Gold futures on the Multi Commodity Exchange (MCX) staged a sharp intraday recovery on Thursday, January 22, rebounding nearly 2% from the day’s low after early losses triggered profit booking across precious metals.
MCX gold futures were trading around Rs 1,51,400 per 10 grams, recovering from deeper intraday cuts as buying interest emerged at lower levels. The rebound came even as sentiment remained cautious following easing geopolitical tensions and a firmer US dollar, which had initially pressured bullion prices.
Despite the short-term volatility, the broader trend for gold continues to remain strong. Spot gold climbed to a record high of $4,887.82 per ounce on Wednesday and is up more than 11% so far in 2026, extending last year’s massive 64% rally driven by geopolitical risks, central bank demand, and currency uncertainty.
Adding to the positive long-term outlook, Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce, up from $4,900 earlier. The brokerage cited continued diversification by private-sector investors and emerging market central banks into gold as a hedge against global policy risks.
“We assume private-sector diversification buyers don’t liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast,” Goldman Sachs said in a note. The firm also expects Western ETF holdings to rise, as the US Federal Reserve is likely to cut interest rates by 50 basis points in 2026, while central bank gold buying is projected to average 60 tonnes next year.
The intraday rebound in MCX gold suggests that dip-buying interest remains intact, even as markets digest near-term geopolitical developments and currency moves.
