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Gold prices witnessed a pause in their recent rally on Thursday, January 23, 2026, as easing geopolitical tensions reduced demand for the yellow metal as a safe-haven asset. Silver prices also showed weakness, reflecting profit booking after recent gains. Both domestic and international markets reacted to global political developments and investor sentiment.

Gold Prices Decline After Recent Highs

In the Indian market, the upward momentum in gold prices slowed noticeably. After touching record levels in recent sessions, gold prices slipped due to reduced safe-haven buying and profit-taking by investors. In Delhi, the price of 24-carat gold fell to ₹1,54,450 per 10 grams, while 22-carat gold was quoted at ₹1,41,590 per 10 grams on Thursday morning.

On the global front, spot gold prices declined to $4,822.65 per ounce, marking a retreat from recent highs. Market experts attribute this fall mainly to easing geopolitical uncertainty, which reduced immediate risk-related buying.

Key Global Development Behind the Fall

One of the major reasons behind the softening of gold prices is the recent statement by US President Donald Trump regarding Greenland and trade relations with Europe. The US administration announced that it is withdrawing its plan to impose tariffs on eight European countries over opposition to American control of Greenland.

President Trump clarified that the United States would not use military force to gain control of Greenland. Additionally, a future framework agreement concerning Greenland and the broader Arctic region has been outlined. These announcements significantly reduced geopolitical tensions, which had previously pushed gold prices higher.

Earlier, the US had threatened to impose a 10% tariff from February 1, 2026, on goods imported from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland. It was also stated that tariffs could rise to 25% if negotiations over Greenland failed. However, with these tariff plans now scrapped, global markets have responded positively, reducing the appeal of gold as a hedge against uncertainty.

Gold Rates Across Major Indian Cities

Gold prices showed slight variations across major cities in India:

• Delhi:

  • 22-carat: ₹1,41,590 per 10 grams

  • 24-carat: ₹1,54,450 per 10 grams

• Mumbai, Chennai, Kolkata, Hyderabad:

  • 22-carat: ₹1,41,440 per 10 grams

  • 24-carat: ₹1,54,300 per 10 grams

• Ahmedabad, Bhopal:

  • 22-carat: ₹1,41,490 per 10 grams

  • 24-carat: ₹1,54,350 per 10 grams

• Jaipur, Lucknow, Chandigarh:

  • 22-carat: ₹1,41,590 per 10 grams

  • 24-carat: ₹1,54,450 per 10 grams

These prices indicate that while gold has corrected slightly, it remains near historically high levels.

Long-Term Outlook Remains Strong

Despite the short-term decline, leading global investment bank Goldman Sachs remains bullish on gold’s long-term prospects. The brokerage has raised its gold price forecast for December 2026 from $4,900 per ounce to $5,400 per ounce.

In a note released on Wednesday, Goldman Sachs stated that private-sector investors diversifying their portfolios to hedge against global policy risks are unlikely to sell their gold holdings in 2026. This continued demand from long-term investors is expected to support prices over time, even if short-term volatility persists.

Silver Prices Also Under Pressure

Silver prices also experienced weakness after recent gains. In the domestic market, silver was trading at ₹3,30,100 per kilogram on the morning of January 22. Meanwhile, in international markets, spot silver prices edged higher to $94.91 per ounce, indicating mixed trends.

Market analysts note that both gold and silver prices in India are influenced by a combination of domestic factors such as demand, taxes, and currency movements, along with global factors including interest rates, geopolitical developments, and investor sentiment.

Conclusion

The recent dip in gold and silver prices highlights how quickly precious metal markets react to changes in global political developments. While easing tensions have reduced short-term safe-haven demand, strong long-term fundamentals — especially rising global risks and portfolio diversification strategies — continue to support a positive outlook for gold. Investors are advised to keep an eye on both global cues and domestic market trends before making investment decisions.