Gold price on January 23: Yellow metal hit a new record on Comex at $4,970/oz just a day after profit booking

Gold Price today

• Gold price hovers near $4,850 per ounce after profit booking on eased tensions
• Geopolitical risk premium faded as US softened stance on Greenland
• Gold expected to remain volatile, focus shifts to Fed policy and Union Budget

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Gold is on a record-breaking spree, though profit booking followed massively after President Trump’s softer stance on Greenland eased immediate geopolitical fears.

The yellow metal crossed the $4,900 mark for the first time and continued to surge to a new high of $4,970 per ounce on Comex. The price stood at $4,954 per ounce (1:55 am GMT), representing 0.84% gain from its previous close.

On MCX, the domestic futures price closed the Thursday session at Rs 1,56,540 per 10 grams of 24 carat purity, which is a 0.13 percent gain from its previous close at Rs 1,56,341. The metal surged to its peak performance at Rs 1,58,475 as recorded on MCX on January 21, 2025.

Gold was slightly under pressure on Thursday as the geopolitical risk sentiment triggered partial profit booking in Indian markets after comments from President Trump indicated that "the US will have a good trade deal with India".

"Gold’s record-breaking rally has hit a diplomatic speed bump. The pivot from aggressive tariff threats to a 'NATO framework' for Greenland has effectively dissolved the immediate geopolitical risk premium. As the spectre of a trade war with Europe recedes, we are seeing classic safe-haven liquidation, with investors rotating back into risk assets as the 'Arctic tension' cools," said Aamir Makda, Commodity & Currency Analyst, Choice Broking.

Gold prices vary by purity. Check 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?

Jateen Trivedi, VP Research Analyst (Commodity and Currency) at LKP Securities, said that focus has shifted to the Fed’s policy at the end of January and the Union Budget on February 1, both of which could influence volatility and currency movement. "Gold is expected to remain highly volatile in a broad range of Rs 1,45,000–Rs 1,58,000 in the coming week."

Citing OI level, Makda said that there has been a decline in the OI level, currently at 9870 lots, with the price’s upside momentum. "This signifies a long unwinding by traders and no new additions in long positions. Along with that, we have observed an RSI divergence on the daily chart, which is a classic 'Red flag. Key support would be 20-DEMA level placed at 142,350."