Gold prices in India witnessed a mild decline on January 28, 2026, while silver continued its upward momentum, supported by strong global cues and expectations of policy easing by the US Federal Reserve. Investors remain focused on the upcoming decision of the Federal Open Market Committee (FOMC), scheduled for later today, which could significantly influence precious metal prices worldwide.

Gold Prices Slip in Domestic Markets

In the domestic bullion market, gold prices edged lower in early trade. In Delhi, the price of 24-carat gold fell to ₹1,62,090 per 10 grams, while 22-carat gold was quoted at ₹1,48,590 per 10 grams. In Mumbai, 24-carat gold slipped to ₹1,61,940 per 10 grams, with 22-carat gold trading at ₹1,48,440 per 10 grams.

Despite the day’s correction, gold prices have seen a strong rally in recent sessions. Over the last seven trading days, international gold prices have surged by nearly 9%, gaining around $416 per ounce, reflecting heightened demand for safe-haven assets.

International Gold Rates Remain Elevated

In global markets, spot gold was trading at $5,087.48 per ounce, remaining close to record highs. Market participants are closely tracking signals from the US central bank, as expectations of an interest rate cut have strengthened.

Analysts believe that if the Federal Reserve moves toward easing monetary policy, gold could see further upside. According to Morgan Stanley, in a bullish scenario, gold prices could climb to as high as $5,700 per ounce. Meanwhile, Societe Generale has projected that gold may touch $6,000 per ounce by the end of the year if macroeconomic conditions remain supportive.

City-Wise Gold Rates in India

Here are the latest gold prices across major Indian cities:

• Delhi:
  • 22-carat: ₹1,48,590 per 10 grams
  • 24-carat: ₹1,62,090 per 10 grams
• Mumbai, Chennai, Kolkata, Hyderabad:
  • 22-carat: ₹1,48,440 per 10 grams
  • 24-carat: ₹1,61,940 per 10 grams
• Ahmedabad, Bhopal:
  • 22-carat: ₹1,48,490 per 10 grams
  • 24-carat: ₹1,61,990 per 10 grams
• Jaipur, Lucknow, Chandigarh:
  • 22-carat: ₹1,48,590 per 10 grams
  • 24-carat: ₹1,62,090 per 10 grams
• Pune and Bengaluru:
  • 22-carat: ₹1,48,440 per 10 grams
  • 24-carat: ₹1,61,940 per 10 grams

Prices may vary slightly depending on local taxes, making charges, and dealer margins.

Silver Prices Continue to Shine

While gold saw a slight pullback, silver prices maintained their strong upward trend. On the morning of January 28, silver was trading at ₹3,70,100 per kilogram in the domestic market. In international trade, spot silver stood at $112.41 per ounce.

Silver prices are being supported not only by safe-haven demand but also by robust industrial consumption, particularly from sectors such as renewable energy, electronics, and electric vehicles. This dual demand profile has helped silver outperform gold in recent weeks.

Why Markets Are Watching the US Fed Closely

Investors across global markets are awaiting the outcome of the Federal Reserve’s policy meeting, as expectations of a key interest rate cut have grown. If interest rates are lowered, non-yielding assets like gold and silver become more attractive, potentially driving further inflows into precious metals.

Lower borrowing costs also tend to weaken the US dollar, which typically supports higher commodity prices. As a result, any dovish signal from the Fed could trigger fresh buying interest in gold and silver.

Outlook for Precious Metals

Market experts remain optimistic about the medium- to long-term outlook for precious metals. With geopolitical uncertainties, expectations of monetary easing, and strong investment and industrial demand, both gold and silver are likely to stay in focus for investors.

However, short-term volatility cannot be ruled out as markets react to central bank decisions and macroeconomic data. Investors are advised to keep an eye on global cues while tracking domestic price movements.