Gold prices in Kolkata declined sharply on Friday, January 30, tracking the broader correction seen across domestic and global bullion markets. The fall comes after gold touched record highs earlier this week, prompting heavy profit booking by investors.
Gold rates in Kolkata today (per gram)
- 24K gold: ₹17,062
- 22K gold: ₹15,640
- 18K gold: ₹12,797
Gold prices across all purity levels are lower compared with the previous session, reflecting the sharp drop in MCX gold futures.
Why gold prices fell today
MCX gold slides after record highs
Gold and silver prices witnessed a sharp correction on the Multi Commodity Exchange (MCX) on Friday, January 30. Gold futures fell over 4%, while silver futures slipped more than 5%, pulling down spot gold prices in Kolkata and other major cities.
Global profit booking triggers sell-off
The primary reason behind the decline is aggressive profit booking. Gold had rallied strongly over the past few sessions, hitting historic highs in both international and Indian markets. After such a steep rise, traders moved quickly to lock in gains, leading to heavy selling pressure.
Stronger US dollar adds pressure
The US dollar rebounded from recent lows after stabilising following the Federal Reserve’s policy decision. A firmer dollar typically weighs on gold prices, as the metal becomes more expensive for non-dollar investors, encouraging short-term selling.
Weak global cues spill into India
Globally, spot gold fell around 3.3%, failing to hold near record levels, according to ICE data. The weakness in international markets spilled over into domestic prices, with MCX gold reacting more sharply.
India premium begins to compress
Indian gold prices had been trading at elevated premiums over global benchmarks. As international prices cooled, this premium started compressing, amplifying the downside move in domestic markets such as Kolkata.
What Kolkata buyers should note
The correction in gold prices reflects short-term profit booking and global market adjustments rather than a shift in long-term demand trends. 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 Kolkata.
