 10 grams, reflecting cautious positioning ahead of the weekend’s geopolitical developments.
Will US–Iran Developments Drive Gold Higher?
According to Anuj Gupta, a SEBI-registered commodity analyst, gold prices are likely to react positively across both domestic and international markets due to reports of increased military activity near Iran’s borders.
“The yellow metal could open higher and test $4,550 per ounce on COMEX, while MCX gold prices may move towards ₹142,000 per 10 grams if tensions escalate further,” Gupta said. He added that the current situation has the potential to accelerate gains in precious metals, including both gold and silver, in the near term.
Key Technical Levels: COMEX and MCX Gold
From a technical perspective, Ponmudi R, CEO of Enrich Money, noted that MCX gold is consolidating after posting record highs, while remaining firmly within an upward trend.
“MCX gold has strong support in the ₹135,000–₹137,000 per 10-gram zone, with immediate resistance between ₹140,000 and ₹142,000,” he said. A sustained breakout above resistance could open the door to ₹145,000 per 10 grams, supported by firm global prices, a stable rupee outlook, and steady investment flows.
On COMEX, gold continues to find support near the $4,400 per ounce level, aligned with key moving averages. A decisive move above $4,600 per ounce could trigger further upside towards the $4,800–$5,000 range.
“The broader trend remains constructive, favouring a buy-on-dips strategy, underpinned by safe-haven demand and continued central bank accumulation,” Ponmudi R added.
As of late last week, COMEX gold futures were consolidating around the $4,500–$4,517 per ounce range, forming higher lows on pullbacks—an indication of persistent underlying demand.
