Gold hits record high on Comex, retreats after sharp early surge

Spot silver was up 4.1% at $83.20 per ounce, after hitting an all-time high of $83.96 earlier in the day.

• Gold hit an all-time high of $4,610.5 an ounce on Comex before a quick decline
• MCX gold futures closed at Rs 1,378,875 per 10g of 24K purity, up 0.04 percent
• Gold prices in Indian cities showed minor differences due to local factors

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Gold saw a massive surge in the global market early on January 12. At 1.05 am GMT, spot gold briefly hit an all-time high at $4,610.5 an ounce on Comex, and declined speedily to $4,580.60 (2.28 am GMT), representing a gain of 1.77 percent from its previous close.

On MCX, the futures price opened the Monday session at Rs 1,40,870 for 10 grams of 24-carat purity, a 1.48 percent gain from its previous close at Rs 1,38,875.

"Gold reaching all-time highs reflects a decisive shift in global risk positioning rather than a short-term anomaly.  This strength is notable given the USD Index holding close to 99, indicating that safe-haven demand remains firmly intact.

"Elevated geopolitical uncertainty, expanding global defense expenditure, and persistent inflation pressures— with US CPI projected at 2.7% year-on-year—continue to underpin flows into precious metals. In addition, tariff-led fiscal expansion estimated at $250–270 billion is reinforcing hedging demand. Structurally, the backdrop remains supportive, even if near-term consolidation unfolds," said Justin Khoo, Senior Market Analyst - APAC, VT Market.

Gold prices vary by purity. Check out below to see the prices of gold based on its purity

Gold Price Today (Rs)

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.

Gold Price In Indian Cities (Rs)

Why is gold volatile?

The Augmont Bullion report, published on January 9, noted that traders expected the release of the latest US jobs report, as well as a Supreme Court ruling on President Donald Trump's use of emergency tariff powers.

The United States Senate voted on Thursday to approve a measure that would prohibit Trump from launching further military action against Venezuela without congressional authorisation, despite the president's statement that US "oversight" of Venezuela might last for years.

The annual Bloomberg Commodity Index rebalancing, which adjusts commodity weightings to maintain the index's consistency with market conditions, begins this week and is likely to continue putting pressure on the precious metals market.

Read more: Why gold may remain a reliable wealth builder in 2026: 5 trends to watch