Gold price surged to new record levels amid geopolitical tensions and Fed rate cut cheer

Gold price today

• Gold prices dipped slightly but remain near record highs amid global tensions
• Comex gold traded at $4,607.80, down 0.34 percent from its previous close
• Gold expected to stay volatile in ₹1,41,000–₹1,45,000 range in near term

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Gold prices slipped 1.43 percent on Comex but remain near record highs amid geopolitical tensions and expectations of another rate cut by the US Federal Reserve. Spot gold was trading at $4,660.90 on January 19. The price of precious metal surged as high as $4,698 and as low as 4,622 during the morning trade.

On MCX, the precious metal opened the January 19 session at a new record of Rs 1,44,457 for 10 grams, representing 1.36 percent gain from its previous close. The price of gold previously peaked at Rs 1,43,483 on January 15.

The ongoing geopolitical uncertainty between the US and Iran continues to lend support, even as Washington indicated no immediate military intervention if Iran refrains from escalating actions. However, the situation remains fluid with additional global flashpoints, including renewed strategic focus on Greenland, keeping risk sentiment elevated.

Trump’s Greenland bid reignited US-Europe trade-war worries. He threatened tariffs on eight European nations, starting at 10 percent from February 1 and rising to 25 percent in June.

"In this environment, gold continues to attract premium safe-haven demand as an alternative to the dollar. With the US Federal Reserve’s January policy meeting approaching, participants are closely tracking multiple triggers that could influence price action. Gold is expected to remain volatile within a broad range of ₹1,41,000–₹1,45,000 in the near term," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold prices vary by purity.

Check out below to see the prices of gold based on its purity:

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Outlook: Will gold continue its momentum?

The Augmont Bullion report, published on January 16, noted gold is consolidating around record levels as some of the recent political risk premium has eased. Sentiment improved after President Donald Trump signalled a softer stance on Iran and reiterated that he has no immediate plans to remove Federal Reserve Chair Jerome Powell.

Trump said on Wednesday that, despite an ongoing Justice Department investigation into Powell, he does not currently intend to fire him, though he added that it was “too early” to rule out any future action.

Earlier, fears of potential U.S. import tariffs on critical minerals had sparked a broad-based rally across commodities, driving silver, copper, and other metals to all-time highs as traders rushed shipments into the U.S. ahead of possible levies.

Geopolitical tensions in Iran also eased temporarily after Trump indicated he may delay military action, following Iran’s pledge not to execute protesters. Reports that Israel and other regional allies urged the U.S. to hold off on any strike further helped stabilise market sentiment, the report stated.