Gold slips 1.4% on Comex at $4,680 after record run

Gold price today

• Gold prices fell 1.43% on Comex, close to record highs amid global tensions.
• Gold reached a new MCX record at Rs 1,45,757 per 10g, up 0.08%.
• US tariffs and geopolitical risks keep gold demand strong as a safe-haven asset

Did our AI summary help?

Gold prices slipped 1.43 percent on Comex, hovering near record highs amid geopolitical tensions and expectations of another rate cut by the US Federal Reserve. Spot gold was trading at $4,680.40 on January 20. The price of precious metal surged as high as $4,685 and as low as 4,655 during the morning trade.

On MCX, the precious metal opened the Tuesday session at Rs 1,45,682 for 10 grams, and continued its upward trend, hovering at a new record high at Rs 1,47,831 (11:36 am IST), representing a 1.51 percent gain from its previous close. The price of gold previously peaked at Rs 1,45,770 on January 19.

The US pressure on its NATO allies has unsettled markets, lifting haven demand and reviving the “Sell America” trade. The US president Donald Trump's renewed strategic focus on Greenland has also kept risk sentiment elevated.  Meanwhile, gold traded positively as rupee weakness below 90.90 supported domestic prices.

"Trump’s announcement of a 10% tariff on EU nations has revived uncertainty around global trade and raised questions over the progress of the US-India trade deal. Additionally, geopolitical risks emanating from the US, including Greenland coming into focus, have elevated global risk sentiment. In such an environment, gold continues to remain a preferred allocation, with any minor profit booking being viewed as a buying opportunity," 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 19, noted that gold climbed to fresh record highs, touching $4,698 (Rs 1,45,500), as investors rushed into safe-haven assets amid a sharp escalation in geopolitical tensions. The move was triggered after U.S. President Donald Trump threatened to impose additional tariffs on European countries over control of Greenland.

Markets now turn their attention to the U.S. PCE inflation data and the final Q3 GDP print for fresh direction. Even so, the broader fundamental backdrop continues to favour gold and silver bulls, keeping the case for further gains intact.

The gold boom began in mid-August, around $3,400, and reached $4,400 by mid-October. The prices then retraced and have been taking support from the uptrendline since. Citing finonnicci extension, the report stated that gold is heading towards next resistance of $4,750-$4,760 and $4,990-$5,000.