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.” Reuters
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.
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. Upstox – Online Stock and Share Trading
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.
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. Kitco
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.” Reuters
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.” Reuters
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.
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.
