New Delhi, India | January 22, 2026
Gold and silver prices declined from record levels in the international market on Thursday, pressured by easing geopolitical tensions and a stronger US dollar that weakened demand for safe-haven assets. The pullback followed three consecutive sessions of sharp gains in precious metals.
Market sentiment improved after signs that geopolitical risks linked to Greenland were moderating, prompting investors to reduce exposure to defensive assets such as gold and silver.
Gold and Silver Prices in the International Market
In global trade, spot gold slipped 0.8% to $4,799.79 per ounce, after touching an all-time high of $4,887.82 per ounce in the previous session. US gold futures for February delivery declined 0.6% to $4,806.60 per ounce.
Silver prices also moved lower. Spot silver fell 0.9% to $92.38 per ounce, retreating from its recent record high of $95.87 per ounce reached on Tuesday.
Analysts said the decline was largely driven by reduced safe-haven demand as global risk sentiment improved. A firmer US dollar further added pressure by making precious metals more expensive for non-US investors.
Key Factors Behind the Decline
Investor caution eased after remarks by Donald Trump, who spoke about outlining a framework for a future agreement related to Greenland and withdrew earlier threats of imposing new tariffs on European countries. These developments lowered immediate geopolitical uncertainty, reducing demand for bullion.
Gold and Silver Prices in the Domestic Market
In India’s domestic bullion market, prices showed a mixed trend on Wednesday at the Multi Commodity Exchange.
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MCX Gold closed ₹2,551 higher, or 1.69%, at ₹1,53,116 per 10 grams. During intraday trade, gold touched a fresh record high of ₹1,58,475 per 10 grams.
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MCX Silver declined ₹7,171, or 2.22%, to settle at ₹3,16,501 per kilogram. Despite the fall, silver hit a new lifetime high of ₹3,35,521 per kg during the session.
Outlook
Market experts expect gold and silver prices to remain volatile in the near term, tracking movements in the US dollar, interest-rate expectations, and geopolitical developments.
