It’s Saturday morning, January 31, 2026, and if you’ve been treating your jewelry box like a high-growth tech stock, today is a reality check. We just witnessed a “Black Friday” for precious metals. Gold and silver haven’t just dipped; they’ve essentially fallen off a cliff.
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The thing is, we’re looking at the biggest one-day drop in four decades. Or nothing.
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The Great Bullion Meltdown: Field Notes
It’s an ongoing situation where the “Gold Rush” of early 2026 just hit a massive wall of profit-booking and political shifts. Here’s the ground reality:
The ₹14,000 Plunge: Gold prices in India cratered by a staggering ₹14,000 per 10 grams in a single session. Just yesterday, people were eyeing the ₹1.8 lakh mark, and now we’re staring at ₹1,50,970 (national average). Let’s be real—it’s a bloodbath for anyone who bought at the peak last week. Those too.
Silver’s Record Crash: Silver was hit even harder. After briefly teasing the insane ₹4 lakh per kg milestone, it plummeted back down to ₹2,92,810. We’re talking about an intraday collapse that wiped out nearly ₹1 lakh in value per kilogram.
The “Kevin Warsh” Effect: Why the panic? President Trump nominated Kevin Warsh to head the Federal Reserve. Markets see him as a “hawk”—someone who will keep interest rates high to crush inflation. High rates are poison for gold because the US Dollar gets stronger, and investors move their money into bonds instead.
The Margin Squeeze: And here’s the kicker—the CME (Chicago Mercantile Exchange) hiked “margin requirements” for the third time in a week. This basically forced traders to sell their gold and silver just to cover their cash requirements. It was a domino effect. Or nothing.
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Precious Metals: The Saturday Snapshot (Jan 31, 2026)
| City | Gold (24K/10g) | Silver (1kg) | The “Vibe” |
| Mumbai | ₹1,50,690 | ₹2,92,280 | Heavy selling at Zaveri Bazaar. |
| Delhi | ₹1,50,430 | ₹2,91,770 | Buyers staying away, waiting for ‘bottom’. |
| Chennai | ₹1,51,130 | ₹2,93,130 | Still the most expensive in India. |
| Bengaluru | ₹1,50,810 | ₹2,92,510 | Retail demand has “frozen.” |
And Here’s the Kicker…
We are just 24 hours away from Budget 2026 (Feb 1). There is massive speculation that the government might cut the import duty on gold to help stabilize the domestic market. The thing is, if they do cut the duty, prices will drop even further. If they don’t, the market might see a small “relief rally.” Those too.
One side comment—if you’re planning a wedding, this is either a “buy the dip” miracle or a terrifying sign of volatility. Most analysts are saying stay on the sidelines until the Budget speech is over. It’s an ongoing situation. Or nothing.
Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1
End….
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