Gold and silver prices fell across major Indian cities today as global pressures and profit-taking pushed the markets back from recent record highs
New Delhi: On Saturday, January 31, 2026, gold and silver prices underwent major shifts throughout India. After touching record and near-record highs earlier in the month, both metals fell as traders booked profits. At the same time, a stronger US dollar and changes in global market sentiment added pressure on prices. As a result, bullion markets in major Indian cities showed a clear correction.
Earlier in January, gold and silver prices had risen sharply. Silver even crossed ₹3 lakh per kilogram at one point, and gold reached record levels. However, by the end of the month, many investors decided to lock in their gains. Global economic signals, currency movements, and futures market trends also influenced domestic prices and led to the decline.
Here is a detailed city-wise report of gold and silver prices on January 31, 2026.
Delhi
In Delhi, 24K gold traded at about ₹1,65,800 per 10 grams. Meanwhile, 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were around ₹3,94,900 per kilogram.
Although prices fell from earlier highs, they remained much higher than at the start of the year. Buyers also had to add 3% GST, along with making charges and hallmarking fees, which increased the final cost of jewellery.
Mumbai
In Mumbai, which is a major bullion trading center, 24K gold traded at around ₹1,69,200 per 10 grams. This rate was slightly higher than in many northern cities. At the same time, 22K gold stood at ₹1,55,100 per 10 grams. Silver prices were close to ₹3,94,900 per kilogram.
Meanwhile, MCX Gold February futures traded near ₹1,69,200 per 10 grams. The MCX Silver March futures price per kilogram was approximately ₹4,05,000. These futures prices strongly affected the spot market in Mumbai.
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Chennai
In Chennai, gold prices were similar to national averages. 24K gold traded at ₹1,65,800 per 10 grams, while 22K gold stood at ₹1,51,870 per 10 grams. However, silver prices were higher at around ₹4,04,900 per kilogram.
Chennai often shows slightly higher silver rates due to strong local demand and transport costs. Even after the fall, prices remained at very high levels compared to past months.
Kolkata
In Kolkata, 24K gold traded at ₹1,65,800 per 10 grams. 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were about ₹3,94,900 per kilogram.
The city followed the national trend. However, minor changes occur because of local demand and dealer stock levels.
Bengaluru
In Bengaluru, gold prices matched national averages. 24K gold traded at ₹1,65,800 per 10 grams, and 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were close to ₹3,94,900 per kilogram.
Although jewellery demand remained steady in the south, prices still fell due to profit booking and global factors.
Hyderabad
In Hyderabad, 24K gold traded at ₹1,65,800 per 10 grams. Meanwhile, 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were higher at around ₹4,04,900 per kilogram.
The higher silver price reflected strong local demand and supply costs. Even so, prices were lower compared to peak levels earlier in the month.
Ahmedabad
In Ahmedabad, 24K gold traded near ₹1,65,800 per 10 grams. 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were around ₹3,94,900 per kilogram.
As a key trading center in western India, Ahmedabad quickly reacted to global market changes. Therefore, international profit booking directly affected local prices.
Jaipur
In Jaipur, 24K gold traded at ₹1,65,800 per 10 grams. 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were around ₹3,94,900 per kilogram.
Wedding season demand supported buying interest. However, traders still reduced prices in line with the national correction.
Lucknow
In Lucknow, 24K gold traded at ₹1,65,800 per 10 grams. 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were around ₹3,94,900 per kilogram.
Local jewellers followed Delhi rates closely. Buyers also had to pay GST and making charges, which increased the total purchase price.
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Bhopal
In Bhopal, gold prices followed the national trend. 10 grams of 24K gold cost ₹1,65,800, whereas 10 grams of 22K gold cost ₹1,51,870. Silver prices were around ₹3,94,900 per kilogram.
Even after the fall, prices remained much higher than early January levels.
Srinagar
In Srinagar, 24K gold traded at ₹1,65,800 per 10 grams, and 22K gold stood at ₹1,51,870 per 10 grams. Silver prices were slightly lower at around ₹3,90,000 per kilogram.
Transport and supply factors often cause small differences in rates in northern hill regions.
Why Did Prices Fall?
First, traders booked profits after gold and silver rose sharply earlier in January. When prices rise quickly, investors often sell to secure gains, which brings prices down.
Second, the US dollar strengthened. Since gold and silver are priced in dollars globally, a stronger dollar makes them more expensive for other countries. This reduces demand and pushes prices lower.
Third, global economic data and central bank updates changed investor mood. Selling pressure in futures markets also affected spot prices in India.
What It Means for Buyers and Investors
The base price of gold must be increased by 3% GST, manufacturing charges, and hallmarking costs for jewellery customers. Therefore, the final cost becomes higher than the listed rate.
Investors in Gold ETFs, Silver ETFs, and MCX futures saw strong price swings. Futures markets showed that traders expected either further correction or price stability.
People buying physical gold bars, coins, or silver bars also needed to choose the right time because prices changed quickly.
Market Outlook
Although prices fell on January 31, experts believe gold and silver may rise again if global uncertainty increases. Inflation worries, geopolitical tensions, and currency changes can support prices.
However, in the short term, prices will depend on global economic data, central bank decisions, and investor sentiment.
Conclusion
On January 31, 2026, gold and silver prices in India dipped following a big gain earlier in the month. In key cities, 24K gold prices ranged from ₹1,65,800 to ₹1,69,200 per 10 kilos. Silver prices varied from ₹3,90,000 to ₹4,04,900 per kilogram.
Even after the correction, prices remained much higher than at the beginning of January. As February begins, buyers and investors will closely watch global market signals to understand the next move in gold and silver prices.
