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Gold prices in the domestic futures market fell on Thursday, January 22, as traders took profit after the recent rally and also the global risk sentiment improved. The fading geopolitical tensions and the stronger US dollar affected precious metals, whereas silver saw support amid continuous demand in the spot market.
On the Multi Commodity Exchange (MCX), gold February futures were trading 1.77% lower at Rs. 1,50,162 per 10 grams by 10:00 AM. While Silver March futures edged 3.09% higher to Rs. 3,08,658 per kg.
The price of 24K gold decreased by Rs. 229 by 10:00 AM. 10 grams of the precious metal traded at Rs. 1,54,310.
The price of 22K gold also decreased by Rs. 210, with ten grams of the yellow metal selling at Rs. 1,41,450.
The price of ten grams of 24K gold stood at Rs. 1,54,310 in Mumbai and Kolkata, and Rs. 1,54,910 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,54,460.
Internationally, gold prices cooled after a sharp rally. Spot gold slipped toward the $4,800 per ounce region, retreating from record levels, while US gold futures also traded lower.
The pullback came after comments from Donald Trump helped calm geopolitical nerves. The US president softened his stance on tariffs and de-escalated rhetoric around Greenland after discussions with NATO leadership, including Mark Rutte.
The improved sentiment led to a decline in the demand for safe-haven assets and coincided with a softer dollar. The dollar index advanced to 98.8, increasing the cost of gold for non-US buyers.
Market participants are tracking soon-to-be published US macro data that consists of Personal Consumption Expenditures (PCE) inflation and weekly claims for unemployment benefits.
The Fed's interest rate path is mainly determined by these indicators and the late-January policy meeting is widely expected to have the interest rate unchanged.
The recent price action is interpreted as profit-taking and not a change in market structure.
According to analysts, the precious metals market would continue to receive support in the medium term through global uncertainties and trade-related risks, even though the short-term sentiment has weakened.
Also Read: Budget 2026: Can India’s 34,600 Tonnes of Household Gold Drive Growth?
Internationally, gold has support at $4,785 and $4,740, while resistance is at $4,855 and $4,890 per troy ounce, and silver has support at $89.80 and $87.40.
On MCX, gold has support near Rs. 1,50,500, followed by Rs. 1,47,700, while resistance is seen around Rs. 1,55,000-Rs. 1,58,000.
Silver support is placed near Rs.3,14,000, with resistance closer to Rs. 3,24,000-Rs. 3,28,000.
