Gold prices experienced a significant decline on Thursday, following a series of record highs earlier in the week, as investors took the opportunity to realize profits in light of diminishing geopolitical tensions. Silver, conversely, commenced the session with a notable increase. The recent correction was prompted by remarks from US President Donald Trump, who indicated that the tariffs announced last week on European nations opposing a US takeover of Greenland would not be enforced, thereby diminishing the demand for precious metals as a safe haven. In Greenland, Trump indicated that he had arrived at what he termed a “concept of a deal” following discussions with NATO Secretary General Mark Rutte. He stated that the arrangement would yield advantages for both parties and would entail collaboration on Arctic security, mineral rights, and involvement in the so-called Golden Dome initiative. He asserts that the framework is designed to endure indefinitely.
MCX Gold futures set to expire on February 5, 2026, experienced a decline of nearly Rs 3,000, reflecting a decrease of 1.7%, bringing the price to Rs 1,50,140 per 10 grams. In the meantime, silver futures scheduled for delivery on March 5, 2026, increased by Rs 7,100, reflecting a 2.2% rise, bringing the price to Rs 3,25,602 per kg. In the international market, gold and silver prices experienced a decline from their record highs on Thursday, attributed to the easing of geopolitical tensions surrounding Greenland, which in turn bolstered the US dollar. Gold experienced a decline of up to 1% following three consecutive sessions of increases that had elevated prices to a new all-time high exceeding USD 4,888 per ounce in the prior session. Spot silver declined by 0.9% to USD 92.38 per ounce, pulling back from its recent record high of USD 95.87 reached on Tuesday.
Gold, regarded as a reliable store of value amid economic and political turmoil, experienced a 64% increase in 2025 and has risen 11% thus far in 2026. “We anticipate that gold and silver prices will exhibit volatility this week, influenced by variations in the dollar index, in advance of the US jobless claims data and persistent geopolitical tensions,” Manoj Kumar Jain stated. Gold exhibits support within the range of Rs 4,785 to 4,740 per troy ounce, while encountering resistance at Rs 4,855 to 4,890 per troy ounce. In contrast, silver shows support at Rs 89.80 to 87.40 per troy ounce and faces resistance at Rs 94.60 to 96.80 per troy ounce during the current session.
On MCX, gold exhibits support levels ranging from Rs 1,50,500 to 1,47,700, while resistance is observed between Rs 1,55,000 and Rs 1,58,000. In contrast, silver shows support at Rs 3,14,000 to 3,06,000, with resistance levels identified at Rs 3,24,000 to 3,28,000. We advise against initiating new positions in precious metals at this time and suggest awaiting improved market stability.