Gold Rates CRASH Severely! Gold Rate In Hyderabad Drops Rs 82,300, Falls In Chennai Too; 24K, 22K, 18K Gold

Good rates in India crashed severely after their stupefying record rally. On January 30th, gold price in 10 grams dropped by a whopping Rs 8,230 and 100 grams declined by Rs 82,300 in 24 carat. This was the case with gold prices in cities like Hyderabad, Mumbai, Kerala, Kolkata, and Bengaluru among others. But gold in Chennai saw a different momentum, with prices nosediving by Rs 65,500 in 100 grams and Rs 6,550 in 10 grams.

The latest intense bearish sentiment in gold rates of India comes after COMEX gold nosedived to struggle around $5,200 per ounce. This is one of its steepest single-day decline of the month.

This is due to gold prices which touched above Rs 1.7 lakh mark in 10 grams in India and crossed $5,500 per ounce at COMEX, led precious metals to be in an overbought territory. Hence, profit-booking was warranted.

"While the broader bullish trend remains intact, the recent vertical rally has pushed momentum indicators into overbought territory, leading to heat-driven profit booking and light melting from elevated levels," said Ponmudi R, CEO of Enrich Money.

Check out gold rates in some of the major cities in India:

Gold Rates In India:

Gold Rates In Chennai:

24 carat gold rates plunged by Rs 65,500 in 100 grams to Rs 17,67,300, and tumbled by Rs 6,550 to Rs 1,76,730 per 10 grams. Further, the same carat declined by Rs 5,240 to Rs 1,41,384 per 8 grams, and slipped by Rs 655 to Rs 17,673 per 1 gram.

Furthermore, 22 carat gold prices dipped by Rs 60,000 to Rs 16,20,000 per 100 grams, slide lower by Rs 6,000 to Rs 1,62,000 per 10 grams, and further dropped by Rs 4,800 to Rs 1,29,600 per 8 grams. The cheapest gold price is of 1 gram and this was down by Rs 600 to Rs 16,200.

Meanwhile, 18 carat gold rates contracted by Rs 40,000 to Rs 13,50,000 per 100 grams, plummeted by Rs 4,000 to Rs 1,35,000 per 10 grams, slipped by Rs 3,200 to Rs 1,08,000 per 8 grams, and edged lower by Rs 400 to Rs 13,500 per 1 gram.

Gold Rates In Hyderabad:

This city saw a steeper decline in gold rates on January 30. On Friday, 10 grams gold price dropped by Rs 8,230 to Rs 1,70,620, and nosedived by a breathtaking Rs 82,300 to Rs 17,06,200 per 100 grams under 24 carat. In the same carat, gold prices of 8 grams and 1 gram shed Rs 6,584 and Rs 823 to Rs 1,36,496 and Rs 17,062 respectively.

Under 22 carat, 100 grams gold registered a sharp decline of Rs 75,500 to Rs 15,64,000, and also witnessed a huge Rs 7,550 drop in 10 grams to Rs 1,56,400. Additionally, 8 grams gold price of 22 carat saw a Rs 6,040 downside to Rs 1,25,120, and edged lower by Rs 755 to Rs 15,640.

Lastly, in the case of 18 carat, 100 grams gold price fell by Rs 61,700 to Rs 12,79,700, and 10 grams slipped by Rs 6,170 to Rs 1,27,970. Also, 8 grams gold of 18 carat declined by Rs 4,936 to Rs 1,02,376 per 8 grams, and was lower by Rs 617 to Rs 12,797 per 1 gram.

What Is Impacting Gold Prices?

According to Ponmudi, COMEX Gold is trading in the $5,160-$5,320 zone, cooling off after the sharp spike above $5,600. While the broader bullish trend remains intact, the recent vertical rally has pushed momentum indicators into overbought territory, leading to heat-driven profit booking and light melting from elevated levels. Despite this, prices continue to hold well above major moving averages, indicating that the correction so far is technical and orderly rather than trend-reversing.

Gold Prices In India Prediction:

As per Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), gold s rising sharply from yesterday as the safe-haven metal continues to see strong buying. The strong rise in gold prices is a result of investors becoming increasingly nervous, which is further reinforced by the Economic Survey's view that precious metals are expected to stay at higher levels in a globally uncertain market.

Despite the focus on geopolitical risks, Kamboj said, the overall market sentiment for gold remains strongly bullish, although some correction cannot be ruled out.

Gold Prices Outlook:

In Ponmudi's opinion, strong buying interest is emerging in the $5,050-$55,150 support band, reinforcing this zone as a key demand base. A sustained consolidation above this area could set the stage for the next leg higher, with a decisive move above $5,320-$5,400 reopening upside toward prior peaks.

For MCX gold price, the expert said, the broader structure remains firmly bullish, though the market is witnessing fast intraday swings, reflecting short-term overheating and tactical profit booking after the recent sharp rise. The rising channel remains intact, and pullbacks continue to attract buyers, suggesting that selling pressure is being absorbed efficiently. The Rs1,57,000-Rs1,59,000 zone continues to act as a strong dynamic support. A sustained hold above Rs1,68,000 could revive upside momentum toward Rs1,74,000-Rs1,77,000, keeping the medium-term outlook constructive despite near-term volatility.

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