BENGALURU, January 23, 2026, 14:39 IST
- Gold, silver, and platinum all hit fresh record highs in global trading on Friday.
- Profit-taking hammered Indian bullion and futures, pushing them sharply lower on Thursday.
- Traders are sorting through shifting U.S. tariff updates while reacting to dollar fluctuations and evolving expectations on rate cuts.
Gold surged to a fresh record Friday, pulling silver and platinum up to their highest marks as safe-haven buying stayed firm. Spot gold ticked up 0.4% to $4,957.10 an ounce by 0536 GMT, after hitting a peak of $4,966.59. Kyle Rodda, analyst at Capital.com, linked the rally to a shaken “faith in the U.S. and its assets.” 1
The snapback matters as sentiment flips fast. Investors rushed to adjust risk after U.S. President Donald Trump’s tariff threats on Greenland shook markets briefly before calming — a move now rippling through metals, stocks, and currencies. 2
In India, bullion faced a sharp sell-off on Thursday after hitting record highs just a day earlier. Delhi 24K gold (99.9% purity) slipped 1.5% to ₹1,57,200 per 10 grams, while silver plunged 4.3% to ₹3,20,000 per kg, the All India Sarafa Association reported. An analyst pointed to “partial profit booking” as geopolitical tensions cooled. 3
Futures took a hit too. On India’s Multi Commodity Exchange (MCX), gold February contracts fell ₹1,088, closing at ₹1,51,774 per 10 grams. U.S. Comex gold futures for February eased to $4,828.74 an ounce. Retail prices dropped as well—Delhi’s 22K gold dipped to ₹14,160 per gram, with 24K gold down to ₹15,446, according to the Times of India. 4
A Reuters report on Thursday linked the decline to a surge in risk appetite and profit-taking after recent gains. Spot gold slipped to $4,819.39 an ounce by 1357 GMT. Bart Melek, strategist at TD Securities, pointed to a “resurgence in risk appetite” as a factor weighing on gold’s allure. 5
Wednesday followed a similar trend, though less dramatically: gold jumped to a new high of $4,887.82 before retreating once Trump eased tariff threats linked to Greenland. Bob Haberkorn, a strategist at RJO Futures, called the pullback a “liquidation event” that didn’t shift the overall outlook. Meanwhile, ANZ’s Soni Kumari warned that silver’s move toward triple digits “will not be a one-way move.” 6
The rally carries risks: if long-term policy worries fade, the rush into hedges could reverse sharply. Goldman Sachs raised its end-2026 gold price forecast to $5,400 an ounce, up from $4,900, citing steady demand from private sectors and emerging-market central banks. But it also flagged potential downside if investors start unloading their “macro policy hedges.” 7
Domestic pricing risk is creeping up. The Indian rupee fell to a fresh record low of 91.77 against the U.S. dollar on Friday, pushing the cost of imported gold higher, even as global prices remain unchanged. 8
By Friday morning, India’s futures market had bounced back to fresh records: MCX gold February contracts jumped nearly ₹2,900, hitting ₹1,59,226 per 10 grams, while MCX silver March contracts rose to ₹3,39,927 per kg, according to Mint. Geopolitical tensions combined with bets on potential rate cuts later this year pushed traders further into safe havens. 9
