Gold price today: Rates drop on MCX on profit booking amid signs of easing geopolitical tensions, dollar's rise

By Admin

22 Jan, 2026

Introduction
Gold prices witnessed a decline in the domestic futures market on Thursday morning as traders booked profits amid signs of easing geopolitical tensions and a stronger US dollar. While gold slipped, silver managed to trade higher, supported by firm spot market demand. Market participants are also closely watching key US economic data and the Federal Reserve’s interest rate outlook.

MCX gold and silver price movement
Gold price today on the Multi Commodity Exchange (MCX) showed weakness in early trade. MCX gold February futures were down by 0.46% at ₹1,52,158 per 10 grams around 9:35 am. In contrast, MCX silver March futures edged up by 0.25% to ₹3,19,301 per kg during the same time, supported by healthy demand in the spot market.

Weakness in international gold prices
The yellow metal also declined in the international markets. US gold futures for February dropped by nearly 1% after US President Donald Trump softened his stance on Greenland-related tensions. His comments reduced immediate geopolitical concerns, leading to profit booking in safe-haven assets like gold.

Impact of geopolitical developments
Trump stepped back from his earlier threat of imposing tariffs on European countries over their position on Greenland. He stated that he had reached the outlines of an agreement with NATO after discussions with NATO Secretary General Mark Rutte. He mentioned that a framework for a future deal had been chalked out, which helped calm global markets.

Dollar strength weighs on gold
The easing geopolitical concerns also helped stabilise the US dollar. The dollar index rose to 98.81, making gold slightly more expensive for overseas buyers. A stronger dollar typically pressures gold prices, as the metal becomes costlier for holders of other currencies.

Key economic data in focus
Apart from geopolitical cues, investors are closely tracking the November Personal Consumption Expenditures (PCE) data, the US Federal Reserve’s preferred inflation gauge, along with weekly jobless claims, both scheduled for release later in the day. These indicators are expected to play a crucial role in shaping expectations around the US Fed’s interest rate trajectory.

Market expectations on US Fed policy
Most market participants expect the US Federal Reserve to keep interest rates unchanged at its January 27–28 meeting. Any deviation in inflation or employment data, however, could alter market sentiment in the near term.

Expert view on gold and silver outlook
Manoj Kumar Jain of Prithvifinmart Commodity Research said that gold and silver prices are witnessing profit-taking amid risk aversion in global financial markets following Trump’s recent comments. However, he added that ongoing global uncertainty related to US trade tariffs and Western policy narratives could continue to support safe-haven demand for precious metals.

Jain expects gold and silver prices to remain volatile this week due to fluctuations in the dollar index, upcoming US jobless claims data, and lingering geopolitical tensions.

Technical levels to watch
According to Jain, in international markets, gold has support at $4,785 and $4,740 per troy ounce, while resistance is seen at $4,855 and $4,890. Silver has support at $89.80 and $87.40, with resistance at $94.60 and $96.80 per troy ounce.

On the MCX, gold has support at ₹1,50,500 and ₹1,47,700, while resistance is placed at ₹1,55,000 and ₹1,58,000. Silver support levels are at ₹3,14,000 and ₹3,06,000, with resistance at ₹3,24,000 and ₹3,28,000.

Trading strategy for the day
Jain advised investors to stay away from taking fresh positions in both gold and silver during today’s session and wait for stability to return to the markets.

Additional analyst perspective
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said that MCX gold February futures may decline further to ₹1,51,500 per 10 grams, as the global market undertone remains mildly weak. He also believes MCX silver March futures could slip to ₹3,15,000 per kg if the ongoing correction persists.

Conclusion
Gold prices today reflect a cautious market mood driven by profit booking, easing geopolitical tensions, and a stronger dollar. While silver remains supported by physical demand, overall volatility is expected to persist as investors await key US economic data and clearer signals from the Federal Reserve.