Huge Drop In Gold Price In India Today, 28th Jan: 24K/100 Grams Of Gold Rate Falls Rs 3,200; Silver Flat

Significant sell-off pressure was seen in the domestic gold market on Tuesday, 28th January before significant events such as the FOMC meeting and the Union Budget 2025. Following President Trump's speech at the 2025 World Economic Forum in Davos, there was a significant movement in the price of gold. The upcoming Federal Open Market Committee (FOMC) meeting of the year, where the US central bank is scheduled to decide on interest rates and other matters, will be the most awaited event for the market watchers. On the home front, the Union Budget and the GST Council meeting will also be crucial to monitor since they may have a big impact on how the price of gold moves.

Gold Rates In India Today

Today's gold prices in India are Rs 8,193 per gramme for 24 carat gold and Rs 7,510 per gramme for 22 carat gold. In India, the price of 22k of 10 grammes of gold dropped by Rs 300 to Rs 75,100 on Tuesday from Rs 75,400 on Monday, while the price of 22k of 100 grammes of gold dropped by Rs 3,000 in a single day to Rs 7,51,000 today from Rs 7,54,000 yesterday.

While 24k of 100 grammes of gold prices in India on Tuesday reached Rs 8,19,300 compared to Rs 8,22,500 on Monday, reflecting a price decline of Rs 3,200, 24k of 10 grammes of gold will cost Rs 81,930 today compared to Rs 82,250 yesterday, marking a price drop of Rs 320. In India, 18k of 10 grams of gold will cost Rs 61,450 today, down Rs 240 from yesterday's price of Rs 61,690. Meanwhile, the price of 18k of 100 grams of gold dropped Rs 2,400 on Tuesday to Rs 6,14,500, down from Rs 6,16,900 on Monday.

Spot Gold Today

As investors' attention was drawn to the U.S. Federal Reserve's policy meeting, gold remained stable on Tuesday. As of 0436 GMT, spot gold was almost unchanged at $2,740.11 an ounce, while U.S. gold futures climbed 0.2% to $2,743.50, according to Reuters. Palladium lost 0.1% to $959.61, platinum dropped 0.6% to 941.65, while spot silver fell 0.6% to $30.03 an ounce.

Silver Rates In India Today

Following silver ended the previous week on a flat note, but today, Tuesday, January 28, silver prices in India remained stable. Today, silver costs Rs 96.50 per gramme and Rs 96,500 per kilogramme in India.

"The broader view suggests the price remains range-bound, with positivity expected only above ₹93,600. This week, a correction appears likely as prices are retreating from the upper boundary of a descending triangle. Key support levels to watch are ₹89,400, ₹88,000, and ₹87,000, while resistance is seen at ₹92,700 and ₹93,600," said the technical research analysts of Motilal Oswal.

MCX Gold Outlook Today

"From a technical perspective, MCX Gold witnessed profit booking at higher levels and formed a bearish candle on the daily chart. The domestic commodity is now likely to test the 7900078500 levels to complete the price cycle, with an upward sloping trendline in this range acting as strong support. A breakdown below this zone could push prices lower toward the 77700-77200 levels in the near term. On the upside, resistance is observed at the 79750-80150 levels. Traders are advised to maintain strict stop losses, as heightened volatility is expected due to the upcoming Fed interest rate decision and ongoing geopolitical concerns," commented the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices as traders weighed President Donald Trump's latest tariff threats, while a cloud lingered over stock markets due to a global technology rout," stated Nirmal Bang Securities Pvt. Ltd in a note.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.