Gold prices in India witnessed a sharp correction on Friday, January 31, delivering a heavy blow to investors who entered the market near recent highs. Anyone who bought 100 grams of 24-carat gold on January 30 has seen the value of their holding fall sharply within a single day.
As per the latest available data, the 24-carat gold price today stands at Rs 16,05,800 per 100 grams, compared with Rs 16,92,000 per 100 grams on January 30. This translates into a loss of Rs 86,200 in just one session, marking one of the steepest single-day declines in recent years.
On a per-gram basis, 24-carat gold is now priced at Rs 16,058, down Rs 862 from the previous session. Similarly, 10 grams of 24-carat gold has slipped to Rs 1,60,580, compared with Rs 1,69,200 on January 30, reflecting a fall of Rs 8,620.
The decline was equally visible across other purity levels. 22-carat gold fell to Rs 14,720 per gram, down Rs 790, while 100 grams of 22-carat gold dropped by Rs 79,000 to Rs 14,72,000. 18-carat gold also saw a sharp fall, slipping to Rs 12,044 per gram, lower by Rs 646.
The sharp correction in domestic prices followed heavy selling in futures markets. On the domestic futures exchange, gold February 5 contracts settled at Rs 1,49,075 per 10 grams, down Rs 20,328 or about 12% in a single session.
Internationally, gold prices witnessed a steep selloff, with COMEX gold plunging by $591 to close at $4,763 per ounce. The fall came after a strong rebound in the US dollar and a rapid shift in expectations around global monetary policy, triggering aggressive profit booking in bullion markets.
Market participants said the move reflects a violent correction after an extraordinary rally, as gold prices had surged sharply through January, pushing technical indicators into extreme overbought territory. The sudden reversal led to widespread unwinding of speculative positions, resulting in heightened volatility.
The above gold rates are indicative and do not include GST, TCS, and other levies. For exact rates, contact your local jeweller.
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