Gold price today: Yellow metal eases 1% to Rs 1,51,776 a day after hitting new high

Gold price today

• Gold hit a record $4,883/oz due to geopolitical tensions and rate cut expectations.
• Prices may extend rally toward $5,000 per ounce as risk-off sentiment persists
• Gold demand strengthened sharply due to global uncertainty and dollar volatility

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Gold slipped from the previous day’s record high to open at Rs 1,51, 776 per kilogram, down 1.02 percent, on January 22.

The yellow metal had hit a new high of Rs 1,58,780 on the MCX the previous day , mirroring the international market where gold surged to a new peak of $4,883 as growing EU-US tensions over Greenland sparking fears of a renewed trade war.

Spot gold was trading at $4,788 an ounce on January 22, down 1.01 percent from the previous close.

Escalating geopolitical tensions across multiple fronts— involving the US, Greenland, Europe, Russia-Ukraine — intensified the rush toward safe-haven assets, making bullion the preferred hedge against uncertainty and dollar volatility.

"The risk environment continues to favour gold. The yellow metal traded exceptionally strong, surging by nearly Rs 7,000 to Rs 1,57,500, extending its sharp rally with prices gaining over Rs 15,000 in just three sessions and already up nearly 15 percent in January 2026. Key support is placed near Rs 1,45,000 and extended resistance is seen around Rs 1,61,000," said Jateen Trivedi, VP Research Analyst (Commodity and Currency), LKP Securities.

Gold prices vary by purity.

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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 January 21 Augmont Bullion report said that gold crossed $4,850 per ounce on risk-off sentiment. Against this backdrop of rising geopolitical risk and macro uncertainty, gold demand has strengthened sharply, with prices potentially extending their rally toward $5,000 per ounce as risk-off sentiment persists.