Gold prices in India corrected sharply on Friday, January 30, tracking weakness in global bullion markets and a steep fall in domestic futures after recent record highs. The decline was broad-based across purity levels as selling pressure intensified on the Multi Commodity Exchange (MCX).
Gold prices today in India (INR)
24K gold
- ₹17,062 per gram, down ₹823
- ₹1,70,620 for 10 grams
- ₹17,06,200 for 100 grams
22K gold
- ₹15,640 per gram, down ₹755
- ₹1,56,400 for 10 grams
- ₹15,64,000 for 100 grams
18K gold
- ₹12,797 per gram, down ₹617
- ₹1,27,970 for 10 grams
- ₹12,79,700 for 100 grams
The fall marks one of the steepest single-day declines in domestic gold prices in recent weeks.
MCX gold and silver see sharp correction
Gold and silver prices witnessed a sharp correction on the Multi Commodity Exchange (MCX) on Friday after hitting record highs earlier this week. Gold futures fell over 4%, while silver futures slipped more than 5%, mirroring a broader global pullback in precious metals.
Why gold prices are down today
Global profit booking after record highs
The primary trigger behind the fall is aggressive profit booking. Both gold and silver had surged to historic peaks globally and in India over the past few sessions. After such a vertical rally, investors and traders moved swiftly to lock in gains, leading to heavy selling pressure across both spot and futures markets.
Stronger dollar weighs on precious metals
The US dollar rebounded from recent lows after stabilising following the Federal Reserve’s policy decision. A firmer dollar typically pressures gold and silver, as these commodities are priced in dollars and become less attractive for non-US investors. This dollar rebound coincided with the sharp correction in precious metals.
Spillover from global markets
Internationally, spot gold fell around 3.3%, while spot silver dropped about 4.4%, according to ICE data. Silver retreated toward the $110 per ounce level from recent highs near $120, while gold also moved lower after failing to sustain record levels. The reaction on MCX was sharper due to India trading at elevated premiums over global benchmarks.
Compression of India premium
Indian gold and silver prices had been trading at unusually high premiums compared with global markets. As international prices cooled, this premium began to compress rapidly, amplifying the downside move on MCX—especially in silver, which tends to be more volatile than gold.
What buyers should note
The current decline reflects short-term market adjustments and profit taking rather than a change in longer-term fundamentals. Prices may continue to remain volatile in the near term, tracking global cues, currency movements, and positioning in futures markets.
Disclaimer: The above gold rates are indicative and do not include GST, TCS, or other levies. For exact prices, please check with local jewellers.
