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Gold, Silver Price Today: Gold and silver prices on Tuesday (January 20) extended their record rally, supported by rising safe-haven demand amid escalating
geopolitical uncertainty. As of 9:55 am, gold prices on the Multi-Commodity Exchange (MCX) were up 1.3 per cent, or Rs 1,851, at Rs 1,47,490 per 10 grams. Prices touched an all-time high of Rs 1,47,996 earlier in the session. Silver prices mirrored the move in gold, rising 1.7 per cent, or Rs 5,288, to Rs 3,15,563 per kg. The grey metal hit a lifetime high of Rs 3,19,949 earlier in the day.
Geopolitical tensions lift bullion appeal
“With the geopolitical issues ongoing, I don’t think there will be any significant decline in gold and silver until these issues calm down,” said analyst Bhupesh Sharma.Gold is widely seen as a financial safety net, helping preserve wealth when risk assets face heightened volatility.
On the geopolitical front, the United States said it would deploy a North American Aerospace Defence Command (NORAD) aircraft to the Pituffik Space Base in Greenland, as tensions rise over President Donald Trump’s renewed push to acquire the self-governing Danish territory.
Read More: US to deploy NORAD aircraft to Greenland amid rising tensions
Central bank buying supports prices
Sharma also noted that continued central bank purchases are lending further support to bullion prices.Central banks buy gold to diversify reserves, reduce reliance on any single currency and enhance the stability and safety of their holdings.
Weak rupee adds domestic price pressure
On the currency front, the rupee depreciated 8 paise to 90.98 against the US dollar on Tuesday. A weaker rupee makes imported gold more expensive, pushing up domestic prices on the MCX.Global markets and key data in focus
In international markets, spot gold headed for a second consecutive session of gains, hitting a record high of USD 4,693.62 earlier in the day. Spot silver was trading flat after touching a lifetime high of USD 94.7495.Looking ahead, investors will track the UK’s consumer price index (CPI) data due on Wednesday for fresh cues. Persistent tightness in global gold supply, including reported shortages in the London market, is also likely to remain in focus.
Later in the week, US initial jobless claims and core personal consumption expenditure (PCE) data could further influence bullion prices.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
