Gold prices in India experienced a significant correction on Saturday, with the commodity shedding a substantial portion of its recent historic gains. The decline was driven by profit-taking and a strengthening US dollar following the nomination of a new Federal Reserve Chair, which shifted market sentiment away from safe-haven assets.
Current Gold Rates in India (31 January 2026):
- 24K Gold: ₹16,934 per gram
- 22K Gold: ₹15,524 per gram
- 18K Gold: ₹12,704 per gram
Gold prices fell from yesterday’s record highs, with 24K dropping ₹965 and 22K down ₹885 per gram. The MCX gold rate now stands near ₹1.69 lakh per 10 grams after failing to sustain the ₹1.78 lakh level.
Market Overview:
- MCX Gold (Jan 31): ₹1,69,200 per 10g
- MCX Silver (Jan 31): ₹4,05,000 per kg
The recent correction follows a period of intense volatility, with gold having surged to new highs earlier this week. The decline is attributed to a stronger US dollar and expectations of a hawkish stance from the Federal Reserve, prompting investors to reassess positions.
City-Wise Gold Prices (per gram):
| City | 24K Gold | 22K Gold | 18K Gold |
|---|---|---|---|
| Mumbai | ₹16,920 | ₹15,510 | ₹12,690 |
| Delhi | ₹16,934 | ₹15,524 | ₹12,704 |
| Kolkata | ₹16,920 | ₹15,510 | ₹12,690 |
| Bengaluru | ₹16,920 | ₹15,510 | ₹12,690 |
| Chennai | ₹17,673 | ₹16,200 | ₹13,254 |
Regional and International Gold Rates:
- Bahrain: ₹1,43,740 (BHD 591)
- Kuwait: ₹1,45,330 (KWD 483)
- Malaysia: ₹1,59,800 (MYR 6,870)
- Oman: ₹1,52,070 (OMR 638.50)
- United States: ₹1,44,880 ($1,580)
- UK: ₹1,44,930 (£1,154.60)
- China: ₹1,53,770 (CNY 11,624.50)
- Pakistan: ₹1,61,350 (PKR 4,91,137)
Historical Price Trend (Last 10 Days in India):
- 31 Jan, 2026: ₹16,934 (24K)
- 30 Jan, 2026: ₹17,900 (24K)
- 29 Jan, 2026: ₹16,708 (24K)
- 28 Jan, 2026: ₹16,195 (24K)
- 27 Jan, 2026: ₹16,195 (24K)
Global Market Context:
Gold prices retreated sharply from the week’s high of approximately $5,626 per ounce, as markets reacted to the Federal Reserve’s policy signals. The nomination of a hawkish Fed Chair led to expectations of tighter monetary policy and a stronger US dollar, prompting profit-taking in bullion.
Despite the correction, analysts believe the overall bullish trend remains intact, supported by ongoing geopolitical tensions and central bank buying. Market experts suggest this pullback is a natural reaction after a historic rally, with support levels expected to hold for the long-term outlook.