Gold rate today 31 January 2026 witnessed a major correction in India, surprising investors after a strong rally earlier this month. Gold prices fell sharply across spot and futures markets as heavy profit booking, a stronger US dollar, and weak global cues triggered intense selling pressure.
Market experts say this is one of the biggest short-term corrections seen in recent times, coming right after gold touched record-high levels in January.
MCX Gold Rate Today
On the futures side, gold prices on Multi Commodity Exchange of India (MCX) dropped steeply during the session. Near-month contracts, including the February 2026 expiry, were trading in the range of ₹1,49,075 to ₹1,50,970 per 10 grams.
This marks a fall of nearly 10–12% from recent peaks of around ₹1.69 lakh to ₹1.78 lakh, highlighting how quickly sentiment has turned cautious. A rebound in the US dollar and easing safe-haven demand added further pressure on prices.
Gold Rate Today 31 January 2026 City-wise Retail Prices
Retail gold prices also declined across major Indian cities. However, rates continued to vary based on local taxes, GST, and jeweller making charges.
| City | 24K Gold Price (per 10g) | 22K Gold Price (per 10g) |
|---|---|---|
| Delhi | ₹1,69,340 – ₹1,69,350 | ₹1,55,090 – ₹1,55,250 |
| Mumbai | ₹1,60,580 – ₹1,69,200 | Around ₹1,55,100 |
| Hyderabad | Around ₹1,69,190 | Around ₹1,55,150 |
| Chennai | ₹1,72,900 – ₹1,76,730 | Slightly higher |
| Kolkata / Bengaluru | Around ₹1,69,200 | Around ₹1,55,200 |
Overall, 24K gold prices ranged between ₹1.60 lakh and ₹1.69 lakh per 10 grams, with some areas reporting levels closer to ₹1.50 lakh amid the ongoing correction.
What Triggered the Sudden Fall?
This sharp fall comes after a historic two-day wipeout of nearly ₹1.8 lakh per 100 grams, following January’s strong surge. Analysts believe traders are locking in profits, while global factors like currency movement are limiting fresh buying.
Investors tracking gold rate today 31 January 2026 are advised to monitor live prices from MCX, trusted financial portals, and local jewellers, as gold prices remain highly volatile and can change multiple times during the day.
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Disclaimer: Gold prices fluctuate rapidly due to global and local factors. The rates mentioned are approximate, based on available market data and reports as of January 31, 2026. Actual prices at jewelers/MCX may vary due to making charges, taxes (GST), purity checks, intraday movements, and location-specific differences. This is for informational purposes only and not investment/financial advice. Always verify live rates from official sources like MCX, trusted jewellers, or financial platforms before making any decisions.
Sources & References:
- https://www.hindustantimes.com/india-news/gold-silver-rate-today-live-update-mcx-gold-price-today-mcx-silver-price-today-31st-jan-2026-latest-news-101769827616514.html
- https://www.goodreturns.in/news/biggest-crash-ever-in-gold-rate-in-india-jan-31-rs-1-8-lakh-wipeout-in-48-hrs-silver-prices-mcx-1485557.html
Yogesh Kolhe is a business and market news writer covering the share market, company earnings, and gold and silver price movements, with a strong focus on the automobile sector. A Mechanical Engineering graduate with 5 years of share market experience, he provides data-driven, reliable insights into market and industry trends.
