Gold prices declined after reaching record highs, with pressure seen in domestic and international markets due to reduced safe-haven demand and profit-booking at elevated levels.
After touching successive record levels in recent sessions, the upward momentum in gold prices moderated on January 23, while silver prices also recorded weakness. The decline was attributed to lower demand for gold as a safe asset, profit-taking from higher levels, and easing geopolitical tensions.
In Delhi, the price of 24-carat gold on Friday morning fell to ₹1,54,450 per 10 grams, while 22-carat gold was quoted at ₹1,41,590 per 10 grams. The correction followed several sessions of gains.
Internationally, gold prices also weakened, with spot gold slipping to $4,822.65 per ounce. Movements in global gold prices continue to influence domestic markets, with factors such as the dollar index, bond yields, and geopolitical developments playing a role.
Geopolitical developments contributed to the decline in gold prices after US President Donald Trump stated that the United States would not use military force to take control of Greenland. He also cancelled plans to impose tariffs on European countries that had opposed US control over Greenland.
Earlier, the US President had indicated that tariffs ranging from 10 percent to 25 percent could be imposed on imports from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland if no agreement was reached on Greenland. These tariff plans have now been fully withdrawn, reducing global uncertainty and lowering demand for gold as a safe-haven asset.
Gold prices across major Indian cities showed minor variations. In Delhi, 24-carat gold was priced at ₹1,54,450 per 10 grams, while Mumbai, Chennai and Kolkata recorded 24-carat gold prices of ₹1,54,300 per 10 grams. In these cities, 22-carat gold was quoted at ₹1,41,440 per 10 grams.
In Pune and Bengaluru, prices were largely in line with other metros, with 24-carat gold at ₹1,54,300 per 10 grams and 22-carat gold at ₹1,41,440 per 10 grams. Variations across cities were attributed to differences in taxes, transportation costs and local demand.
In Ahmedabad, 22-carat gold was priced at ₹1,41,490 per 10 grams and 24-carat gold at ₹1,54,350 per 10 grams. Chennai, Kolkata and Hyderabad recorded 22-carat gold at ₹1,41,440 per 10 grams and 24-carat gold at ₹1,54,300 per 10 grams. Jaipur, Lucknow and Chandigarh quoted 22-carat gold at ₹1,41,590 per 10 grams and 24-carat gold at ₹1,54,450 per 10 grams, while Bhopal recorded 22-carat gold at ₹1,41,490 per 10 grams and 24-carat gold at ₹1,54,350 per 10 grams.
Despite the recent decline, brokerage firm Goldman Sachs maintained its long-term outlook on gold. The brokerage raised its December 2026 gold price forecast to $5,400 per ounce from $4,900 per ounce earlier. According to Goldman Sachs, private-sector investors who buy gold as a hedge against global policy risks are less likely to sell their holdings in 2026.
Silver prices also remained volatile. On the morning of January 22, silver was priced at ₹3,30,100 per kilogram in the domestic market. In the international market, spot silver rose to $94.91 per ounce, with prices influenced by industrial demand and investor interest.
