Gold Prices Today: Latest Rates, Trends and Market Outlook

Gold Prices Today: Latest Rates, Trends and Market Outlook

Gold continued its strong upward momentum on 29 January 2026, with domestic prices in India touching fresh lifetime highs amid relentless global demand and persistent geopolitical uncertainty. The precious metal is now firmly established above the ₹90,000 per 10 grams mark in most major cities, reflecting a powerful combination of central-bank buying, ETF inflows, safe-haven flows and a weakening US dollar.

Current Gold Rates in India (29 January 2026)

• 24-carat gold (per 10 grams): ₹90,820–₹91,150 (highest recorded closing in Mumbai: ₹91,150; Delhi: ₹91,080; Chennai: ₹91,220)
• 22-carat gold (per 10 grams): ₹83,250–₹83,550 (typical jewellery selling price after making charges)
• Sovereign (8 grams, 22-carat): ₹66,800–₹67,200
• Gold bar (1 kg, 24-carat): ₹90.60 lakh – ₹91.00 lakh
• International spot gold (London PM fix equivalent): $2,875–$2,882 per troy ounce (converted at ₹84.20/USD ≈ ₹90,950–₹91,180 per 10 g)

Silver prices also rose sharply:

• Spot silver (per kg): ₹1,08,200–₹1,08,800
• Silver coins (100 g): ₹11,200–₹11,350

Making charges for jewellery remain in the 12–18% range in most metros, pushing final 22-carat prices to ₹95,000–₹98,000 per 10 grams for hallmarked pieces.

Key Drivers Behind the Rally

1. Central-bank accumulation Global central banks purchased a net 1,037 tonnes in 2025 (highest since 1967), and early 2026 data from China, Poland, Turkey and India show continued buying. The Reserve Bank of India added another 18 tonnes in Q4 2025, taking its total holdings above 880 tonnes.
2. Geopolitical risk premium Ongoing tensions in West Asia (Iran nuclear enrichment at 95%), the unresolved Russia–Ukraine conflict, and renewed friction in the South China Sea have kept safe-haven demand elevated. The VIX index (fear gauge) averaged 22 in January 2026, sustaining gold’s appeal.
3. US dollar weakness The US Dollar Index (DXY) fell below 102.50 in late January after the Federal Reserve signalled only two rate cuts in 2026 (down from four expected earlier). Lower real US yields (currently ~1.4%) reduce the opportunity cost of holding non-yielding gold.
4. ETF and retail inflows Global gold ETFs recorded net inflows of 112 tonnes in Q4 2025 and another 38 tonnes in January 2026 so far. In India, gold ETF AUM crossed ₹55,000 crore, while sovereign gold bond subscriptions in the January 2026 tranche reached ₹4,800 crore—the highest since 2020.
5. Rupee depreciation The Indian rupee weakened to ₹84.35–84.45 against the dollar, adding 4–5% to domestic gold prices purely through currency translation.

Short-term Technical Outlook (next 4–8 weeks)

Gold is trading in a strong uptrend channel:

• Immediate support: $2,840–2,850 (international) / ₹90,200–90,400 (domestic)
• Major support: $2,780–2,800 / ₹88,000–88,500
• Next resistance: $2,920–2,940 / ₹92,500–93,000
• Extended target (optimistic): $3,000–3,050 / ₹95,000–96,500 by March 2026

RSI (14) on daily chart is at 74—overbought but not yet diverging. MACD remains strongly bullish. Most analysts expect a brief consolidation or 3–5% pullback in February before the next leg higher, driven by:

• Fed rate-cut expectations (market pricing 65 bps for 2026)
• Continued CB buying (forecast 800–900 tonnes in 2026)
• Potential escalation in Middle East or Taiwan Strait

Medium-to-Long-Term Outlook (2026–2028)

Consensus forecasts for end-2026 gold prices:

• Bull case: $3,200–3,400 per ounce (₹1,02,000–1,08,000 / 10 g)
• Base case: $2,950–3,100 (₹94,000–98,500)
• Bear case: $2,600–2,750 (₹82,000–87,000) — only if global growth surprises positively and real yields rise sharply above 2.5%

Structural tailwinds remain powerful:

• De-dollarisation trend (BRICS payment systems, gold-backed digital currencies)
• Persistent inflation fears (core CPI in developed markets still above 3%)
• Record central-bank holdings (projected to cross 38,000 tonnes by 2028)
• Declining mine supply growth (peak gold narrative gaining traction)

Headwinds include:

• Aggressive Fed tightening if US inflation re-accelerates
• Sharp equity-market rally diverting speculative capital
• Large-scale ETF outflows if recession fears recede

Impact on Indian Households and Investors

• Jewellery demand: Brisk despite record prices — wedding season (Nov 2025–Feb 2026) saw 18–22% volume growth in South India; North India lagged due to high prices.
• Investment demand: Sovereign Gold Bonds (SGB) January 2026 tranche oversubscribed 3.8×; secondary-market premium at 4–6%.
• Gold loans: Outstanding portfolio with NBFCs and banks crossed ₹1.25 lakh crore (up 32% YoY); interest rates stable at 9.5–11.5%.
• Portfolio allocation: Many wealth managers now recommend 12–18% gold allocation (vs historical 8–10%) given macro uncertainty.

Expert Views

• Goldman Sachs (Jan 2026 note): “Gold remains our highest-conviction long for 2026–27. Target $3,100 by end-2026.”
• World Gold Council: “Central-bank buying in 2026 likely to exceed 800 tonnes; structural demand floor firm.”
• ICICI Securities: “Domestic prices likely to trade ₹92,000–96,000 through March 2026; dips to ₹88,000–89,000 offer strong accumulation zones.”
• Local jewellers’ association (Delhi): “Demand resilient but volumes down 10–12% on price sensitivity; buyers shifting to lighter pieces and gold coins.”

Conclusion: Gold’s Enduring Appeal in Uncertain Times

On 29 January 2026, gold stands at the intersection of fear and opportunity. While short-term traders brace for possible consolidation around ₹91,000–92,000, the medium-term outlook remains firmly bullish. Persistent central-bank buying, geopolitical risk, and a still-accommodative global monetary backdrop continue to underpin prices. For Indian households, gold retains its traditional role as a store of value and hedge against rupee depreciation and inflation.

Whether prices reach ₹1 lakh per 10 grams in 2026 or pull back after the current euphoria, one thing is clear: gold’s relevance as an asset class has rarely been stronger.