MCX Silver Slumps 27% Below ₹3 Lakh, Gold Drops to ₹1.5 Lakh – January 31 Rates
Gold and Silver Rates Today, January 31: Silver Plunges Nearly 30%, Gold Nears Rs 1.5 Lakh
In the biggest single-day fall since the 1980s, silver prices crashed by nearly 30% to below ₹3,00,000 per kg on January 31. Gold also declined sharply, hovering around ₹1,50,000, as investors booked profits amid weak global cues and a stronger US dollar.
In India, 24K gold was priced at ₹1,50,849 per 10 grams, while 22K gold stood at ₹1,91,922 per 10 grams. Silver was trading around ₹2,91,922 per kg. These prices exclude GST and making charges.
Silver Rates in India
After hitting a record high of ₹4 lakh per kg on Thursday, silver corrected sharply to ₹2,91,000 per kg on the MCX on Friday.
International Gold and Silver Trends
Global gold prices mirrored the domestic decline. Spot gold fell 5.31%, or $285.30, to $5,087.73 per ounce, and touched an intraday low of $4,945.26 after tumbling $425.86 (7.92%) during the session.
Spot silver also dropped sharply, falling $14, or 12.09%, to $101.47 per ounce, with intraday lows at $95.26. On Thursday, gold and silver had reached fresh all-time highs of $5,595.02 and $121.45 per ounce, respectively.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted, “Gold slipped below $5,100 per ounce and silver dipped below $105 per ounce amid profit-taking, following news of a tentative deal between Trump and Senate Democrats to avoid a US government shutdown, which weighed on safe-haven assets.”
Factors Influencing Gold Prices in India
Gold rates in India are influenced by global market trends, import duties, taxes, and fluctuations in the exchange rate. These combined factors determine daily domestic prices.
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,38,360 | Rs 1,51,050 |
| Jaipur | Rs 1,38,360 | Rs 1,51,050 |
| Ahmedabad | Rs 1,38,360 | Rs 1,51,050 |
| Pune | Rs 1,38,300 | Rs 1,50,900 |
| Mumbai | Rs 1,38,300 | Rs 1,50,900 |
| Hyderabad | Rs 1,38,300 | Rs 1,50,900 |
| Chennai | Rs 1,38,300 | Rs 1,50,900 |
| Bengaluru | Rs 1,38,300 | Rs 1,50,900 |
| Kolkata | Rs 1,38,300 | Rs 1,50,900 |
Gold continues to hold a significant cultural and financial role in India, being a preferred investment and essential for weddings, festivals, and other celebrations. With the markets experiencing high volatility, staying updated on bullion rates is crucial for investors and traders to navigate these trends effectively.
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