Gold Silver Price Today 23 January 2026: Gold prices hit record highs on MCX as geopolitical risks and a weaker dollar boost safe-haven demand. Silver also surges ahead of the Fed decision.
Gold Silver Price Today 23 January 2026
Gold Silver Price Today 23 January 2026: Gold prices surged to fresh record highs in India on Friday as investors rushed to safe-haven assets amid rising geopolitical risks and a weaker US dollar. The rally pushed both gold and silver futures on the MCX to historic levels, reflecting growing uncertainty in global markets.
Traders remained cautious ahead of the US Federal Reserve's policy decision next week.
Gold prices jumped sharply in early trade on January 23. MCX gold February futures climbed nearly ₹2,900, rising close to 2%, to hit a new record of ₹1,59,226 per 10 grams. Silver prices outperformed gold, with MCX silver March futures surging over ₹12,600, or nearly 4%, to a fresh peak of ₹3,39,927 per kg.
The rally came as investors sought protection against global instability and currency weakness.
International gold prices also touched record levels. US gold futures rose over 1% to hit $4,969.69 per troy ounce. Analysts say heightened geopolitical uncertainty has created a supportive environment for precious metals.
“The evolving geopolitical situation is sending mixed signals, creating an environment of uncertainty that is positive for safe-haven asset gold.” However, experts caution that short-term profit booking could lead to brief corrections after the sharp rally.
On the domestic front, bullion prices gained strong momentum due to a weaker dollar. The dollar index slipped to a more than two-week low, making gold cheaper for overseas buyers and boosting demand.
Markets are also closely watching the US Federal Reserve. Investors expect the Fed to pause rates in the near term, with possible rate cuts later in the year supporting gold prices.
Rising gold and silver prices signal that investors are prioritising safety over risk. Elevated rates suggest persistent uncertainty around global growth, geopolitics, and currency stability. For long-term investors, the current trend reinforces gold’s role as a hedge against volatility and inflation.
However, short-term traders may see sharper swings as profit booking emerges near record levels. Silver’s strong move also reflects industrial demand expectations, making it more volatile but potentially rewarding. Overall, the price action suggests a cautious market mood, where diversification into precious metals continues to remain a key strategy.
