Gold price on January 28: Peaks at Rs 1.72 lakh per 10 grams amid trade uncertainty, US tariff threats

Gold price today

• Gold hit an all-time high of $5,220 per ounce amid global geopolitical tensions
• Domestic gold futures on MCX reached a record Rs 1,72,430 per 10 grams
• Safe-haven demand rises due to trade uncertainty and US tariff threats

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Gold price briefly shot up to an all-time high of $5,220 per ounce on January 28, and continued to hover at $5,205 per ounce (02:21 am GMT), up 2.37% from the previous close. The yellow metal has been on a record spree supported by geopolitical tensions and optimism over potential US Federal Reserve rate cuts.

On MCX, the domestic futures price opened Wednesday's session at a record Rs 1,72,430 per 10 grams of 24 carat purity, and continued to hover at Rs 1,72,195 (11:15 am IST),  representing a 2.55 percent gain from its previous close at Rs 1,67,921. The metal reached its peak at Rs 1,70,546 on MCX on January 27, 2026.

The gold price has surged amid fresh tensions between the US and NATO over Greenland. The ongoing crisis in Ukraine and Gaza, and the US capture of the Venezuelan President, have also kept the price of gold high. On Saturday, the US President threatened a 100 percent tariff on Canada if it strikes a trade deal with China. The US implementation risk of a 25 percent tariff on South Korea has further intensified the safe-haven demand in bullion.

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?

"Gold traded sharply positive at Rs 1,58,800, up Rs 2,750 amid renewed trade uncertainty. The US implementation risk of a 25 percent tariff on South Korea has intensified concerns around global trade stability, reinforcing safe-haven demand in bullion.

With rising uncertainty in world trade dynamics, gold continues to attract allocation flows. Immediate resistance is seen near Rs 1,62,500, while strong support is placed around Rs 1,55,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.