Gold prices in Mumbai declined sharply on Friday, January 30, mirroring the broader correction seen across domestic and global bullion markets. The fall comes after gold prices hit record highs earlier this week, prompting heavy profit booking across futures and spot markets.
Gold rates in Mumbai 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, tracking the sharp decline in MCX gold futures.
Why gold prices fell today
MCX gold witnesses steep sell-off
Gold and silver prices saw a sharp correction on the Multi Commodity Exchange (MCX) on Friday. Gold futures slipped over 4%, while silver futures dropped more than 5%, leading to lower spot prices in Mumbai and other major cities.
Profit booking after record rally
The key trigger behind the decline is aggressive profit booking. Gold had surged to all-time highs in recent sessions, supported by strong global cues and safe-haven demand. After the steep rally, traders moved quickly to book profits, resulting in strong 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 generally weighs on gold prices, as it makes the metal more expensive for overseas buyers, triggering short-term selling.
Weak global trends spill over
Internationally, spot gold fell around 3.3%, failing to hold record levels, according to ICE data. This global pullback spilled into domestic markets, with MCX gold reacting more sharply due to higher local premiums.
India premium begins to compress
Indian gold prices had been trading at elevated premiums compared with global benchmarks. As international prices cooled, this premium began to compress, amplifying the downside move in Mumbai spot prices.
What Mumbai buyers should note
The ongoing decline reflects short-term volatility driven by profit booking and global cues rather than any structural shift in demand. Gold prices may remain volatile in the near term, tracking global markets, currency movements, and futures positioning.
Disclaimer: Gold rates are indicative and do not include GST, TCS, or making charges. Actual prices may vary across jewellers in Mumbai.
