Gold prices in Kolkata softened sharply on Friday, January 31, mirroring a broad selloff seen across domestic and global bullion markets. Following a powerful rally earlier this month, profit booking and a stronger dollar weighed on gold, leading to a notable correction in local prices.
📍 Latest gold rates in Kolkata today (per gram)
| Gold Purity | Rate in Kolkata (Jan 31) |
|---|---|
| 24-carat gold | ₹16,058 |
| 22-carat gold | ₹14,720 |
| 18-carat gold | ₹12,044 |
These prices reflect the current retail gold rates in Kolkata and may vary slightly depending on individual jewellers.
What caused the fall in gold prices?
Gold’s fall in Kolkata followed heavy weakness in both domestic futures markets and international benchmarks:
- On the domestic futures market, gold February 5 contracts saw a steep drop, settling sharply lower after intense selling pressure.
- On the international front, COMEX gold futures plunged by $591 to close at $4,763 per ounce, pressured by a rebound in the US dollar and shifting expectations around interest-rate policy.
Market participants said the selloff was driven by profit booking after a prolonged rally, which had pushed gold prices into technically overbought territory. A sudden shift in sentiment led to widespread unwinding of positions, heightening volatility across bullion markets.
Gold prices in Kolkata remain sensitive to global spot rates, currency movements, import duties and local demand conditions, and traders expect volatility to continue in the near term.
Gold rates mentioned above are indicative retail prices and do not include GST, TCS or other levies. Actual prices may differ slightly across dealers.
Disclaimer: This information is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions.
