Looks like the gold rush just hit a major speed bump. As of Saturday, January 17, 2026, the bullion market is nursing some serious bruises after a brutal Friday session.
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The thing is, just when everyone thought gold was heading for the moon, reality kicked in. MCX gold futures took a ₹721 tumble, landing at ₹1,42,400 per 10 grams. Silver? Let’s be real, it didn’t just fall—it cratered. We’re talking a ₹7,000 plunge per kg, bringing it down to ₹2,84,628.
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The “Safe Haven” Reality Check
It’s an ongoing situation where geopolitics is driving the bus. Or nothing.
The Trump Factor: Tensions with Iran cooled off fast. President Trump basically said he might delay military action because Tehran backed off on protesters. And then the “geopolitical risk premium” just evaporated.
The Dollar is Flexing: US jobs data came in hot—jobless claims were way below what anyone expected. The thing is, this makes the Federal Reserve less likely to cut interest rates. A strong dollar makes gold expensive for everyone else. Those too.
The Silver Kicker: The Trump administration decided to hold off on those import tariffs for critical minerals. That took the wind right out of silver’s sails, though it’s still sitting on a massive 14% gain for the week.
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Price Sheet: January 17, 2026
Note: Prices are fluctuating wildly—this is the ground view as of this morning.
| Metal / Purity | Rate (approx.) | Change (from Peak) |
| 24K Gold (10g) | ₹1,43,390 | Down ₹10 |
| 22K Gold (10g) | ₹1,31,440 | Volatile |
| Silver (1kg) | ₹2,91,900 | Down ₹100 (after ₹7k crash) |
Field Notes: What’s Next?
Experts like Jateen Trivedi from LKP Securities are saying the volatility isn’t over. The thing is, the January Fed meeting is looming. If they stay hawkish, gold could slip further toward that ₹1,41,000 support level. But keep an eye on Greenland—it’s becoming a weird new flashpoint for risk sentiment.
It’s an messy market right now. One day we’re hitting historic highs, the next we’re watching ₹7,000 vanish from a silver bar. If you’re buying for a wedding, maybe wait for the next “geopolitical exhale.”
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