How the GODSY data performed for week to January 24, 2026

24 Jan 2026 , 03:23 PM

WHY DO WE LOOK AT THE GODSY DATA?

When we talk of Indian markets, we talk about valuations, earnings, inflation and a host of other factors. However, there are some unrelated data points (domestic and global), which have a silent bearing on the equity markets. We call it the GODSY data points and we look at 7 reflective variables under these 5 data headers. Let me explain!

Out first data points is Gold and we look at the trend of international spot gold prices for the week. Gold has been the star safe haven asset rallying more than 75% in the last 1 year. Oil has been subdued, but that is more because the global market is heavily oversupplied. However, Russian sanctions have led to an uptick in oil prices, not too positive for India.

Dollar is represented by the dollar index and the USDINR. The dollar is weak, but the rupee is still weakening against the dollar. Then comes the other safe haven metal, Silver, which has rallied a stunning 225% in the last 1 year. Finally, there are the Yields; with the bond market trends being captured by the India 10-year bonds and the US benchmark bonds.

• US BOND YIELDS FLAT FOR THE WEEK

The table captures US 10-year benchmark bond yields over last 6 trading sessions.

Date	Price (%)	Open (%)	High (%)	Low (%)
23-Jan-26	4.239	4.247	4.263	4.227
22-Jan-26	4.251	4.241	4.277	4.233
21-Jan-26	4.253	4.287	4.301	4.245
20-Jan-26	4.295	4.259	4.313	4.249
19-Jan-26	4.263	4.238	4.313	4.220
18-Jan-26	4.224	4.215	4.227	4.208
16-Jan-26	4.231	4.171	4.233	4.163

Data Source: Bloomberg

US bond yields edged up marginally from 4.231% to 4.239%. In the previous week, US bond yields had rallied by 7 bps; after GDP growth flattered, ruling out rate cuts in January. This week, the aggressive tone adopted by the US on Greenland and Iran has kept bond yields subdued. The US 10-year bond yields touched a high of 4.313% and low of 4.208%.

• US DOLLAR INDEX (DXY) RETREATS FROM NEAR-100 LEVELS

Here is the US dollar strength index (DXY) over last 5 trading sessions.

Date	Price (%)	Open (%)	High (%)	Low (%)
23-Jan-26	97.60	98.33	98.48	97.43
22-Jan-26	98.36	98.79	98.83	98.26
21-Jan-26	98.76	98.61	98.87	98.38
20-Jan-26	98.64	99.14	99.14	98.25
19-Jan-26	99.39	99.44	99.47	99.01
16-Jan-26	99.39	99.37	99.48	99.16

Data Source: Bloomberg

The 100 level continues to be elusive, as the dollar index (DXY) retreated from highs This can be largely attributed concerns over the central role of the dollar in the global financial trade and reserve system. For the year, dollar is still down more than 10%. The US dollar index (DXY) touched a high of 99.47 and a low of 97.43 this week.

• INDIA BENCHMARK YIELDS FLAT FOR THE WEEK

The table below captures 10-year India bond yields for last 5 trading sessions.

Date	Price (%)	Open (%)	High (%)	Low (%)
23-Jan-26	6.664	6.636	6.673	6.636
22-Jan-26	6.636	6.655	6.655	6.633
21-Jan-26	6.655	6.673	6.676	6.655
20-Jan-26	6.673	6.684	6.689	6.651
19-Jan-26	6.684	6.678	6.694	6.675
16-Jan-26	6.678	6.647	6.687	6.647

Data Source: RBI

For the week, the India bond yields moved from 6.678% to 6.664%. In last 2 weeks, apart from the reduced rate cut expectations, the bond yields also spiked as some of the bonds sold off, following Bloomberg deferring the inclusion of Indian bonds in the BGAI index. Last week, India 10-year bond yields touched a high of 6.694% and a low of 6.633%.

• RUPEE WEAKENS CLOSER TO THE ₹92/$ LEVEL

The table captures the official USDINR exchange rate for last 5 trading sessions.

