Gold prices in India and across global markets have witnessed sharp movements as the month of January draws to a close. After hitting multi-year highs earlier this month, precious metal rates pulled back due to profit-booking, currency fluctuations, and geopolitical cues. Today’s gold price movements are crucial as investors position ahead of the Union Budget 2026 and amid macroeconomic shifts affecting demand and currency strength. In this comprehensive guide, we break down current gold rates in India, city-wise pricing, what’s driving the market, expert views, and what investors should watch next.
Gold Price Today – Key Highlights (31 January 2026)
As of 31 January 2026:
- 24-carat gold in major Indian cities trades around ₹16,000+ per gram.
- 22-carat gold remains between ₹14,700–₹15,500 per gram.
- Prices have corrected sharply compared with recent peaks seen earlier in January.
According to market data updated today:
- 24K Gold: ~₹16,058 per gram
- 22K Gold: ~₹14,720 per gram
- 18K Gold: ~₹12,044 per gram
(All rates exclusive of GST & making charges)
These levels reflect a noticeable dip from the early January highs, and price shifts over the weekend mirror profit-booking by traders and a stronger US dollar, which often dampens bullion prices.
City-Wise Gold Rates – 31 January 2026
Gold prices often vary by region due to taxes, local demand/supply, and jeweler pricing.
Here’s a snapshot of gold rates in major Indian cities today:
| City | 24K Gold (/gram) | 22K Gold (/gram) |
|---|---|---|
| Delhi-NCR | ₹16,041 | ₹14,705 |
| Mumbai | ₹16,026 | ₹14,690 |
| Kolkata | ₹16,026 | ₹14,690 |
| Chennai | ₹15,949 | ₹14,570 |
| Hyderabad | ₹16,026 | ₹14,690 |
| Source: Latest market data from GoodReturns & OneIndia. |
This pricing represents a mix of spot and retail rates. Physical jewellery costs include additional GST (~3%) and making charges, which vary by store.
MCX Gold & Futures Trend
On commodity exchanges like the MCX (Multi-Commodity Exchange), gold futures have also reflected volatility:
- MCX Gold 10g futures have seen prices retreat after recent peaks.
- Silver futures, in particular, have swung sharply due to speculative trading and profit-booking pressure.
Such movements often set the tone for large institutional trades and influence retail sentiment in key Indian markets.
Why Are Gold Prices Falling Today?
Gold rates saw a correction on 31 January due to multiple market drivers:
Profit-Taking by Investors
Traders who booked profits after a strong rally in January contributed to price declines.
Strengthening the US Dollar
The US dollar gained ground after macroeconomic signals, making gold (priced in dollars) more expensive for Indian buyers, leading to downward pressure.
Volatile Silver Market
Sharp silver price swings influenced broader precious metal sentiment, with silver crashing in certain sessions and pulling gold along on risk-off trades.
Budget 2026 Anticipation
Markets are closely watching the Union Budget 2026, scheduled on 1 February, for potential policy moves that could affect import duties, taxes, and gold investment frameworks. Analysts believe post-Budget trading could usher in fresh volatility.
Historic Gold Price in January 2026
January 2026 has been one of the most volatile months for gold in recent years:
| Metric | Value |
|---|---|
| Highest Price in Jan 2026 | ~₹17,800+ per 10g |
| Lowest Price in Jan 2026 | ~₹13,500+ per 10g |
| Opening Price on 1 Jan 2026 | ~₹13,700 per 10g |
These wide swings highlight the impact of global macroeconomic uncertainty, inflation expectations and rapid shifts in investor positioning.
Global Factors Affecting Gold Prices
Gold pricing trends in India are influenced by broader global factors:
International Bullion Price Movements
Global gold prices have seen both record highs and sharp corrections this month as markets balanced inflation fears with stronger currency signals.
US Interest Rate Expectations
Shifts in expectations around the US Federal Reserve and the US dollar influence commodity flows, with a stronger dollar generally putting downward pressure on gold.
Central Bank Activities
Central banks, including India’s RBI and others, continue to hold significant gold reserves, with rising reserves adding to demand support.
Gold as an Investment in 2026
Despite short-term fluctuations, gold continues to play a key role in investor portfolios for reasons such as:
Hedge Against Inflation
Gold has historically preserved value against inflationary pressures, making it a core asset in volatile markets.
Portfolio Diversification
Many investors use gold to hedge equity and currency risks.
Cultural & Festive Demand
In India, gold jewellery remains a strong demand driver, especially during festivals, weddings, and gifting seasons.
Is Now a Buy Opportunity?
Market analysts often caution that:
- Short-term volatility can offer buying opportunities for patient investors.
- Long-term fundamentals still support gold as an asset class amid global economic uncertainty.
However, timing entry requires careful consideration of currency strength, geopolitical developments, and tax implications like GST and capital gains tax on gold sales.
Expert Views & Market Sentiment
Financial analysts say that while current price corrections reflect market repricing, precious metals have not lost their safe-haven appeal. Investments like digital gold, gold jewellery, or gold ETFs can be considered part of a diversified strategy.
Some factors highlighted by experts:
Correction after a strong rally is natural
US dollar heavily influences prices
Budget announcements may trigger renewed investor interest
Global political/economic risks still support gold demand
FAQ – Gold Price Today
Q1: What is the 24K gold rate today?
➡︎ Around ₹16,000 per gram (India average).
Q2: What is the 22K gold rate today?
➡︎ Around ₹14,700 per gram.
Q3: Why are gold prices falling despite earlier rallies?
➡︎ Profit-taking, stronger dollar, and pre-Budget positioning.
Q4: Should I invest now or wait for lower prices?
➡︎ Long-term investors may continue adding gradually, while short-term traders watch technical signals.
Final Thoughts
Gold markets in India and globally remain sensitive to macroeconomic, currency, and geopolitical developments. On 31 January 2026, precious metal prices have eased after a strong rally this month, driven primarily by profit-booking and strengthening of the US dollar. As markets brace for the Union Budget 2026, gold pricing and investor sentiment could face renewed shifts.
For investors and buyers, it’s crucial to:
Track city-wise rates before purchase
Consider both physical and market-linked options
Factor in taxes and making charges
Stay informed of budget & global economic changes
Gold remains a timeless asset — and while short-term price fluctuations can be volatile, many analysts still see it as a strategic part of a diversified investment portfolio.
