KUWAIT CITY, Jan 22, 2026, 10:02 GMT+3
Gold fell on Thursday after hitting a record in the previous session, as eased geopolitical tensions cut demand for bullion as a safe-haven. Spot gold was down 0.8% at $4,796.75 an ounce by 0524 GMT after touching $4,887.82 on Wednesday, while U.S. gold futures for February slipped 0.8% to $4,799.90. “Reversal of comments by the U.S. President was one factor that eased geopolitical tensions,” said ANZ commodity strategist Soni Kumari, with traders awaiting U.S. Personal Consumption Expenditures (PCE) data — the Federal Reserve’s preferred inflation gauge — and weekly jobless claims; silver slipped to $93.19 and platinum fell nearly 2% after a record a day earlier. Reuters
The retreat, even if small, matters in the Gulf where retailers reset per-gram prices quickly and buyers track daily moves. Investors treat gold as a shelter when politics and policy turn uncertain, but the metal can swing when the dollar firms or rate expectations shift.
Kuwait’s retail rates on Thursday held at 47.92 Kuwaiti dinars (KWD) a gram for 24-carat gold (close to pure), while 22-carat was at 43.94 and 18-carat at 35.84, Gulf News data showed. The 24-carat rate was unchanged from Wednesday but up from 47.12 on Jan. 20.
Trump stepped back from threats to impose tariffs as leverage to seize Greenland and said a framework deal was in sight after talks with NATO Secretary General Mark Rutte in Davos, Reuters reported. Trump called it “a long-term deal” and said it would help “especially as it pertains to security and to minerals.” Reuters
In Washington, Supreme Court justices wrestled with Trump’s bid to fire Fed Governor Lisa Cook, with conservative Justice Brett Kavanaugh warning the administration’s position would “weaken, if not shatter, the independence of the Federal Reserve.” Justice Amy Coney Barrett noted economists had told the court the move could trigger a recession, and she said she did not want to be “in the business of predicting exactly what the market’s going to do.” Reuters
Goldman Sachs raised its end-2026 gold forecast to $5,400 an ounce from $4,900, saying private investors hedging “global policy risks” have pushed prices above its earlier assumptions. Spot gold climbed to a peak of $4,887.82 on Wednesday and is up more than 11% so far in 2026 after a 64% jump last year, Reuters said. Reuters
Physical demand signals have turned messy in India, where dealers charged a premium — the extra over official domestic prices that can reflect tight supply — of up to $112 an ounce on Wednesday. “People are speculating that the government may raise import duties on gold and silver to curb imports in the budget,” said Chanda Venkatesh, managing director of bullion merchant CapsGold, while importer Amrapali Group Gujarat’s Chirag Thakkar said: “Supply hasn’t kept up. This shortage is causing sellers to charge higher premiums.” Reuters
A Jan. 19 Times of India report, citing Kuwait-based Dar Al-Sabaik, said gold in Kuwait had steadied around $4,595 an ounce after a volatile week, with technical support near $4,550 and resistance between $4,600 and $4,640. It put 24-carat gold at about KD 45.42 a gram at the time, underlining how fast the local price has moved in recent sessions.
Market commentary has also kept an eye on political risk around the Fed: Kitco analysts Gary and Joseph Wagner wrote on Jan. 17 that “Fed chair uncertainty” weighed on gold, while silver fell on China trading curbs. Kitco
But the next move could come from the data rather than the headlines. If inflation stays sticky and keeps interest rates higher for longer, gold’s lack of interest income becomes a drawback and the dollar can do more damage; if geopolitics flares again or policy fights deepen, buyers often rush back.
For Kuwait buyers, the day-to-day slide in the screen price is less important than the per-gram rate at jewellers, and that remains near peaks. Traders will be watching whether any pullback draws fresh physical buying or simply gives investors another chance to take profits.
