Gold Rate Today: Sharp Fall in Prices on January 2; Check Latest Gold and Silver Rates
Gold prices fell sharply on January 2 as profit booking hit global markets. Check today’s latest gold and silver rates and market outlook.
Gold and silver prices decline on January 2 amid global profit booking and easing international rates.
Gold prices saw a significant drop on Friday, January 2, thus magnifying the downtrend which has been evident since the first day of the new year. Prices have declined quite drastically in both domestic and international markets as compared to the previous sessions.
As per the latest rates, 24-carat gold is priced at ₹1,37,320 for 10 grams, while 22-carat gold is available at ₹1,24,200 for the same weight. The silver prices have also witnessed a drop, and now one kilogram of silver costs ₹2,36,498.
Market data shows that gold has fallen not only from yesterday’s levels but has also registered a decline over the past week. This correction comes after gold touched record highs in recent weeks.
In the international market, spot gold is trading at around $4,339 per ounce (31.2 grams), down sharply from last week’s peak of over $4,550 per ounce. Analysts attribute this nearly $200 decline to profit-booking by investors following a strong rally.
Despite the current correction, gold remains one of the strongest-performing assets over the past year, having gained nearly 70%. Over the years, the prolonged decline in the US dollar has been a leading factor behind the metal's price increase, experts say.
Global financial institutions, including Bank of America, are looking past 2026 and still have a positive price outlook on gold. The analysts are of the opinion that the gold prices could go up if the US Federal Reserve takes any further steps to reduce interest rates.
During the Federal Reserve's December policy meeting, they reduced interest rates by 0.25%, which is usually a dollar weakening move and an asset (gold) demand-booster among the risk-averse investors. When the rates are low, the investors often quits the US Treasury bonds and comes to the precious metals.
Notably, there is a price dip in silver as well. The price of silver which had recently gone past ₹2.50 lakh per kg, is now trading at just a little over ₹2.30 lakh, which is a sign of profit-taking going on in the precious metals market at large.
Traders are keeping a close eye on global economic indicators to figure out where the prices of gold and silver are headed next.
