It’s Thursday, January 22, 2026, and if you were waiting for a dip in the gold market, you finally got a “correction.” After a wild ride where prices were smashing records almost every hour, the fever broke this morning. The thing is, gold is down by about ₹229 per gram for 24K.1 Or nothing.
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The reason? It’s all about the “Greenland Framework.” Trump basically backed off his threats to slap tariffs on Europe, and suddenly, the “safe-haven” panic that was driving gold toward the moon just… evaporated.2 Let’s be real—it’s a breather, not a crash.
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The Gold Desk: Field Notes
It’s an ongoing situation where the global stage is moving faster than the ticker tape. Here’s the ground reality for today’s rates:
The Trump Factor: Yesterday, gold hit a crazy peak of 4,888 an ounce globally.3 Why? Because the U.S. was threatening a 10% tariff on Denmark/EU over Greenland.4 But this morning, a “peace framework” was announced at Davos.5 The thing is, as soon as the threat of a trade war with NATO softened, investors dumped gold and moved back into stocks.6
The Domestic Reality: In India, we’re still looking at massive numbers. 24K gold is sitting at ₹15,431 per gram.7 Even with today’s drop, we’re up over 11% since New Year’s Day. And here’s the kicker—silver is still acting like a rocket, hovering near ₹3.2 lakh per kg.8 Those too.
The “Premium” Problem: Even though global prices fell, Indian gold is still trading at a premium. Why? Because the Rupee is at 90.97 against the Dollar. A weak Rupee makes imported gold more expensive for us, even if the world price drops.9 Or nothing.
City Splits: Chennai is leading the pack as the most expensive city today at ₹15,491 for 24K.10 The thing is, the “South Indian wedding season” demand is keeping prices sticky there, even while Mumbai and Delhi see faster cooling.
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Gold Rate Card: January 22, 2026
| Purity | Rate (Per Gram) | Change from Wed | The “Ground” Reality |
| 24 Karat | ₹15,431 | -₹229 | Pure investment gold. Prices are volatile. |
| 22 Karat | ₹14,145 | -₹210 | The “Jewellery Gold.” Making charges add ₹2k+. |
| 18 Karat | ₹11,573 | -₹172 | Used for diamond-studded pieces. |
City-Wise 24K Gold (10 Grams)
| City | Today’s Price | Yesterday’s Price |
| Chennai | ₹1,54,910 | ₹1,57,200 |
| Delhi | ₹1,54,460 | ₹1,56,750 |
| Mumbai11 | ₹1,54,31012 | ₹1,56,60013 |
| Kolkata14 | ₹1,54,31015 | ₹1,56,60016 |
| Bangalore17 | ₹1,54,31018 | ₹1,56,60019 |
And Here’s the Kicker…
The thing is, Goldman Sachs just updated their end-of-year forecast to 5,400 an ounce.20 Let’s be real—they think this “Greenland dip” is just a blip and that the long-term trend is still up, up, and away. Or nothing.
One side comment—if you’re looking to sell, most local jewelers are still being cautious with their buy-back rates because the market is so “jittery.” It’s an ongoing situation where wait-and-watch is the only real strategy. Those too.
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End…
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