New Delhi, January 23, 2026:
Gold & Silver Rates Today: Gold and silver prices witnessed sharp volatility on Friday as domestic prices touched fresh all-time highs before easing slightly in the second half of the session due to profit-booking. On the global front, spot gold continued its strong rally and is trading close to the key psychological level of $5,000 per ounce, supported by geopolitical uncertainty and expectations of an interest rate cut by the US Federal Reserve.
Geopolitical Risks Continue to Support Gold Prices
Gold prices in India rebounded to new record levels amid lingering geopolitical tensions. Although US President Donald Trump announced that the United States would gain access to Greenland, clarity on the agreement between the US and the European Union remains absent. Meanwhile, Denmark reaffirmed its sovereignty over the Arctic island, adding to global uncertainty and boosting demand for safe-haven assets like gold.
MCX Gold and Silver Hit Fresh All-Time Highs
In early trade, precious metals surged sharply on the Multi Commodity Exchange (MCX):
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MCX Gold touched a fresh all-time high of ₹1,59,226 per 10 grams, nearing the ₹1.60 lakh mark
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MCX Silver hit a new record high of ₹3,42,297 per kg
Both gold and silver were trading higher by 2% to 3% during the early part of the session, reflecting strong investor demand.
Prices Ease in Second Half on Profit-Booking
After hitting record highs, prices retreated slightly in the latter half of the trading session:
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MCX Gold was up around 0.5%, trading near ₹1.57 lakh per 10 grams
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MCX Silver remained strong, gaining about 1.5%, trading around ₹3.37 lakh per kg
Despite the pullback, the overall trend in precious metals remains bullish.
Weak Dollar and Fed Rate Cut Expectations Boost Demand
A softer US dollar has made gold and silver more attractive for global investors. Additionally, markets are widely expecting the US Federal Reserve to cut interest rates by 25 basis points in its upcoming monetary policy meeting next week, which has further supported precious metal prices.
Expert View: MCX Gold Outlook
According to Ponmudi R, CEO of Enrich Money, MCX gold continues to follow global strength:
“MCX Gold is tracking global momentum, supported by a stable USD/INR range of 91.30–91.60. The rising channel remains intact, with ₹1,57,000–₹1,58,000 acting as a strong support zone. Every dip is being bought into quickly, highlighting the dominance of buyers.”
He added that a sustained breakout above ₹1,59,000–₹1,60,500 could accelerate the rally towards ₹1,63,000–₹1,65,000, keeping the overall structure strongly bullish.
Comex Gold Outlook: $5,000 in Focus
On the international market, Comex gold continues to trade near record levels. Ponmudi R noted:
“Gold is holding firm around the ,951 level after hitting a fresh high of ,967. The earlier resistance zone of ,900–,940 has now turned into a strong support area. The trend remains decisively bullish.”
A sustained move above the $5,000 psychological mark could trigger the next leg of the rally toward $5,100–$5,150 in the near term. Any minor pullbacks are likely to attract aggressive buying interest.
With geopolitical uncertainty, steady central-bank buying, expectations of easier global monetary policy, and continued safe-haven demand, gold and silver prices are expected to remain well supported in the near term, despite short-term volatility.
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