New Delhi, Jan 22: Gold futures on the MCX dipped nearly 1 per cent on Thursday from record highs hit in the previous session, driven by profit booking, easing geopolitical tensions, and a strengthening US dollar.
Fears of a US–EU trade conflict moderated after US President Donald Trump softened his tone on Greenland.
MCX gold February futures fell 0.78% to Rs 1,51,665 per 10 grams, while MCX silver March futures declined 0.62% to Rs 3,16,509 per kg.
Gold prices also eased in the international futures market, with US gold futures consolidating near $4,790–$4,800 per troy ounce after touching a record high above $4,887 earlier this week on COMEX.
Analysts said the dip reflects healthy profit-booking amid easing tariff concerns, but the broader uptrend remains strong.
Open interest (OI) data in the futures market showed a decline, currently at 9,870 lots, indicating long unwinding by traders with no new addition to long positions, according to Aamir Makda, Commodity and Currency Analyst at Choice Broking.
Meanwhile, COMEX silver traded firm near $92–$93 after recently reaching record highs above $95.80. Analysts noted that robust industrial demand in sectors such as solar, EVs, AI, electronics, along with safe-haven flows amid tightening global supply, continues to support the rally.
The US dollar remained stable after Trump confirmed that tariffs would not be imposed on European countries over Greenland. The dollar index rose to 98.81, making gold slightly more expensive for overseas buyers.
At the World Economic Forum in Davos, Trump said that force would not be used to acquire Greenland and that he had “formed the framework of a future deal with respect to Greenland” with NATO Secretary General Mark Rutte.
Investors are also watching upcoming US economic data, including November Personal Consumption Expenditures (PCE) and weekly jobless claims, both scheduled later in the day. Most market participants expect the Federal Reserve to maintain interest rates at its January 27–28 meeting, though two cuts are anticipated later in the year. (Agencies)
