Gold prices in Mumbai saw a sharp correction on Friday, January 31, in line with intense selling pressure seen across domestic and global bullion markets. The yellow metal came under pressure after heavy profit booking following a prolonged rally in recent weeks.
📍 Latest gold rates in Mumbai today (Jan 31)
| Gold Purity | Rate per gram (Mumbai) |
|---|---|
| 24-carat gold | ₹16,058 |
| 22-carat gold | ₹14,720 |
| 18-carat gold | ₹12,044 |
These rates show a steep intraday fall compared with the previous day, reflecting broad weakness in bullion prices.
What caused the fall in gold prices?
The sharp dip in gold prices in Mumbai followed heavy selling in both domestic and international markets:
- On the domestic futures market, gold February 5 contracts recorded a major decline, with prices settling sharply lower after intense selling.
- Internationally, COMEX gold futures plunged by $591 to close at $4,763 per ounce, as the US dollar strengthened and global traders reassessed interest-rate expectations. This pressured non-yielding assets like gold.
Traders and market participants said the correction was triggered by profit booking after an extended rally, which had pushed gold prices into technically overbought territory. When sentiment shifted, prices corrected swiftly, resulting in heightened volatility.
Gold rates mentioned above are indicative retail prices and do not include GST, TCS, and other taxes. Actual prices may vary among jewellers and local dealers.
Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions. The author is not liable for any losses arising from the use of this information.
