Gold prices slip Rs 3,000 on easing Greenland concerns; silver gains Rs 7,100. What should investors do?

Gold prices fell sharply on Thursday after hitting successive record highs earlier in the week, as investors booked profits amid easing geopolitical concerns. Silver, on the other hand, opened the session sharply higher. The correction followed comments by US President Donald Trump indicating that the tariffs announced last week on European countries opposing a US takeover of Greenland would not be implemented, reducing safe haven demand for precious metals.

On Greenland, Trump said he had reached what he described as a “concept of a deal” after meeting NATO Secretary General Mark Rutte. He added that the arrangement would be beneficial for both sides and would involve cooperation on Arctic security, mineral rights and participation in the so called Golden Dome initiative. According to him, the framework is meant to last indefinitely.

MCX Gold futures due February 5, 2026 were down nearly Rs 3,000 or 1.7% at Rs 1,50,140 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery rose Rs 7,100 or 2.2% to Rs 3,25,602 per kg.


In the international market, gold and silver prices retreated from record highs on Thursday as easing geopolitical tensions around Greenland strengthened the US dollar. Gold slipped by up to 1% after three consecutive sessions of gains that had pushed prices to a fresh all time high above USD 4,888 per ounce in the previous session. Spot silver also eased 0.9% to USD 92.38 per ounce, retreating from its recent record peak of USD 95.87 hit on Tuesday.

Gold, seen as a safe store of value during economic and political instability, surged 64% in 2025 and is up 11% so far in 2026.

How should you trade gold?

“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index, ahead of the US jobless claims data and ongoing geopolitical tensions,” Manoj Kumar Jain of Prthivi Finmart said. Gold has support in the range of Rs 4,785 to 4,740 per troy ounce, with resistance at Rs 4,855 to 4,890 per troy ounce, while silver has support at Rs 89.80 to 87.40 per troy ounce and resistance at Rs 94.60 to 96.80 per troy ounce in today’s session.

On MCX, gold is supported at Rs 1,50,500 to 1,47,700 with resistance at Rs 1,55,000 to 1,58,000, while silver has support at Rs 3,14,000 to 3,06,000 and resistance at Rs 3,24,000 to 3,28,000. We recommend staying away from taking fresh positions in both precious metals today and waiting for greater market stability.

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,14,968 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,25,408 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,14,848 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,25,288 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,14,328 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,25,816 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,14,848 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,25,288 per 8 grams.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)