Gold Market Recap: Record Highs Followed by Profit-Taking on 23 January 2026

January 23, 2026, proved to be a roller-coaster day for Indian gold investors and jewelry shoppers, as the yellow metal first soared to unprecedented heights before witnessing a significant correction driven by profit-taking. Gold touched a historic Indian record of ₹1,59,710 per 10 grams, generating significant buzz across the market and closing in on the international milestone of $5,000 per ounce. Silver also saw remarkable gains, hitting a record high above $100 per ounce, with Indian rates holding above ₹3.30 Lakh per kg at its peak.

However, the euphoria was short-lived as bullion markets experienced widespread profit-taking following these record highs. On the Multi Commodity Exchange (MCX), gold slipped nearly 1% to trade around ₹1.54 Lakh per 10g, with silver also easing to approximately ₹3.19 Lakh per kg. This sharp fall was also reflected in gold and silver ETF prices, leading to some investor losses during the day. Despite this dip, many reports indicated that bullion traded firmly for parts of the day, suggesting underlying strength even amidst the correction.

Analysts pointed to several factors contributing to the day's volatile movements. While the initial rally was fueled by strong underlying demand and market sentiment, the subsequent fall was primarily attributed to profit booking by investors looking to capitalize on the record gains. Furthermore, signs of easing geopolitical tensions and a strengthening US dollar also played a role in dampening gold's upward momentum. The market saw both an initial surge, with gold reportedly up by 0.97% at one point, and a later drop due to these combined influences.

For Indian investors and jewelry buyers, the day's events present a mixed picture. While the record highs underscore gold's enduring appeal as a safe haven, the sharp correction highlights market volatility. Experts are now advising a 'buy on dips' strategy, suggesting that any temporary pullbacks could be opportunities for accumulation. Additionally, the ongoing gold rally has fueled speculation regarding potential tax duty changes in the upcoming Union Budget 2026, with all eyes on how Finance Minister Sitharaman might address the 'great game of gold'. Shoppers can continue to check daily rates for 18, 22, and 24 carat gold in major cities like Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, and Bengaluru to make informed decisions.