Gold price plunged 4.6% on Jan 29 as profit-taking hit after a record high. See today's rates in Indian cities & why analysts say the bull run isn't over.
Gold Plunges 4% in Sharp Pullback From Record Highs (Image: File)
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.
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.
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 |
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 |
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.
