Gold prices in Ahmedabad fell sharply on Friday, January 30, mirroring the broader correction across domestic and global bullion markets after gold hit record highs earlier this week.
Gold rates in Ahmedabad today (per gram)
- 24K gold: ₹17,062
- 22K gold: ₹15,640
- 18K gold: ₹12,797
Prices across all purity levels are lower compared with the previous session, reflecting the steep fall in MCX gold futures.
Why gold prices fell today
MCX gold sees sharp correction
Gold and silver prices corrected strongly on the Multi Commodity Exchange (MCX). Gold futures fell over 4%, while silver futures slipped more than 5%, dragging down spot gold prices in Ahmedabad and other cities.
Profit booking after record highs
The primary trigger behind the decline is aggressive profit booking. Gold had surged to historic peaks in recent sessions across global and Indian markets. After such a near-vertical rally, traders moved quickly to lock in gains, leading to heavy selling pressure.
Stronger US dollar weighs on gold
A rebound in the US dollar following the Federal Reserve’s policy decision added pressure on bullion. A firmer dollar typically makes gold more expensive for non-US buyers, encouraging short-term selling.
Global weakness and India premium compression
Internationally, spot gold fell around 3.3%, failing to sustain record levels. As global prices cooled, India’s elevated premium over international benchmarks began to compress, amplifying the downside move in domestic markets such as Ahmedabad.
What Ahmedabad buyers should note
The fall reflects short-term market adjustments and profit taking, rather than a shift in long-term demand trends. Gold prices may remain volatile in the near term, tracking global cues, dollar movements, 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 Ahmedabad.
