Gold and Silver Rate Today LIVE: Prices Ease After Record Highs — What the Latest Bullion Moves Mean for India
By: Javid Amin | 31 January 2026
Gold and silver prices across India showed mixed movement today, pausing after a sharp rally that pushed bullion to record territory earlier this week. In Delhi, 24-karat gold is trading at ₹16,934 per gram — or ₹1,69,340 per 10 grams — while silver is hovering near ₹3.95 lakh per kilogram in most major markets.
After days of aggressive upward momentum driven by safe-haven buying, global uncertainty, and equity market weakness, the precious metals market is now showing signs of short-term consolidation. Prices have cooled slightly — but remain historically elevated.
For retail buyers, wedding shoppers, jewellers, traders, and long-term investors, today’s rates represent an important inflection point: Is this a temporary dip or the beginning of a broader correction?
This detailed ground-verified market feature explains city-wise prices, trend drivers, investor behavior, and what may happen next.
Today’s Gold Price Snapshot: Major City Rates
Based on widely tracked bullion retail benchmarks used by jewellery markets across India, here are the indicative prices:
24 Karat Gold (Pure Gold)
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Delhi: ₹16,934 per gram (₹1,69,340 per 10g)
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Mumbai: ₹16,919 per gram
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Hyderabad: ₹16,919 per gram
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Bengaluru: ₹16,919 per gram
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Kolkata: ₹16,919 per gram
22 Karat Gold
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Delhi: ₹15,524 per gram
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Mumbai / Hyderabad / Bengaluru / Kolkata: ~₹15,509 per gram
18 Karat Gold
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Delhi: ₹12,704 per gram
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Other major cities: ~₹12,689 per gram
These prices reflect standard bullion benchmarks before jewellery-making charges, dealer premiums, and GST adjustments.
Silver Price Today: Holding Below ₹4 Lakh Per Kg in Most Markets
Silver continues to trade at elevated but slightly softer levels compared to its recent peak.
Silver Rates
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Delhi: ₹394.90 per gram — ₹3,94,900 per kg
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Mumbai: ₹3,94,900 per kg
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Bengaluru: ₹3,94,900 per kg
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Kolkata: ₹3,94,900 per kg
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Hyderabad: ₹404.90 per gram — ₹4,04,900 per kg (local premium)
Southern markets are showing regional premiums driven by higher industrial and jewellery demand.
Why Gold Prices Surged to Record Highs This Week
The recent rally in gold did not happen in isolation. It was driven by a convergence of macroeconomic and financial triggers.
1️⃣ Safe-Haven Buying Intensified
When financial markets become volatile, investors shift toward assets perceived as stable stores of value. Gold historically benefits from:
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Equity market corrections
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Currency volatility
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Inflation concerns
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Geopolitical uncertainty
Recent turbulence in global equities accelerated safe-haven allocation toward bullion.
2️⃣ Profit Rotation From Equities to Commodities
Institutional investors and high-net-worth traders have been rotating capital from:
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Overheated equity sectors
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Risk-heavy assets
into:
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Gold ETFs
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Physical bullion
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Commodity derivatives
This rotation amplified upward price pressure.
3️⃣ Currency Movements Boosted Domestic Gold Prices
Gold is globally priced in dollars. When currency dynamics shift, domestic prices react sharply.
Key effects include:
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Dollar strength or weakness
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Rupee fluctuations
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Import cost adjustments
Even modest currency movement can significantly affect Indian gold rates.
Why Prices Softened Today After the Rally
After touching record highs earlier in the week, gold and silver are now seeing controlled cooling rather than a crash.
Market Mechanics Behind Today’s Dip
✔ Profit Booking
Traders who bought at lower levels are locking gains.
✔ Technical Resistance Levels
Charts show resistance zones where automated and institutional selling occurs.
✔ Weekend Position Squaring
Commodity markets often see position adjustments before weekends and major events.
✔ Budget & Policy Anticipation
Investors sometimes reduce exposure ahead of major fiscal announcements.
City-Wise Gold Price Differences — Why They Exist
Many readers assume gold should cost the same everywhere. In reality, local price differences are normal.
Key Factors Creating City Variation
Transport & Logistics Costs
Movement from bullion hubs to cities adds marginal cost.
Local Demand Conditions
High-demand cities see faster price reaction.
