Despite the recent retreat, bullion prices remain on track for their best monthly performance since the 1980s, supported by a weaker US dollar and persistent geopolitical risks.

gold retreated on Friday after touching a lifetime high above $5,200 per ounce earlier in the week, as traders booked profits following a historic rally. On the Multi Commodity Exchange (MCX)gold slipped 3-4 per cent from record levels of ₹1.73 lakh per 10 grams but remained relatively resilient compared to silver’s sharper decline.

The pullback came after gold surged to fresh all-time highs in early trade on Thursday, driven by strong safe-haven demand amid heightened global uncertainty. Despite the recent retreat, bullion prices remain on track for their best monthly performance since the 1980s, supported by a weaker US dollar and persistent geopolitical risks.

“Gold and silver prices declined, weighed down by a firmer US dollar, but remained on track for their strongest monthly gain since 1980, as investors continued to seek safety amid ongoing geopolitical and economic uncertainty,” said Renisha Chainani, Head of Research at Augmont. She noted that the broader precious metals rally has been driven by persistent macroeconomic risks and a sharp depreciation in the US dollar following policy uncertainty in Washington.

Market volatility intensified after the US President criticized the Fed Chairman for not cutting rates and urged Iran to negotiate a nuclear deal, while Tehran responded with threats of retaliation against the US, Israel, and their allies. “Gold demand is broadening across investor classes, ranging from crypto-linked capital flows to central banks,” Chainani added.

Rahul Kalantri, VP Commodities at Mehta Equities, identified gold support at $5,255-$5,175 with resistance at $5,440-$5,540. On MCX, support is placed at ₹1,62,650-₹1,58,310 while resistance stands at ₹1,74,850-₹1,79,950.

Chainani expects gold to consolidate in the $5,150-$5,500 range before resuming its uptrend towards $5,800-$6,000 (₹1,87,000-₹1,95,000). Strong support lies at $5,150 (₹1,60,000), with a break potentially triggering profit-booking towards $5,000-$4,750.

ASK Private Wealth recently upgraded gold to overweight from neutral, citing policy uncertainties and strong buying from central banks and consumers in China and India.

Published on January 30, 2026

FILE PHOTO: Gold prices today, January 30 across Indian cities | Photo Credit: ARKO DATTA

Gold prices in India saw decrease today across all cities except Chennai. The price for 8 grams of 24-carat gold also dropped in all cities compared to yesterday. Below is a detailed breakdown of gold prices in key cities.

Gold rates in India:

Gold prices in India today were ₹15,690 for 1 gram of 22-carat gold (down by ₹755) and ₹1,25,520 for 8 grams of 22-carat gold (down by ₹6,040).

Gold Rate in Mumbai:

22 Carat: gold price in mumbai were ₹15,690 for 1 gram of 22-carat gold (down by ₹755) and ₹1,25,520 for 8 grams of 22-carat gold (down by ₹6,040).

24 Carat: gold price in mumbai today were ₹16,475 for 1 gram of 24-carat gold (down by ₹792) and ₹1,31,800 for 8 grams of 24-carat gold (down by ₹6,336).

Gold Rate in Chennai:

22 Carat: gold price in chennai today were ₹16,800 for 1 gram of 22-carat gold (up by ₹1,470) and ₹1,22,640 for 8 grams of 22-carat gold (up by ₹11,760).

24 Carat: gold price in chennai today were ₹17,640 for 1 gram of 24-carat gold (up by ₹1,543) and ₹1,41,120 for 8 grams of 24-carat gold (up by ₹12,344).

Gold Rate in Hyderabad:

22 Carat: gold price in Hyderabad today were ₹16,200 for 1 gram of 24-carat gold (down by ₹600) and ₹1,29,600 for 8 grams of 24-carat gold (down by ₹4,800).

24 Carat: gold price in Hyderabad today were ₹17,010 for 1 gram of 24-carat gold (down by ₹630) and ₹1,36,080 for 8 grams of 24-carat gold (down by ₹5,040).

Gold Rate in Delhi:

22 Carat: gold price in delhi today were ₹15,740 for 1 gram of 22-carat gold (down by ₹755) and ₹1,25,920 for 8 grams of 22-carat gold (down by ₹6,040).

The gold price in delhi today were ₹16,527 for 1 gram of 24-carat gold (down by ₹793) and ₹1,32,216 for 8 grams of 24-carat gold (down by ₹6,344).

Gold Rate in Ahmedabad:

22 Carat: gold price in Ahmedabad today were ₹15,744 for 1 gram of 22-carat gold (down by ₹755) and ₹1,25,952 for 8 grams of 22-carat gold (down by ₹6,040).

