Gold price today, Jan. 28 -- Gold rates jumped 3% on the MCX in morning trade on Wednesday, January 28, to breach the Rs.1.62 lakh per 10 grams mark for the first time amid persisting geopolitical tensions, the dollar's weakness, and strong spot demand. MCX gold February futures jumped by more than Rs.4,700, or 3% to a record high of Rs.1,62,429 per 10 grams, while MCX silver March futures jumped about Rs.21,400, or 6%, to a record high of Rs.3,77,655 per kg.

The dollar index declined by about 0.30%, making the greenback-backed yellow metal cheaper for overseas buyers. As Reuters reported, the dollar dropped to a four-year low against a basket of currencies on Tuesday.

Increasing uncertainties over US trade policies and concerns about t...