Gold Prices Today: Latest Rates, Trends and Outlook

Gold Prices Today: Latest Rates, Trends and Outlook

Gold prices in India continued their record-breaking ascent on 29 January 2026, crossing the psychological ₹91,000 per 10 grams level in most major cities for the first time in history. The surge is driven by a powerful confluence of global safe-haven demand, renewed central-bank purchases, persistent geopolitical risk, a softening US dollar and sustained retail & ETF buying in the domestic market. International spot gold is hovering near $2,895 per troy ounce, while domestic prices reflect both the global rally and a weaker rupee (₹84.45–84.55/USD).

Current Gold & Silver Rates (29 January 2026 – morning update)

• 24-carat gold (per 10 grams) Mumbai: ₹91,150–₹91,280 Delhi: ₹91,100–₹91,220 (after ₹150 making charges adjustment) Chennai: ₹91,300–₹91,450 Kolkata: ₹91,080–₹91,200 Bengaluru: ₹91,200–₹91,350
• 22-carat gold (per 10 grams) ₹83,550–₹83,850 (typical jewellery selling price before 3–18% making charges)
• Sovereign (8 grams, 22-carat): ₹67,200–₹67,600
• 1 kg gold bar (24-carat, hallmark): ₹91.00 lakh – ₹91.40 lakh
• Silver (per kg): ₹1,09,200–₹1,09,800
• Silver coins (100 g): ₹11,300–₹11,450

Making charges for jewellery remain elevated at 12–20% in metros due to high demand during the ongoing wedding season and post-Republic Day gifting.

Major Drivers of the Current Rally

1. Central-bank buying remains aggressive Global central banks added an estimated 92 tonnes in January 2026 so far (preliminary data), on track for another 850–950 tonne year after 1,037 tonnes in 2025—the highest annual total since 1967. The Reserve Bank of India bought 12 tonnes in January, taking its holdings past 890 tonnes.
2. Geopolitical risk premium elevated Renewed escalation in West Asia (Iran–Israel shadow conflict), continued Russia–Ukraine stalemate, and fresh tensions in the Taiwan Strait have kept safe-haven flows strong. The CBOE Volatility Index (VIX) averaged 23.4 in January 2026.
3. US dollar weakness & lower real yields The US Dollar Index (DXY) fell below 102.20 after the Federal Reserve signalled a dovish pause—only 50 bps of rate cuts expected in 2026 instead of the 75–100 bps priced in earlier. US 10-year real yields are at ~1.35%, making non-yielding gold more attractive.
4. Strong ETF & retail inflows Global gold ETFs recorded net inflows of 41 tonnes in January 2026 (highest monthly inflow since March 2024). In India, gold ETF AUM crossed ₹58,000 crore while Sovereign Gold Bond January 2026 tranche was oversubscribed 4.1 times (₹5,200 crore).
5. Rupee depreciation The Indian rupee weakened to ₹84.50–84.60 against the dollar in late January, adding 3–4% to domestic prices purely through currency translation.
6. Wedding & festival demand The extended wedding season (Nov 2025–Feb 2026) and post-Republic Day gifting have sustained physical demand despite record prices. Jewellers report 15–18% volume growth in South India; North India growth is muted at 8–10% due to price sensitivity.

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

Gold remains in a strong bullish channel:

• Immediate support: $2,860–2,875 (international) / ₹90,500–90,800 (domestic)
• Strong support: $2,800–2,820 / ₹88,500–89,000
• Next resistance: $2,930–2,950 / ₹93,000–93,500
• Extended target (bull case): $3,050–3,100 / ₹96,500–98,000 by March–April 2026

Technical indicators:

• Daily RSI (14) at 76 — overbought but no bearish divergence yet
• MACD histogram expanding bullishly
• Bollinger Bands widening — classic sign of sustained trend

Most analysts expect a healthy 4–7% pullback in February (possible dip to ₹88,000–89,000 domestically) before the next leg higher, driven by:

• Fed rate-cut expectations (market pricing 55–60 bps for 2026)
• Continued central-bank purchases (consensus 800–900 tonnes for 2026)
• Potential escalation in Middle East or Taiwan Strait

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

Analyst consensus for end-2026 gold prices:

• Bull case: $3,300–3,500 per ounce (₹1,05,000–1,11,000 / 10 g)
• Base case: $3,050–3,200 (₹97,000–1,02,000)
• Bear case: $2,700–2,850 (₹85,500–90,000) — only if global growth surprises strongly and real yields rise above 2.8%

Structural tailwinds:

• De-dollarisation & BRICS payment systems (gold-backed digital currencies gaining traction)
• Persistent inflation fears (core CPI in developed markets still ~3–3.5%)
• Record central-bank holdings (projected to cross 39,000 tonnes by 2028)
• Flat-to-declining mine supply growth (peak gold narrative strengthening)

Headwinds:

• Sharp equity rally diverting speculative flows
• Aggressive Fed tightening if US inflation re-accelerates
• Large-scale ETF outflows if recession fears dissipate completely

Impact on Indian Households & Investors

• Jewellery demand — Resilient despite prices — South India reports 15–20% volume growth; North India lags at 8–12%. Buyers shifting to lighter pieces, coins and 18-carat jewellery.
• Investment demand — Sovereign Gold Bonds oversubscribed 4.1× in January 2026 tranche; secondary-market premium at 5–7%. Gold ETFs AUM at ₹58,000 crore.
• Gold loans — Outstanding portfolio with banks & NBFCs crosses ₹1.35 lakh crore (up 35% YoY); interest rates stable at 9.25–11.75%.
• Portfolio allocation — Many wealth managers now recommend 15–20% gold allocation (up from historical 8–12%) given macro uncertainty.

Expert Commentary

• Goldman Sachs (January 2026 note): “Gold remains our highest-conviction long into 2027. Target $3,200 by December 2026.”
• World Gold Council: “Central-bank demand likely to stay above 800 tonnes in 2026; structural floor intact.”
• ICICI Direct: “Domestic prices to trade ₹92,000–96,000 through March 2026; dips below ₹90,000 are strong buy zones.”
• All India Gem & Jewellery Domestic Council: “Demand holding despite record prices; buyers prefer coins & bars over heavy jewellery.”

Conclusion: Gold’s Enduring Strength

On 29 January 2026 gold stands at the confluence of fear, finance and fundamentals. Short-term traders should prepare for possible consolidation around ₹91,000–92,000, but the medium- to long-term outlook remains firmly bullish. Persistent central-bank buying, geopolitical risk, dollar weakness and inflation uncertainty continue to underpin prices.

For Indian households gold retains its traditional role as a hedge against rupee depreciation, inflation and uncertainty. Whether prices reach ₹1 lakh per 10 grams in 2026 or correct moderately after the current euphoria, one fact remains clear: in turbulent times, gold’s relevance as a store of value and portfolio diversifier has rarely been stronger.

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