Gold prices tumbled on Thursday, dropping over 4% as traders locked in gains after a sharp rally that sent the precious metal to record highs earlier in the week. Despite the sudden sell-off, bullion remains set for its best monthly run in more than four decades, backed by strong geopolitical tensions and sustained investor demand globally.
Spot gold fell 4.6% to $5,149.99 per ounce in late morning New York trading, after touching an intraday low of $5,126.00. The retreat follows a historic rally that lifted prices to a peak of $5,626.80, underlining the market’s unusually high level of volatility.
What Triggered the Sharp Sell-Off?
Analysts point to immediate profit-taking as the primary catalyst for Thursday’s sharp decline. “We are seeing a dramatic sell-off after precious metals made new recent all-time highs,” said David Meger, director of metals trading at High Ridge Futures. The drop represents a natural market pause and reassessment following an unprecedented, parabolic price surge.
Gold Price Today
Global gold markets recorded a sharp correction on January 29, 2026. COMEX gold futures (GCW00) were trading near $5,324.10 during a volatile session, dropping to an intraday low of $5,126.00 after reaching highs close to $5,600.
| Metric | Value |
|---|---|
| Previous Close | $5,340.20 |
| Open | $5,449.90 |
| Day’s High | $5,626.80 |
| Day’s Low | $5,126.00 |
Today’s Gold Price in Major Indian Cities
Even as global gold prices dropped sharply, domestic prices in India remained steady due to local market conditions and currency movements. Below are the approximate rates for 24-carat gold per 10 grams on January 29, 2026:
| City | 24K Gold Rate (per 10g) | 22K Gold Rate (per 10g) |
|---|---|---|
| Mumbai | ₹1,78,850 | ₹1,63,950 |
| Delhi | ₹1,79,130 | ₹1,64,230 |
| Chennai | ₹1,83,390 | ₹1,68,110 |
| Kolkata | ₹1,78,970 | ₹1,64,070 |
| Bangalore | ₹1,78,960 | ₹1,64,060 |
What Drove the Dramatic Sell-Off?
Analysts point to immediate profit-taking as the primary catalyst for Thursday’s sharp decline. “We are seeing a dramatic sell-off after precious metals made new recent all-time highs,” said David Meger, director of metals trading at High Ridge Futures. The drop represents a natural market pause and reassessment following an unprecedented, parabolic price surge.