Dealer Premiums
Jewellers add margins based on stock turnover.
State-Level Charges
Minor variations in local levies and operational costs.
The Delhi premium today reflects strong retail and investor demand concentration.
Silver vs Gold: Diverging Demand Drivers
Gold and silver often move together — but their demand drivers differ.
Gold Demand Is Driven By:
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Investment
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Jewellery
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Central bank reserves
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Safe-haven buying
Silver Demand Is Driven By:
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Industry
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Electronics
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Solar panels
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Manufacturing
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Jewellery
This is why silver sometimes shows sharper volatility.
Retail Buyer Impact: Wedding Season Meets Price Shock
India’s jewellery demand is deeply linked to:
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Weddings
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Festivals
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Cultural purchases
High prices are causing:
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Weight reduction buying (buying lighter pieces)
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Increased preference for 18K instead of 22K
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Shift toward gold coins instead of jewellery
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Exchange of old jewellery for new designs
Jewellers’ Ground Feedback
Retail jewellers across major cities report:
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Footfall remains steady
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Ticket size per purchase is lower
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Customers are negotiating making charges more aggressively
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Many buyers are splitting purchases into installments
Demand has not collapsed — but behavior has changed.
Investment Perspective: Should You Buy at These Levels?
Long-Term Investors
Gold remains a portfolio hedge asset.
Typical allocation recommendation:
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5–15% of total portfolio
Short-Term Traders
Volatility remains high.
Entry timing matters more than direction.
Systematic Buyers
SIP-style gold accumulation continues to be rational for long-term savers.
Physical Gold vs Digital Gold vs ETF — Buyer Choice Guide
Physical Gold
Pros:
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Tangible asset
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Cultural value
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No platform risk
Cons:
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Making charges
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Storage cost
Gold ETFs
Pros:
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Liquid
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Transparent pricing
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No storage issues
Cons:
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Market-linked volatility
Digital Gold
Pros:
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Small-ticket buying
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Easy access
Cons:
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Platform dependency risk
Silver Investment — Often Overlooked but Powerful
Silver historically outperforms gold in certain cycles due to:
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Industrial demand spikes
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Manufacturing expansion
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Renewable energy growth
However:
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Volatility is higher
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Price swings are sharper
Suitable mainly for:
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Diversified commodity investors
Price Volatility Warning for New Investors
Current market conditions show:
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Rapid price swings
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Fast intraday reversals
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Sentiment-driven moves
New investors should avoid:
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Panic buying
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Peak chasing
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Leveraged positions without experience
What Could Move Gold Prices Next
Key Upcoming Triggers
Inflation Data Releases
Higher inflation → gold positive
Central Bank Policy Signals
Rate cuts → gold supportive
Currency Movements
Rupee weakness → higher domestic gold price
Global Risk Events
Conflict or instability → safe-haven flows
Bullion Market Structure: How Retail Prices Are Formed
Retail gold price =
International gold price
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Import duty
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GST
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Logistics cost
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Dealer premium
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Making charges (for jewellery)
Understanding this helps buyers negotiate better.
Expert Market View: Consolidation, Not Collapse
Most bullion analysts interpret today’s move as:
“Healthy consolidation after rapid rally — not a reversal.”
Momentum remains intact unless:
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Global risk fades sharply
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Dollar strengthens aggressively
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Interest rate outlook changes suddenly
Silver Outlook: Industrial Demand Remains Strong
Silver’s medium-term outlook remains supported by:
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Solar energy expansion
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Electronics demand
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Battery technology
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EV ecosystem
This gives silver a dual demand engine — industrial + investment.
Practical Buyer Tips at Current Gold Rates
✔ Compare city rates
✔ Check BIS hallmark
✔ Negotiate making charges
✔ Prefer invoice purchase
✔ Track price trend for 3–5 days before buying
✔ Avoid panic buying at spikes
Conclusion: Elevated but Stabilising — A Market in Transition
Gold at ₹1,69,340 per 10 grams in Delhi and silver near ₹3.95 lakh per kg represent a market that has surged — and is now stabilising rather than collapsing.
The current phase is best described as:
High-price consolidation with volatility.
For investors, the message is discipline.
For buyers, the message is timing.
For traders, the message is caution.
Precious metals remain in focus — and the next move will likely be driven by global macro signals rather than local retail demand alone.
