Gold prices witnessed heightened volatility in global markets on January 12, with the precious metal briefly surging to a new lifetime high on the Comex before easing from peak levels as early trade progressed.
Early Surge Pushes Gold to All Time High
Spot gold recorded a sharp rally in the early hours, touching an all time high of $4,610.5 per ounce on the Comex at around 1:05 am GMT. The surge, however, was short lived, with prices retreating swiftly to $4,580.60 per ounce by 2:28 am GMT. Despite the pullback, gold was still trading 1.77 percent higher compared with its previous close, indicating continued underlying strength.MCX Gold Holds Firm in Domestic Market
In India, gold futures showed marginal gains in the previous trading session. On the Multi Commodity Exchange, the gold futures contract for 10 grams of 24 carat purity settled at Rs 1,378,875, registering a 0.04 percent increase over the earlier close of Rs 1,38,819.Gold Prices Across Purity Levels
Domestic gold prices remained elevated, with rates varying based on purity.- 24K gold (10 grams): Rs 1,40,450
- 22K gold (10 grams): Rs 1,28,740
- 18K gold (10 grams): Rs 1,05,330
City Wise Gold Prices Show Limited Variation
Gold rates across major Indian cities remained largely stable, with only marginal differences reflecting local levies, jeweller margins, and logistical costs.
- Chennai: 24K Rs 13,964 | 22K Rs 12,899 | 18K Rs 10,764
- Mumbai: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,553
- Delhi: 24K Rs 14,060 | 22K Rs 12,889 | 18K Rs 10,548
- Kolkata: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,477
- Bangalore: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,477
- Hyderabad: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,477
- Kerala: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,477
- Pune: 24K Rs 14,045 | 22K Rs 12,874 | 18K Rs 10,477
- Vadodara: 24K Rs 14,050 | 22K Rs 12,879 | 18K Rs 10,538
- Ahmedabad: 24K Rs 14,050 | 22K Rs 12,879 | 18K Rs 10,538
What Is Driving the Volatility
Gold’s sharp intraday movement comes amid a busy global macro calendar and shifting geopolitical developments. Market participants are awaiting the latest US jobs data, a key trigger for short term positioning across global commodities.At the same time, developments in US policy and geopolitical oversight have added to market sensitivity. Adding to near term volatility is the annual rebalancing of the Bloomberg Commodity Index, which typically leads to adjustments in commodity positioning as index weightings are realigned with prevailing market conditions.
The sharp rise followed by a quick retreat underlines the fragile balance in gold markets, where strong buying interest continues to coexist with rapid profit booking at record price levels.
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