Gold and Silver Prices Retreat After Hitting Record Highs in India

22nd January 2026 at 11:11 AM

1 minute read

On Tuesday, January 19, MCX gold prices rose to a new record high of ₹1,46,328 per 10 grams.

Precious metal prices in the Indian market experienced a notable pullback on January 22, 2026, following consecutive days of record-breaking highs. According to updates from various market sources, including MCX futures, gold and silver saw declines amid profit-taking after recent surges.

Gold futures on the Multi Commodity Exchange (MCX) for February 2026 delivery opened lower and fell significantly in early trading, dropping nearly 2% at one point to an intraday low around Rs 1,50,609 per 10 grams. The yellow metal was trading down by approximately 0.8-1% in subsequent sessions, with levels hovering around Rs 1,52,000 to Rs 1,54,000 per 10 grams for 24-carat equivalents in spot markets across major cities. This correction came after gold touched an all-time high of nearly Rs 1,58,000–1,58,780 per 10 grams in the previous session.

Physical gold rates reflected similar trends. In key cities, 24-carat gold was quoted in the range of Rs 1,52,000 to Rs 1,54,000 per 10 grams, with slight variations—for instance, higher in Chennai at around Rs 1,53,980–1,60,000 in some reports, and around Rs 1,52,500 in New Delhi. For 22-carat gold, commonly used in jewellery, prices stood approximately Rs 1,39,000 to Rs 1,43,000 per 10 grams, with examples like Rs 1,41,450 in Mumbai and Rs 1,39,792 in New Delhi.

Silver also moderated after scaling fresh peaks. MCX silver prices witnessed sharp volatility, including a notable drop of over Rs 12,000 per kg in morning trade on January 22, though some contracts showed minor gains earlier. Silver was quoted around Rs 3,17,000 to Rs 3,25,000 per kilogram in domestic markets, down from the recent all-time high exceeding Rs 3,34,000–3,35,000 per kg.

The recent rally in both metals had been driven by strong momentum, pushing gold to unprecedented levels around Rs 1.58 lakh per 10 grams and silver beyond Rs 3.34 lakh per kg over January 20–21. Today’s moderation aligns with global cues, where spot gold eased to around $4,800 per ounce from record highs near $4,888, and silver followed suit.

These rates are indicative and subject to real-time fluctuations based on international benchmarks, currency movements, and local demand. Investors and buyers are advised to check live updates from reliable sources like MCX or local bullion associations for the most current figures in their cities.