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Gold and silver price on January 31: Gold rate surge to fresh all-time high amid trade war fear
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3 min read | Updated on January 31, 2025, 09:55 IST
SUMMARY
Strong buying by jewellers and retailers ahead of the marriage season bolstered gold prices in domestic markets. On Friday, the 24K gold price increased ₹10 to ₹83,030 per 10 grams.
Gold and Silver Price Today (January 31): Gold surges to fresh all-time high after weak US data | Image: Shutterstock
Gold prices surged to a fresh all-time high on Friday, January 31, after weak US data and Donald Trump's latest tariff threats boosted safe-haven demand.
The precious metal traded near record highs of $2,800 an ounce in global markets, which also boosted domestic prices. Weak US GDP data and President Donald Trump's latest threat to impose 25% tariffs on Canada and Mexico fueled the safe-haven demand for the yellow metal.
As a result, investors are dumping riskier assets like equities and giving preference to precious metals amid global economic uncertainties, leading to a consistent rise in gold prices. Strong buying by jewellers and retailers ahead of the marriage season also bolstered prices in domestic markets.
Gold prices gained ₹170 on Thursday, marking their second straight day of gains. The 24K gold price hit ₹83,000 per 10 grams for the first time in major cities. On Friday, the price of 24 K gold increased ₹10 to ₹83,030 per 10 grams. Spot gold increased by 0.08% to $2,796 an ounce in early Asian trade on Friday.
Gold Price Today in India (January 31, 2024)
In Delhi markets, 24K gold prices advanced by ₹10 to ₹83,180 per 10 grams and 22K gold at ₹76,260 per 10 grams. The 24K gold in Mumbai gained ₹10 to ₹83,030 per 10 grams and 22K gold to ₹76,110 per 10 grams.
Gold Price Today in Major Cities
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | ₹76,260 | ₹83,180 |
| Mumbai | ₹76,110 | ₹83,030 |
| Chennai | ₹76,110 | ₹83,030 |
| Kolkata | ₹76,110 | ₹83,030 |
Silver Price Today in India (January 31, 2025)
Silver prices extended gains for the second day, rising by ₹100 to ₹98,600 per kg in major Indian cities on Friday. A rebound in demand from retailers and overnight gains in the metal helped domestic prices.
The white metal rallied ₹2,100 per kg to ₹98,500 on Thursday as its prices hit $31 an ounce in global markets. Spot silver was down 0.74% to $31.41 an ounce in early Asian trade.
Silver Price Today in Major Cities
| City | Silver Price (per kg) |
|---|---|
| Delhi | ₹98,600 |
| Mumbai | ₹98,600 |
| Chennai | ₹1,06,100 |
| Kolkata | ₹98,600 |
Comparison of Gold and Silver Prices This Week
Gold prices extended gains for the third day this week amid a correction in US bond yields, losses in stock markets and weak US GDP data.
Silver prices rebounded on Thursday following gains in overseas markets. Silver traded firm on Friday as well on some demand from industrial users.
Here’s a comparison of gold and silver prices from earlier this week:
| Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver Price (per kg) |
|---|---|---|---|
| Jan 31 | ₹76,110 | ₹83,030 | ₹98,600 |
| Jan 30 | ₹76100 | ₹83,020 | ₹98,500 |
| Jan 29 | ₹75,950 | ₹82,850 | ₹96,500 |
| Jan 28 | ₹75,100 | ₹81,930 | ₹96,500 |
| Jan 27 | ₹75,400 | ₹82,250 | ₹96,500 |
| Jan 24 | ₹75,550 | ₹82,420 | ₹97,500 |
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