24 Carat: gold price in Ahmedabad today were ₹16,531 for 1 gram of 24-carat gold (down by ₹793) and ₹132,248 for 8 grams of 24-carat gold (down by ₹6,344).

Gold Rate in Bengaluru:

22 Carat: gold price in Bengaluru today were ₹1,15,750 for 1 gram of 22-carat gold (down by ₹755) and ₹1,26,000 for 8 grams of 22-carat gold (down by ₹6,040).

24 Carat: gold price in Bengaluru today were ₹16,538 for 1 gram of 24-carat gold (down by ₹792) and ₹1,32,304 for 8 grams of 24-carat gold (down by ₹6,336).

Gold Rate in Kolkata:

22 Carat: gold prices in kolkataa today were ₹15,790 for 1 gram of 22-carat gold (down by ₹805) and ₹1,26,320 for 8 grams of 22-carat gold (down by ₹6,440).

24 Carat: gold price in Kolkata today were ₹16,580 for 1 gram of 24-carat gold (down by ₹845) and ₹1,32,640 for 8 grams of 24-carat gold (down by ₹6,760).

Gold Rates Courtesy: bankbazaar.com

Published on January 30, 2026

Silver declined on Friday, settling below $116 per ounce after touching a record high of $121.6 earlier in the week, as traders booked profits following an aggressive rally. On the Multi Commodity Exchange (MCX), silver fell nearly 6 per cent intraday to around ₹3,75,900 per kilogram after printing record highs near ₹4,20,048.

The pullback comes after silver surged more than 60 per cent in January alone, pushing momentum indicators into extreme overbought zones. “Silver’s recent decline is largely a technical and positioning-driven correction, rather than a breakdown in fundamentals,” said Justin Khoo, Senior Market Analyst at VT Markets. He noted that silver’s higher volatility and partial dependence on industrial demand make it more susceptible to sharp corrections compared to gold.

Despite the retreat, the near-term trend for silver remains positive as long as geopolitical tensions persist. Ponmudi R, CEO of Enrich Money, said COMEX silver is consolidating around $108-$111, holding above key moving averages, suggesting the pause is a healthy consolidation rather than trend exhaustion. He identified support at $106-$108, with a sustained breakout above $118-$121 potentially triggering a move toward $125-$140.

Rahul Kalantri, VP Commodities at Mehta Equities, highlighted that precious metals remain on track for their best monthly performance since the 1980s. Market volatility intensified after the US President criticized the Fed Chairman for not cutting rates. Kalantri pegged silver support at $109.10-$104.75 with resistance at $115.15-$117.80.

On mcxthe ₹3,55,000-₹3,60,000 zone remains a critical support base, with immediate resistance near ₹4,15,000-₹4,20,000. Analysts maintain that structural supply deficits and industrial demand from solar, electric vehicles, and AI sectors continue to underpin the bullish outlook for silver.

Published on January 30, 2026

Silver prices in India slipped in trade today, January 30 across all major cities. The price of one gram silver and one kg silver dipped ₹10 and ₹10,000, respectively compared with yesterday’s closing price. This report provides a detailed, city-by-city breakdown of today’s silver prices.

Market experts remain constructive on silver but urge investors to balance optimism with caution.

Silver Rate in India

Silver prices slid today, with the average rate at ₹415 per gram, down ₹10, while one kilogramme now costs about ₹4,15,000, cheaper by ₹10,000.

Silver Rate in Mumbai

Silver prices in mumbai declined to ₹415 per gram, down ₹10, while one kilogram now costs about ₹4,15,000, cheaper by ₹10,000.

Silver Rate in Chennai

Chennai’s silver rates have also seen a decrease to ₹4,15,000 per kg, while 1 gm of silver is available at ₹415, or ₹10 cheaper.

Silver Rate in Delhi

In Delhi, the prices moved similarly lower, tracking losses seen across major cities. The price of one kilogram of silver dipped to ₹4,15,000 compared with ₹4,25,000 in the previous session, marking a steep ₹10,000 slide in a single day.

Silver Rate in Ahmedabad

Silver prices in Ahmedabad decreased, mirroring the downtrend seen across other parts of the country. The cost of one kilogram fell sharply by ₹10,000 to ₹4,15,000, down from ₹4,25,000 in the previous session. In turn, the 1 gm of silver was available for ₹415, cheaper by ₹10 compared with yesterday’s price of ₹425.

