Gold prices in Delhi slipped sharply on Friday, January 30, in line with the broader correction seen across domestic and global bullion markets. The decline follows a strong rally earlier this week, when gold prices touched record highs and triggered profit booking.
Gold rates in Delhi today (per gram)
- 24K gold: ₹17,077
- 22K gold: ₹15,655
- 18K gold: ₹12,812
Prices across all purity levels are lower compared with the previous session, reflecting the sharp fall in MCX gold futures.
Why gold prices fell today
MCX gold sees sharp correction
Gold and silver prices witnessed a steep decline on the Multi Commodity Exchange (MCX) on Friday. Gold futures dropped over 4%, while silver futures fell more than 5%, dragging down spot gold prices in Delhi and other major cities.
Profit booking after record highs
The primary trigger behind the fall is aggressive profit booking. Gold had rallied sharply over recent sessions, hitting historic highs in both international and Indian markets. After such a vertical rise, traders moved quickly to lock in gains, leading to heavy selling pressure.
Stronger US dollar weighs on gold
The US dollar rebounded from recent lows after stabilising following the Federal Reserve’s policy decision. A firmer dollar typically pressures gold prices, as the metal becomes costlier for non-US investors, prompting short-term selling.
Weak global cues spill into domestic markets
Internationally, spot gold slipped around 3.3%, failing to sustain record levels, according to ICE data. This global weakness spilled over into domestic markets, with MCX gold reacting more sharply.
Compression of India premium
Indian gold prices had been trading at elevated premiums over global benchmarks. As international prices cooled, this premium began to compress, amplifying the downside move in domestic markets such as Delhi.
What Delhi buyers should know
The current correction reflects short-term market adjustments and profit booking rather than a change in long-term demand trends. Gold prices may remain volatile in the near term, tracking global cues, dollar movement, and futures market positioning.
Disclaimer: Gold rates are indicative and do not include GST, TCS, or making charges. Actual prices may vary across jewellers in Delhi.