Date	Price (₹/$)	Open (₹/$)	High (₹/$)	Low (₹/$)
23-Jan-26	91.675	91.559	91.988	91.415
22-Jan-26	91.570	91.537	91.681	91.279
21-Jan-26	91.546	91.055	91.753	90.998
20-Jan-26	91.119	90.905	91.119	90.871
19-Jan-26	90.902	90.717	91.015	90.610
16-Jan-26	90.709	90.318	90.891	90.318

Data Source: RBI

The rupee has moved from around ₹90/$ to close to ₹92/$ in just about 2 weeks as global event risk gathered pace. With geopolitical uncertainty over US action on Greenland, Iran, and Venezuela; risk-off investing is the trend now. RBI is going slow on supporting the rupee with dollar already weak. USDINR touched weekly high of ₹90.610/$ and low of ₹91.988/$.

• BRENT CRUDE EDGES CLOSER TO $66/BBL LEVEL

The table captures the Brent Crude prices over last 5 trading sessions.

Date	Price ($/bbl)	Open ($/bbl)	High ($/bbl)	Low ($/bbl)
23-Jan-26	65.88	64.38	66.30	64.29
22-Jan-26	64.06	65.15	65.38	63.56
21-Jan-26	65.24	64.12	65.45	63.61
20-Jan-26	64.92	64.15	65.15	63.38
19-Jan-26	63.94	63.63	64.39	63.26
16-Jan-26	64.13	63.74	64.77	63.44

Data Source: Bloomberg

Brent Crude has now bounced nearly 10% from its support of $60/bbl. Apart from the risk of Venezuela disrupting oil supply chains; Russian sanctions are also likely to limit supply. Venezuelan output will take time. However, oversupply will remain a factor in capping crude prices. Brent touched a high of $66.30/bbl and a low of $63.26/bbl during the week.

• SPOT GOLD GETS TANTALIZINGLY CLOSE TO $5,000/OZ

The table captures international spot prices of gold in dollars per troy ounce (oz).

Date	Price ($/oz)	Open ($/oz)	High ($/oz)	Low ($/oz)
23-Jan-26	4,982.91	4,936.75	4,989.93	4,899.72
22-Jan-26	4,936.75	4,836.95	4,941.25	4,772.38
21-Jan-26	4,836.67	4,763.53	4,888.22	4,755.70
20-Jan-26	4,763.49	4,671.02	4,766.46	4,659.34
19-Jan-26	4,671.02	4,630.80	4,690.80	4,629.80
16-Jan-26	4,595.10	4,614.90	4,621.27	4,537.15

Data Source: Bloomberg

Since the start of January 2026, gold has rallied 15.1% in 3 weeks amid rising geopolitical risk. The week saw Spot Gold get very close to its 2026 year-end target of $5,000/oz. In India, spot 24K gold rallied to ₹1,54,806 per 10 grams. Rally in gold was triggered by Trump’s Greenland plans. The weekly high for gold was $4,989.93/oz and low was $4,629.80/oz.

• SPOT SILVER BREAKS ABOVE PSYCHOLOGICAL $100/OZ

The table captures international spot prices of Silver in dollars per troy ounce (oz).

Date	Price ($/oz)	Open ($/oz)	High ($/oz)	Low ($/oz)
23-Jan-26	102.9727	96.1950	103.0335	96.1174
22-Jan-26	96.1987	93.2557	96.6092	90.8396
21-Jan-26	93.2560	94.6286	95.5199	90.3638
20-Jan-26	94.6150	94.4252	95.8956	92.5886
19-Jan-26	94.7050	91.0785	94.7050	91.0041
16-Jan-26	89.9544	92.3426	92.8314	86.9000

Data Source: Bloomberg

Since the start of Jan-26, silver has rallied 41.7% to $102.97/oz. In India, silver rallied to ₹3,18,960 per KG level. Silver appears to be emerging as a poor man’s gold to hedge global event risk. Markets expect further upsides on silver due to industrial demand from electronics, alternate energy, and defence applications. Gold/Silver ratio has fallen from around 92.3 in April 2025 to 48.2 in May 2026.

 

Summary There are some interesting takeaways from the GODSY data points. The rising event risk globally is being best captured by the relentless rally in gold and silver; rallying 15% and 41% respectively since the start of 2026. Oil has held up amidst rising supply concerns. The irony is that the USDINR shows a weakening rupee, despite the US dollar having weakened over 12% in the last 1 year. That is most likely to prevent the RBI from cutting rates so that yields are attractive enough for global investors.