Gold slips from all-time high: What led to today’s pullback

Gold eased after a rally as US dollar strengthened and risk aversion faded. In Delhi, gold hit ₹1.59 lakh per 10 grams. ETF demand rose amid geopolitical tensions and currency weakness.

Gold prices eased on Thursday (January 22) after a sharp safe-haven rally earlier this week, as global markets turned less risk-averse and the US dollar strengthened, prompting some profits-taking.

In international markets, spot gold dropped by about $100 an ounce to around $4,790 an ounce, after rising to a record peak near $4,887 an ounce. The pullback came alongside a rebound in equities and a decline in market volatility.

What is pressing gold today?

Investors trimmed defensive bets after US President Donald Trump softened his stance on tariffs and ruled out using force over Greenland, easing fears of a direct conflict with NATO allies.

Pepperstone analyst Chris Weston said the market has “largely removed the tail risk of a US conflict with its NATO partners,” which reduced demand for traditional safe-haven assets such as gold.

India: Gold surged to near ₹1.60 lakh per 10 grams on Wednesday.

In the domestic market, gold had posted a sharp jump a day earlier. In Delhi, 99.9% purity gold surged ₹6,500 to ₹1.59lakh per 10 grams (including taxes), according to the All India Sarafa Association. Silver also hit all-time high at ₹3.34 lakh per kg.

Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said gold and silver rallied due to “persistent safe-haven demand and strong inflow into gold- and silver-backed exchange-traded funds.”

Gandhi added that domestic prices traded at a noticeable premium to global markets due to tight supply conditions, robust investment demand, and a weaker currency, keeping local bullion elevated versus international benchmarks.

Geopolitics and macro uncertainty still underpin the trend

Market experts said geopolitical tensions had remaining a major driver for gold’s strong momentum this week.

Renisha Chainani, Head – Research at Augmont, said investors were tracking Europe’s response to US tariff signals and developments from Davos, adding that the situation has reinforced safe-haven buying.

Investor participation rises through ETFs as prices hit new peaks

Saurabh Jain, Co-founder and CEO at Stable Money, said record gold levels have led to a rise in participation via regulated products, with investors increasing allocations through lump-sum purchases and SIPs in gold ETFs.

He also noted that some investors are adding silver ETFs for wider precious-metals exposure.

Jain said gold ETFs offer “a reliable and transparent way to participate in gold,” especially as investors shift toward regulated options.

Currency weakness adds to domestic price momentum.

Sameer Karyant, Executive Director and Head of Trading at DBS Bank India, said global uncertainties had led to a risk-off mood, lifting precious metals and supporting strong offshore hedging in USD/INR. He added that the current macro environment could keep depreciation pressure on the rupee, which tended to push domestic gold prices higher.

Global gold prices tumbled by 1.1% after Trump’s announcement of abandoning tariffs against the EU and reaching a “framework agreement” on Greenland. The decrease in geopolitical tension weakened investors’ interest in safe-haven assets, leading to a drop in gold prices to $4783.27 per ounce.

Global gold prices plunged after US President Donald Trump announced his refusal to impose tariffs against European allies. The decision was made against the background of reaching a “framework agreement” on the future of Greenland during a meeting with NATO Secretary General Mark Rutte. Immediately after the geopolitical tension eased, investors’ interest in safe-haven assets weakened, leading to a 1.1% fall in the value of bullion. This is reported by Bloomberg, writes UNN.

As early as Wednesday, gold set another absolute record, surpassing the mark of $4888 per ounce. However, on the morning of January 22, during trading in Singapore, the price fell to $4783.27. A similar dynamic is observed in other segments of the valuable metals market: silver lost more than 2% of its value, falling to $91.13, and platinum and palladium also became cheaper.

The Impact of Politics on Financial Stability

Analysts attribute the sharp 70% increase in gold prices over the last year to the Trump administration’s constant attacks on the independence of the US Federal Reserve System.

However, the current lull in the “Greenland crisis” allowed the US currency and stocks on Wall Street to regain some of their lost positions.

An additional factor in market stabilization was the concern of the US Supreme Court regarding attempts to dismiss Fed Chair Lisa Cook. The judges questioned the legality of such a step, which somewhat relieved investors who feared the complete destruction of the independence of the country’s main financial regulator. Currently, markets are awaiting the disclosure of details of the agreement on Greenland, which should determine the long-term dynamics of metal prices.

New Delhi:

Gold, Silver Prices in India Today: If you are planning to buy gold or silver, then this morning has brought a big good news for you. Amidst sky-rocketing prices, a sudden major reversal was seen in the prices of gold and silver (Gold-Silver Price Crash) on Thursday, January 22. Gold and silver collapsed like a house of cards on the Multi Commodity Exchange (MCX). In just a few hours of trading, gold fell by more than ₹3,000, while silver also recorded a sharp decline of more than ₹7,000. This decline has not only surprised investors but also brought relief to ordinary buyers who were postponing purchases for fear of disrupting their budgets.

Let’s find out what caused the sudden loss of gold and silver. That is, what is the reason for the fall in prices. Along with this, we will tell you what is the current rate in the big cities of the country and what is the latest price in your city.

Gold on MCX fell by more than ₹3,000.

On January 22, 2026, at around 10:36 am, gold futures on MCX recorded a significant decline. Gold with February expiry prices fell by approximately Rs 3,072 to Rs 149,790 per 10 grams. Trading started at around Rs 151557 per 10 grams, while the previous closing price was Rs 152862 per 10 grams. This represents a decline of over 2% in gold prices in a single day.

Silver prices also fell sharply on MCX. Along with gold, silver prices also fell sharply. Silver with March expiry fell by approximately ₹7,492 to trade at ₹311,000 per kg. Silver opened at around Rs 319843 per kg in the morning, while the previous closing price was around Rs 318492 per kg. That means a decline of about 2.35 percent was recorded in silver.

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