Gold Price Today Surges 7% to Record High on MCX After Fed Pause and Global Tensions Intensify 

Mumbai, 29 January 2026: Gold price today witnessed an unprecedented surge across domestic and global markets, driven by a combination of the US Federal Reserve’s decision to hold interest rates steady, escalating geopolitical tensions, a weakening dollar, and sustained safe-haven demand. The yellow metal hit multiple record highs during the session, reflecting heightened global uncertainty and strong participation across futures and physical markets. 

MCX Gold Futures Jump Up to 8.94%, Touch Record ₹1,92,991 Per 10 Grams 

Gold price today on the Multi Commodity Exchange (MCX) registered a sharp rally in early trade. February gold futures surged by ₹15,838, or 8.94%, to hit a fresh all-time high of ₹1,92,991 per 10 grams of 24-carat purity. The contract had earlier settled at ₹1,77,153, after peaking near ₹1,77,996 on January 28. Later in the session, gold futures were last seen closing near ₹1,67,800 per 10 grams, marking a 0.42% gain from the previous close, reflecting heightened intraday volatility amid record price discovery. 

Spot Gold Nears Historic $5,600 as Prices Add Nearly $1,000 in January 

In the international market, gold price today extended its blistering rally, trading just shy of the $5,600 per ounce milestone. Spot gold climbed as high as $5,591.61 per ounce, before easing to around $5,538.69 in early trade, up 2.6%–2.7% on the day. Gold has now gained more than 27% so far in 2026, following a sharp 64% rise in 2025. The metal crossed the $5,000 mark earlier this week and has added nearly $1,000 per ounce in January alone, underlining the strength and pace of the ongoing rally. 

Federal Reserve Holds Rates at 3.50%-3.75%, Markets Stay Focused on Policy Path 

Gold price today remained firm after the US Federal Open Market Committee decided to keep the target range for the federal funds rate unchanged at 3.50% to 3.75%. The decision, which was widely expected, reinforced market expectations of policy stability in the near term. Inflation remains above the Federal Reserve’s 2% target, while economic indicators point to slowing momentum in parts of the labour market. The policy stance, combined with a data-dependent outlook, supported gold prices despite elevated levels. 

Geopolitical Risks Intensify as US–Iran Tensions and Trade Threats Escalate 

Heightened geopolitical uncertainty played a key role in lifting gold price today. Tensions between the United States and Iran escalated after warnings of potential military action and retaliatory threats. Ongoing conflicts in Ukraine and Gaza, alongside renewed trade risks, including tariff threats involving Canada, China, and South Korea, further amplified global risk aversion. These developments strengthened gold’s appeal as a neutral store of value during periods of political and economic stress. 

Dollar Index Slides Over 0.30%, Boosting Gold’s Global Appeal 

Gold price today also benefited from a notable decline in the US dollar. The dollar index fell by more than 0.30%, making dollar-denominated gold cheaper for overseas buyers. The softer currency environment supported sustained inflows into bullion, particularly as uncertainty around global growth, fiscal sustainability, and trade structures persisted. 

Indian Physical Gold Prices Rise Marginally Across Major Cities 

In the domestic physical market, gold prices edged higher despite elevated levels. The price of 24-carat gold rose by ₹10 to ₹1,67,090 per 10 grams, according to market data. In Delhi, 24-carat gold stood at ₹1,67,240, while Mumbai and Kolkata recorded prices of ₹1,67,090. Chennai continued to trade at a premium, with rates at ₹1,70,300 per 10 grams. Meanwhile, 22-carat gold was priced at ₹1,53,160 per 10 grams in most major cities, and ₹1,53,310 in Delhi, reflecting marginal differences due to local taxes and logistics. 

Strong Retail Activity Emerges in Asian Markets Amid Elevated Prices 

Despite record-high prices, retail activity remained robust in key Asian markets. Customers were seen crowding gold stores in Shanghai and Hong Kong, indicating continued demand even at elevated levels. The sustained interest highlights gold’s role as a preferred store of value amid persistent global uncertainty and financial market volatility. 

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