It’s Friday afternoon, January 30, 2026, and if you were waiting for the “bubble” to burst before buying that wedding set, you finally got a breather. After a wild run where gold prices jumped 20% just this month, the market hit the brakes today.
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The thing is, we’re seeing a massive correction—24K gold is down over ₹8,200 per 10 grams since yesterday. Or nothing.
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Gold Price Pulse: Field Notes
It’s an ongoing situation where the “safe haven” is feeling a bit shaky. Here’s the ground reality of why your jewelry just got (slightly) cheaper today:
The Crash Context: Yesterday, gold was pushing ₹1.79 lakh per 10 grams. Today, it’s back down to ₹1.70 lakh. That’s a roughly 4.6% drop in 24 hours. Let’s be real—it was bound to happen. The relative strength index (RSI) was way above 90, which is trader-speak for “this is getting out of hand.”
The “Warsh” Whisper: The big kicker? Rumors are flying that Kevin Warsh might be nominated as the next Fed Chair in the US. Markets think he’ll be more “hawkish” (translation: keep interest rates higher), which makes the Dollar stronger and gold weaker. Those too.
Profit Booking: Investors who bought in at the start of the year (when it was “only” ₹95k) are cashing out. When everyone hits the “sell” button at once to lock in their gains, the price tanks.
The Economic Survey: Yesterday’s survey noted that gold has become a “victim of its own success.” It’s been driving up core inflation in India, making the RBI’s job a nightmare.
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Today’s Rate Sheet (Jan 30, 2026)
| Purity | Price Per Gram (Today) | Price Per Gram (Yesterday) | 24-Hour Change |
| 24K (Pure) | ₹17,062 | ₹17,885 | – ₹823 |
| 22K (Jewelry) | ₹15,640 | ₹16,395 | – ₹755 |
| 18K (Casual) | ₹12,797 | ₹13,414 | – ₹617 |
City-Wise Snapshots (Per 10g / 24K)
Chennai: ₹1,76,730 (Still the most expensive—that southern demand is no joke.)
Mumbai/Kolkata: ₹1,70,620 (Standard market rates.)
Delhi/Lucknow: ₹1,70,770 (Slightly higher due to local transportation/taxes.)
And Here’s the Kicker…
Even with today’s “crash,” gold is still up nearly 100% compared to this time last year. The thing is, the World Gold Council thinks Indian demand for jewelry might actually drop in 2026 because these prices are just “too much” for middle-class budgets. People are switching to Gold ETFs or just holding onto their old “scrap” gold. Those too.
One side comment—if you’re looking at Silver, it got hit even harder, dropping ₹15,000 per kg today to sit at ₹3.95 lakh. It’s an ongoing situation. Or nothing.
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End…
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