Gold prices in India witnessed a sharp decline on Friday, January 31, tracking a steep selloff in global bullion markets. The yellow metal recorded one of its biggest single-day falls in recent years as intense profit booking followed an extraordinary rally seen through January.
As per the latest data, the 24-carat gold rate in India today stands at Rs 16,058 per gram, down Rs 862 from the previous session. The 22-carat gold price is quoted at Rs 14,720 per gram, lower by Rs 790, while 18-carat gold is priced at Rs 12,044 per gram, marking a decline of Rs 646.
On a broader scale, 10 grams of 24-carat gold is now priced at Rs 1,60,580, down Rs 8,620, while 100 grams stands at Rs 16,05,800, reflecting a steep fall of Rs 86,200. Similarly, 22-carat gold has dropped to Rs 1,47,200 per 10 grams and Rs 14,72,000 per 100 grams, down Rs 7,900 and Rs 79,000, respectively. 18-carat gold is trading at Rs 1,20,440 per 10 grams, lower by Rs 6,460.
The sharp fall in domestic gold prices followed heavy selling in futures markets. On the domestic futures exchange, gold February 5 contracts settled at Rs 1,49,075 per 10 grams, declining by Rs 20,328 or about 12% in a single session.
In the international market, COMEX gold prices plunged by $591 to close at $4,763 per ounce, after hitting record highs earlier in the week. The sharp reversal came amid a strong rebound in the US dollar and a shift in expectations around monetary policy, which weighed heavily on non-yielding assets like gold.
Market participants attributed the fall to a violent correction after an aggressive rally, as gold prices had surged sharply in recent months, pushing technical indicators into extreme overbought territory. The sudden change in sentiment triggered widespread profit booking and unwinding of speculative positions, leading to heightened volatility.
Gold prices in India are influenced by global spot prices, currency movements, import duties, and local demand. With volatility elevated, traders expect gold rates to remain sensitive to global cues and currency movements in the near term.
The above gold rates are indicative and do not include GST, TCS, and other levies. For exact rates, contact your local jeweller.
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