Silver Rate in Kolkata

In Kolkata, the white metal saw an equally strong dip, as a kilogramme became cheaper by ₹10,000 at ₹4,15,000 compared with ₹4,25,000 for which it was available yesterday.

Silver Rate in Bengaluru

In Bengaluru too, silver prices declined by ₹10 and by ₹10,000 to ₹415 per gram and to ₹4,15,000 per kg, respectively.

Silver Rates Courtesy: bankbazaar.com

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Published on January 30, 2026

After capping their best years since 1979, gold has jumped another 24% this month to top $5,500 an ounce, while silver surged 60% to exceed $120 an ounce and extend a historic short squeeze.

Gold and silver’s relentless start to a year has taken out record after record, shocked seasoned traders and analysts, and driven exceptional price volatility.

After capping their best years since 1979, gold has jumped another 24 per cent this month to top $5,500 an ounce, while silver surged 60 per cent to exceed $120 an ounce and extend a historic short squeeze. Investors piled into the time-honored havens amid concerns about currency debasement and the Federal Reserve’s independence, trade wars and geopolitical tensions.

While some expect more gains to come, the pace of the rally has sparked concerns that a sizable selloff is due. The threat of large price swings was reinforced on Thursday, as both metals fluctuated wildly.

Here is a look at what has driven the rally and where prices might go:

China piles in

Speculative demand from Chinese investors — highlighted by premiums that local prices have commanded over global benchmarks — helped drag global prices higher.

There have been other signs of massive demand, too. China’s only pure-play silver fund halted trading briefly this week and turned away new customers, with warnings that the premium over Shanghai Futures Exchange contracts is “unsustainable.”

Chinese retail investors tend to be trend-following, like traders in US futures and derivatives markets, Citigroup Inc wrote earlier this week. The bank predicted that strong buying would continue “due to robust short-term momentum,” while forecasting that silver would hit $150 within three months.

Silver ETFs buck price spike

Gold prices have risen alongside demand from exchange-traded funds backed by the metal. But silver’s recent rapid gains have come despite ETF outflows. Almost 30 million ounces — worth over $3 billion at current prices — have poured out since the start of January, data compiled by Bloomberg show. That helped ease tightness in the dominant spot trading hub of London.

It’s a bit of a puzzle how prices soared so much as silver ETFs saw those outflows. Since ETFs are a popular way for retail and institutional investors to get exposure, the divergence suggests other sources of demand have been driving silver higher. That includes physical bar and coin purchases and demand from Chinese buyers.

ETF trading has been frenetic, however. The iShares Silver Trust, the largest silver-backed fund, recorded almost $40 billion in turnover on Monday, almost on a par with the State Street SPDR S&P 500 product and exceeding the $23 billion of trading in Nvidia Corp stock or Tesla Inc’s $22 billion in turnover.

A few months ago, daily trading in the iShares silver ETF was about $2 billion, before it increased to around $10 billion in late December.

options frenzy

The options market is another example of the speculative fervor sweeping precious metals. Call options, which give holders the right to buy at a pre-determined price and time, are seen by some investors as a cheap way to bet on market upside.

For the iShares Silver Trust, total call volume hit a record high on Monday. The cost of buying calls on silver futures relative to the cost of buying equivalent puts, which protect against price declines, also jumped to historical highs in January. That points to a wave of bullish bets.

On the other side of the trade, dealers have needed to hedge against the call options they’ve sold as prices surged. They do so by buying precious metals futures in growing volumes as prices rise, and that activity has been “mechanically reinforcing upward price momentum”, Goldman Sachs Group Inc said in a note.

Hedge funds favor gold

Hedge funds have taken a differing view of the metals of late, with money managers increasing bullish wagers on US gold futures to the highest in almost four months in the week ended January 20 amid anxieties over US threats to annex Greenland.

Yet speculators have backed away from silver, with the latest data showing bullish bets falling to the lowest in nearly two years. That, along with ETF outflows, further suggests the rally has been driven by retail buying as well as demand in China and India.

Selloff risk?

With gold and silver never jumping so much already this year, some technical indicators flashed warning signs. One is the relative-strength index, which in recent weeks signaled that both metals may have become overbought and due a correction.

Gold’s RSI level recently hit the highest in decades. On Thursday, gold slid as much as 5.7 per cent, the most since October, while silver tumbled as much as 8.4 per cent.

If there was to be a wider slump in precious metals, there risks being an outsized impact on silver, which is a much smaller market than gold and is sometimes dubbed the devil’s metal because of its often wild swings.

More stories like this are available on bloomberg.com

Published on January 30, 2026