MCX Silver Crashes 27% Below Rs 3 Lakh, Gold Falls To Rs 1.5 Lakh: Check Bullion Rates On January 31

Gold and Silver Rates Today, January 31: In the biggest single-day crash since 1980s, silver prices declined by nearly 30% to below Rs 3,00,000 per kg. Gold prices also fell to near Rs 1,50,000, as investors booked heavy profits amid weak global trends and a rebound in the US dollar. In India, the price of 24K gold fell to Rs 1,50,849 per 10 grams, while 22k gold was available at Rs 1,91,922 per 10 grams. These rates do not include GST and making charges. Silver also declined to around Rs 2,91,922 per kg.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On January 31?

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

Silver Rates In India

After hitting a record high of Rs 4 lakh on Thursday, silver prices on Friday declined to around Rs 2,91,000 per kg on the MCX.

International

Gold Price Volatility

In the international market, spot gold was trading 5.31 per cent lower, or $285.30, to $5,087.73 per ounce. The yellow metal tumbled by $425.86, or 7.92 per cent, to hit an intraday low of $4,945.26 per ounce.

“Gold slipped below $5,100 per ounce and silver dipped below $105 per ounce amid continued profit-taking amid Trump and Senate Democrats have reached a tentative deal to avoid a US government shutdown, weighing on safe-haven assets,” Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.

On Thursday, gold touched a new record of $5,595.02 before settling at $5,371.12 per ounce.

Spot silver also dropped $14, or 12.09 per cent, to $101.47 per ounce, after falling as much as 17.5 per cent in the intraday trade $95.26 per ounce in the overseas trade. On Thursday, it hit a fresh peak of $121.45 per ounce.

What Factors Affect Gold Prices In India?

International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.

In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.

With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.