Gold prices experienced a sharp correction on Thursday, falling nearly ₹3,000 after hitting successive record highs earlier in the week, as investors booked profits amid easing geopolitical concerns. The precious metal's decline coincided with reduced safe haven demand following diplomatic developments regarding Greenland.

MCX Performance Shows Divergent Trends

The domestic commodity market witnessed contrasting movements in precious metals on Thursday:

Geopolitical Developments Drive Market Sentiment

The correction followed comments by Trump indicating that tariffs announced on European countries opposing a US takeover of Greenland would not be implemented. Trump stated he had reached a "concept of a deal" after meeting NATO Secretary General Mark Rutte. The arrangement involves cooperation on Arctic security, mineral rights, and participation in the Golden Dome initiative, with the framework meant to last indefinitely.

International Market Mirrors Domestic Trends

Global precious metals markets also retreated from record levels as easing geopolitical tensions strengthened the US dollar. Gold slipped up to 1.0% after three consecutive sessions of gains that pushed prices to a fresh all-time high above $4,888 per ounce. Spot silver eased 0.9% to $92.38 per ounce, retreating from its recent record peak of $95.87 hit on Tuesday.

Gold has demonstrated remarkable performance, surging 64% in 2025 and gaining 11% so far in 2026, reflecting its role as a safe store of value during economic and political instability.

Trading Outlook and Technical Levels

Market expert Manoj Kumar Jain of Prthivi Finmart expects gold and silver prices to remain volatile amid fluctuations in the dollar index, ahead of US jobless claims data and ongoing geopolitical tensions.

International Support and Resistance Levels:

MCX Support and Resistance Levels:

Physical Gold Rates Across Major Cities

Physical gold prices varied across major Indian cities on Thursday:

Market experts recommend staying away from taking fresh positions in both precious metals and waiting for greater market stability given the current volatile environment.

Gold prices exhibited mixed performance in the domestic futures market on January 22 morning, with different trajectories for the two precious metals. Market activity reflected a combination of profit booking pressures and varying demand dynamics across gold and silver segments.

Gold Futures Performance

MCX gold February futures remained flat at ₹1,52,879 per 10 grams around 9:05 am on January 22. The stability in gold prices occurred amid profit booking activities by market participants. Contributing factors to the subdued gold performance included signs of easing geopolitical tensions and the strengthening of the US dollar against its major currency peers.

Silver Shows Positive Momentum

In contrast to gold's flat performance, silver futures demonstrated notable gains during the same trading session. The key silver performance metrics were:

Market Dynamics

The divergent performance between gold and silver reflected different underlying market forces. While gold faced headwinds from profit booking and external factors such as geopolitical developments and currency movements, silver benefited from robust demand in the spot market. The stronger dollar typically pressures precious metals prices as it makes dollar-denominated commodities more expensive for holders of other currencies.

Trading Context

The morning trading session on January 22 highlighted the distinct demand patterns between the two precious metals. Gold's flat performance suggested a consolidation phase following recent movements, while silver's gains indicated sustained investor interest supported by physical market demand. Market participants appeared to be taking profits in gold positions while maintaining appetite for silver investments.