Gold price today, Jan. 29 -- Gold rates on the MCX rose sharply in the morning session on Thursday, January 29, supported by strong retail demand, the dollar's weakness, and geopolitical uncertainties.

The US Fed on January 28 maintained the status quo on policy rates, but markets continue to discount two rate cuts later this year.

MCX gold February futures jumped by over Rs.14,850, or nearly 9%, to hit the record high of Rs.1,80,779 per 10 grams mark.

MCX silver March futures soared by more than Rs.23,100, or 6%, to a record high of Rs.4,08,487 per kg.

International gold prices hit a record high, inching closer to $5,600 per troy ounce, while silver came closer to the $120 mark on increased geopolitical uncertainties and the dollar's...