Editor’s Note
Gold prices have retreated significantly from recent record highs, with MCX gold down 13.5% and COMEX gold down 10.5% from their peaks. This marks a notable correction in the precious metals market.
Gold on the Multi Commodity Exchange (MCX) has retreated from its peak after reaching a record level of ₹180,779 per 10 grams. On Friday, MCX gold closed at ₹156,200 per 10 grams, which is ₹24,500 or 13.50 percent lower than its highest level. In the international market, COMEX gold closed at $5,046.30 per ounce, down 10.50 percent from its peak of $5,626.80.
Experts say that the potential restoration of dollar-denominated trade between Russia and the US could increase pressure on the global gold market. Both countries have indicated cooperation in the exploration, extraction, and sale of critical minerals despite Washington’s sanctions. Although President Vladimir Putin has not formally confirmed it, his official circles have repeatedly expressed interest in cooperation with the US in technology, trade, and scientific research.
While China is trying to establish dominance by increasing gold purchases as an alternative to the dollar in global trade, Russia’s potential return to a dollar-based trade system could weaken these efforts and exert downward pressure on gold prices. Russia has not confirmed the reports but has also not denied the news circulating in international media. Market experts say that if the US-Russia trade and tariff dispute initiated by Donald Trump last year ends this year and Russia returns to the dollar payment system, gold prices could see a sharp decline.
According to SEBI-registered market expert Anuj Gupta,
Citing a 2026 internal Kremlin memorandum, international media reports state that Russia is willing to return to a dollar-based trade system and is reviewing plans for a potential partnership with President Donald Trump.
Russia wants to increase economic coordination with the US in the following areas:
– Fossil fuels
– Natural gas
– Offshore oil
– Critical raw materials
Experts believe that if a US-Russia agreement is reached, the dollar’s role in providing stability to the global market will strengthen, and this could result in a sharp decline in gold prices.