BENGALURU, January 23, 2026, 14:39 IST
- On Friday, gold, silver, and platinum each reached new record highs in global trading.
- Profit-taking sent Indian bullion and futures tumbling on Thursday.
- Traders are parsing changing U.S. tariff news alongside moves in the dollar and shifting bets on rate cuts.
Gold climbed to a new record on Friday, dragging silver and platinum to their highest levels as safe-haven demand held strong. Spot gold rose 0.4% to $4,957.10 an ounce by 0536 GMT, having peaked at $4,966.59. Kyle Rodda, analyst at Capital.com, attributed the move to a shaken “faith in the U.S. and its assets.” (Reuters)
The snapback is crucial as sentiment shifts rapidly. Investors scrambled to recalibrate risk following U.S. President Donald Trump’s tariff threats on Greenland, which jolted markets briefly before easing off — a dynamic now spilling over into metals, stocks, and currencies. (Reuters)
In India, the recent volatility hit bullion hard on Thursday, with prices retreating sharply after hitting record highs just the day before. Delhi 24K gold (99.9% purity) dropped 1.5% to ₹1,57,200 per 10 grams, while silver tumbled 4.3% to ₹3,20,000 per kg, according to the All India Sarafa Association. An analyst attributed the moves to “partial profit booking” as geopolitical tensions eased. (Upstox – Online Stock and Share Trading)
Futures stumbled as well. On India’s Multi Commodity Exchange (MCX), gold February contracts dropped ₹1,088, settling at ₹1,51,774 per 10 grams. U.S. Comex gold futures for February slipped to $4,828.74 an ounce. Retail prices followed suit—Delhi’s 22K gold slid to ₹14,160 per gram, and 24K gold to ₹15,446, according to the Times of India. (The Times of India)
A Reuters report on Thursday attributed the drop to stronger risk appetite and profit-taking following recent rallies. Spot gold fell to $4,819.39 an ounce by 1357 GMT. Bart Melek, strategist at TD Securities, said a “resurgence in risk appetite” cut into gold’s appeal. (Kitco)
Wednesday echoed the pattern on a smaller scale: gold surged to a record $4,887.82 before pulling back after Trump eased some tariff threats related to Greenland. RJO Futures strategist Bob Haberkorn described the dip as a “liquidation event” that didn’t alter the bigger picture. ANZ’s Soni Kumari cautioned that silver’s push toward triple digits “will not be a one-way move.” (Reuters)
But the rally isn’t without risk: if concerns over long-term policy ease, the surge into hedges could quickly reverse. Goldman Sachs lifted its end-2026 gold price forecast to $5,400 an ounce from $4,900, banking on steady private-sector and emerging-market central bank demand — yet it also warned of downside if investors begin to shed their “macro policy hedges.” (Reuters)
Domestic pricing risk looms quietly. On Friday, the Indian rupee slipped to a new record low of 91.77 against the U.S. dollar, a drop that could raise the local price of imported gold even if global prices hold steady. (Reuters)
By Friday morning, India’s futures market had surged back to record highs: MCX gold February contracts climbed nearly ₹2,900, reaching ₹1,59,226 per 10 grams, while MCX silver March contracts touched ₹3,39,927 per kg, Mint reported. Traders doubled down on safe-haven bets, spurred by geopolitical tensions and hopes for rate cuts later this year. (Livemint)
