Mumbai, Jan 22 : Gold and silver prices eased on Thursday following profit booking and signs of reduced geopolitical tensions after US President Donald Trump softened his stance on tariffs involving Europe.
On the MCX, February gold futures fell 0.78% to ₹1,51,665 per 10 grams, while March silver futures slipped 0.62% to ₹3,16,509 per kg. Gold in international markets also consolidated, with US COMEX February gold near $4,790–$4,800 per troy ounce after hitting record highs above $4,887 earlier this week.
Analysts said the dip reflects profit taking amid reduced trade fears, but the broader upward trend in precious metals remains strong. Open interest data on the MCX showed a decline to 9,870 lots, indicating long positions were being unwound rather than fresh buying.
COMEX silver remained firm near $92–$93 after recently topping $95.80, supported by industrial demand in sectors such as solar, electric vehicles, AI, and electronics, alongside safe-haven flows amid tightening global supply.
The US dollar strengthened slightly, with the Dollar Index at 98.81, making gold more expensive for overseas buyers. Trump clarified at the World Economic Forum in Davos that the US would not use force to acquire Greenland and indicated a framework for a potential future deal, easing fears of a US‑EU trade conflict.
Market participants are now focusing on upcoming US economic data, including November Personal Consumption Expenditures and weekly jobless claims, ahead of the Federal Reserve’s January 27–28 policy meeting. While the Fed is expected to maintain rates in the short term, analysts anticipate two additional cuts later in the year.