Mumbai, January 22, 2026: Precious metals corrected sharply in Indian markets today after recent record highs. MCX gold and silver futures pulled back as US President Donald Trump eased tariff threats on Europe related to Greenland, reducing safe-haven demand. Global spot gold traded around $4,830-4,835 per ounce, while silver hovered near $94 per ounce.
On the Multi Commodity Exchange (MCX), gold February 2026 contract traded at around Rs 1,52,100 per 10 grams, down Rs 762 or 0.50% from previous close. It opened lower at Rs 1,51,557 and hit an intraday low near Rs 1,48,777 after touching highs of Rs 1,53,784 earlier. This follows a peak of over Rs 1,58,000 yesterday.
MCX silver March 2026 contract stood at approximately Rs 3,16,500-3,17,000 per kg, down Rs 1,500-2,000 or about 0.5-0.6%. It opened at Rs 3,19,843, ranged from a low of Rs 3,05,753 to a high of Rs 3,25,602. Silver had surged past Rs 3,35,000 recently but faced heavy profit booking today.
Key Factors Behind Today’s Movement
Easing geopolitical tensions played a big role. Trump’s decision to step back from aggressive tariff moves calmed markets, leading to reduced buying in safe-haven assets like gold and silver.
Profit booking after multi-day rallies added pressure. Both metals had seen strong gains due to global uncertainties, industrial demand for silver, and currency factors.
The rupee remained rangebound around 91.50-91.60 against the dollar, offering limited support.
Silver showed more volatility, with some reports of a sharp intraday drop, though it held better than initial lows.
Physical Market Rates in Major Cities
Physical gold and silver prices in cities like Mumbai and Delhi also adjusted lower today.
In Mumbai:
- 24K gold: Around Rs 15,276 per gram (or Rs 1,52,760 per 10 grams)
- 22K gold: Around Rs 14,003 per gram
- Silver: Around Rs 325 per gram (Rs 3,25,000 per kg)
In Delhi:
- Similar levels, with silver near Rs 325 per gram and Rs 3,25,000 per kg.
Rates can vary slightly by jeweller due to making charges and local taxes.
Gold ETF Update
Gold ETFs tracked the physical and futures correction. HDFC Gold ETF traded around Rs 139-140 levels (based on recent data), reflecting the broader dip in gold prices. These ETFs offer a convenient way for investors to gain exposure without holding physical gold.
Silver ETFs saw sharper moves in some cases, with reports of 20-24% intraday drops in select funds as premiums unwound from recent highs.
Outlook for Investors
Today’s pullback highlights how quickly sentiment shifts on global news. Gold remains supported by long-term factors like central bank buying, while silver benefits from industrial use but faces more swings.
For those in Mumbai tracking MCX gold price, MCX silver price, or silver rate today in Mumbai/Delhi, watch for US dollar moves and any fresh trade updates. Domestic physical demand around festivals could provide floor support.
A cautious approach works best right now—focus on quality holdings and avoid chasing highs. Keep an eye on live MCX rates and global cues for the rest of the session. Stay updated through reliable sources like MCX or financial portals.