CHENNAI: Goldsurged by Rs 9,520 in a single session on January 29 (Thursday) after the US Federal Reserve decided to hold interest rates steady at 3.5 to 3.75 percent, despite President Donald Trump's push
22-carat gold now costs Rs 1,34,400 per sovereign (8 grams) and Rs 16,800 per gram, marking a rise of Rs 1,190.
A day earlier, on January 28, the shiny metal was priced at Rs 1,24,880 per sovereign and Rs 15,610 per gram.
Gold remains significantly higher compared to last year. Prices have surged from Rs 60,760 per sovereign (Rs 7,595 per gram) on January 29, 2025, to Rs 1,34,400 per sovereign (Rs 16,800 per gram) on January 29, 2026, marking an increase of Rs 73,640, or about 121.1%.
Meanwhile, silver prices increased to Rs 425 per gram (Rs 4,25,000 per kg) on January 29. A gram had cost Rs 400 per gram on January 28.
Analysts said gold and silver prices are being driven higher by a weaker US dollar, rising geopolitical tensions, central bank buying, and heightened policy uncertainty under the Trump administration. President Donald Trump's remarks playing down concerns over the dollar, his indication that he would soon name a new Federal Reserve chair, and fresh tariff threats, including moves targeting Canada and higher duties on automobiles, pharmaceuticals and lumber, have unsettled markets.
Silver has also benefited from strong industrial demand from solar power, electric vehicles, data centres and electronics.
January 28, 2026: 1 Sovereign- Rs 1,24,880 | 1 gram- Rs 15,610
January 27, 2026: 1 Sovereign- Rs 1,19,680 | 1 gram- Rs 14,960
January 26, 2026: 1 Sovereign- Rs 1,20,200 | 1 gram- Rs 15,025
January 24, 2026: 1 Sovereign- Rs 1,16,400 | 1 gram- Rs 14,650
January 23, 2026: 1 Sovereign- Rs 1,16,400 | 1 gram- Rs 14,550
January 28, 2026: 1 gram- Rs 400
January 27, 2026: 1 gram- Rs 387
January 26, 2026: 1 gram- Rs 376
January 24, 2026: 1 gram- Rs 355
January 23, 2026: 1 gram- Rs 345