New Delhi, Jan 15, 2026, 17:07 IST
Gold prices slipped on Thursday after hitting a record high the previous day, as traders took profits and demand for safe havens waned following U.S. President Donald Trump’s calmer stance on Iran and Washington’s decision to hold off on tariffs for critical minerals. Spot gold dropped 0.4% to $4,602.99 an ounce. Silver tumbled 3% to $89.97, retreating from its all-time peak of $93.57, while platinum and palladium also declined. Ole Hansen, Saxo Bank’s head of commodity strategy, noted the metals “slid after Trump signalled” a pause on Iran-related actions. 1
The pullback follows a sharp surge that drove bullion to new highs Wednesday, fueled by geopolitical tensions and bets on U.S. rate cuts later this year. “All roads are leading to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold, highlighting broad demand as the rally extended. 2
In India, global price swings are squeezing local buyers at a tricky time. January brings a surge in wedding-season and festival shopping, and rising prices have narrowed the margin between “buying on a dip” and “buying at the top.”
On the Multi Commodity Exchange (MCX), India’s top commodity derivatives platform, analysts remain bullish despite rising volatility. Abhilash Koikkara, head of forex and commodities at Nuvama Professional Clients Group, noted MCX gold is hovering near an all-time high of 143,500 and could climb to 151,000. He flagged 139,000 as a crucial “support” zone where buyers typically enter. For MCX silver, he sees a near-term target of 320,000, with support and a “stop loss” level both sitting at 266,000. 3
Retail prices kept up the pace. In Delhi, 24-karat gold climbed to 14,377 rupees per gram on Jan. 14, translating to 143,770 rupees per 10 grams. Meanwhile, 22-karat gold stood at 13,180 rupees per gram. Silver fetched 290,000 rupees per kg, according to Goodreturns. This price jump coincided with Makar Sankranti, a festival that usually boosts jewellery demand in parts of India. 4
Local rates often diverge from global spot prices due to factors like the rupee’s value, taxes, dealer premiums, and jewellery making charges. That gap becomes especially unpredictable during rapid market swings—and lately, the market has been anything but stable.
Some strategists caution the next move in gold might not be upward—or at least not in a straight line. Satendra Singh at Investing.com pointed out that gold futures could plunge sharply if they fall below the 9-day exponential moving average, currently near $4,542. Resistance sits around $4,643. Singh highlighted the possibility of a steep decline of about 5.5% if momentum shifts downward. 5
The downside scenario is straightforward. If geopolitical tensions ease and markets doubt the Federal Reserve will deliver the expected rate cuts, gold could shed its appeal fast. Silver, swinging between a precious and industrial metal, might amplify that drop.
Markets have already turned. Oil prices fell steeply once Trump downplayed the tensions with Iran, easing the “risk shock” trade that had driven investors toward safe havens like gold. 6
Indian traders will be watching closely over the next few sessions to see if MCX contracts can maintain their support levels and if retail demand remains firm at current prices. The record high is already on the tape—now the market needs to figure out its next move.
