Gold is doing something weird right now. If you woke up and checked the ticker, you probably noticed the market isn't exactly screaming "moon mission" today, Saturday, January 17, 2026. Honestly, after the absolute chaos of the last few weeks—where we saw prices shatter the $4,600 mark for the first time in history—today feels like a collective deep breath.
How much did gold go up today? In the global spot market, it didn't really "go up" in the way people were hoping. Instead, we’re seeing a bit of a sideways crawl. COMEX gold is hovering around $4,601 per ounce, which is actually a slight dip from the $4,625 levels we saw just 24 hours ago.
It’s a different vibe depending on where you live, though. In India, for instance, the Multi Commodity Exchange (MCX) is showing gold trading near ₹1,42,474 per 10 grams. That’s basically flat. We’re talking about a microscopic change from yesterday's close of ₹1,42,517. It’s the kind of day where day traders are mostly just drinking coffee and staring at the screen, waiting for a spark.
Why the brakes are on right now
Markets hate uncertainty, but they also get exhausted by it. We’ve been riding a massive wave of fear and speculation. Think about it: only a few days ago, the news broke that federal prosecutors opened a criminal investigation into Federal Reserve Chair Jerome Powell. That sent the dollar into a tailspin and pushed gold to that insane all-time high of $4,642.
But today? The "shock" has worn off slightly.
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Investors are currently weighing two very different things. On one hand, you’ve got the geopolitical mess. The protests in Iran have been dragging on for weeks, and there's constant chatter about U.S. intervention. That’s classic gold-buying fuel. On the other hand, the U.S. Dollar isn't ready to die just yet. A stronger dollar makes gold more expensive for everyone else, which keeps a lid on these price surges.
The numbers you actually care about
If you’re looking at physical gold prices today, here is the breakdown of what 24K gold is doing in major Indian hubs. Notice how the prices aren't uniform? Local taxes and demand keep it messy.
- Mumbai & Kolkata: Roughly ₹14,339 per gram.
- Delhi & Jaipur: Slightly higher at ₹14,354 per gram.
- Chennai: The outlier, sitting at ₹14,432 per gram.
Basically, if you bought a 10-gram bar yesterday, you're down about 10 rupees today. That’s not a crash. It’s not even a "dip." It’s a rounding error.
The big banks are still betting on $5,000
Don't let today's boring price action fool you. The smart money is still incredibly bullish for the rest of 2026. J.P. Morgan recently updated their forecast, and they aren't being shy. They’re looking at an average of $5,055 per ounce by the end of the year.
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Goldman Sachs is right behind them, targeting $4,900.
Why are they so confident? Central banks. That’s the big secret. They aren't just buying gold; they’re hoarding it. Reports show that nearly 95% of central banks plan to increase their gold reserves this year. When the people who print the money are trading that money for gold, you should probably pay attention.
Is silver stealing the spotlight?
While gold is taking a nap, silver is acting like it's had ten espressos. Today, silver gained about ₹61 per kg on the MCX. It’s trading near ₹2,87,701 per kilogram.
There is a technical term for this: "playing catch-up." For years, gold outperformed silver. Now, with industrial demand for solar panels and electronics skyrocketing in 2026, silver is finally closing the gap. Some analysts, like Erik Norland from CME Group, have pointed out that the gold-silver ratio is at its lowest level since 2013.
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Basically, gold is the stable grandparent of the portfolio, and silver is the erratic teenager having a growth spurt.
What this means for your wallet
If you're holding gold, today is just noise. The long-term trend is still pointing up because the underlying problems—inflation that won't die and a Federal Reserve in crisis—haven't gone away.
But if you’re looking to buy? These "boring" days are often better than the days when gold is trending on Twitter. When the price is consolidating like this, it gives you a chance to enter without paying the "panic premium" that hits during a massive rally.
Actionable steps for the weekend:
- Check the 50-day EMA: Technical traders are watching the $4,255 level. As long as we stay above that, the bull market is alive and well.
- Monitor the Fed news: Any update on the Powell investigation will move the needle more than any "jobs report" or "CPI data" right now.
- Don't ignore digital gold: If physical premiums at the local jeweler are too high, platforms using UPI for digital gold are seeing record volumes for a reason—the spread is usually tighter.
- Look at the $4,600 resistance: We need a solid close above $4,600 on the international market to signal the next run toward $4,800.
Gold didn't "soar" today. It didn't "plummet." It’s sitting on a ledge, waiting to see which way the geopolitical wind blows next week. If history is any guide, this silence usually precedes a very loud move.