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Gold prices in India continued to soften for the second consecutive day on Friday, January 17, 2026, reflecting weakness in global bullion markets and easing geopolitical tensions. Alongside gold, silver prices also registered a decline in both domestic and international markets. Despite the short-term dip, market experts believe that expectations of interest rate cuts by the US Federal Reserve could support precious metals in the coming months.

Gold Rates Ease in Domestic Markets

According to the latest market data, gold prices witnessed a noticeable fall across major Indian cities. In the national capital Delhi, the price of 24-carat gold slipped to ₹1,43,540 per 10 grams, while 22-carat gold was quoted at ₹1,31,590 per 10 grams. Mumbai followed a similar trend, with 24-carat gold priced at ₹1,43,390 per 10 grams and 22-carat gold at ₹1,31,440 per 10 grams.

Other metro cities such as Chennai, Kolkata, and Hyderabad also recorded comparable rates. In these cities, 24-carat gold was selling at around ₹1,43,390 per 10 grams, while 22-carat gold stood at ₹1,31,440 per 10 grams. The decline marks the second straight day of correction in domestic bullion prices.

City-Wise Gold Prices on January 17, 2026

Here is a snapshot of today’s gold rates across key Indian cities:

• Delhi: ₹1,31,590 (22-carat), ₹1,43,540 (24-carat)

• Mumbai: ₹1,31,440 (22-carat), ₹1,43,390 (24-carat)

• Ahmedabad: ₹1,31,490 (22-carat), ₹1,43,440 (24-carat)

• Chennai: ₹1,31,440 (22-carat), ₹1,43,390 (24-carat)

• Kolkata: ₹1,31,440 (22-carat), ₹1,43,390 (24-carat)

• Jaipur: ₹1,31,590 (22-carat), ₹1,43,540 (24-carat)

• Lucknow: ₹1,31,590 (22-carat), ₹1,43,540 (24-carat)

• Chandigarh: ₹1,31,590 (22-carat), ₹1,43,540 (24-carat)

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

Global Factors Behind the Decline

On the global front, spot gold prices slipped to $4,603.51 per ounce. The decline was largely driven by a stronger US dollar and reduced geopolitical risks, especially after tensions in West Asia showed signs of easing. When geopolitical uncertainty declines, investors often move away from safe-haven assets like gold, leading to price corrections.

However, weak inflation data from the United States has strengthened expectations that the US Federal Reserve may cut key interest rates in the near future. Lower interest rates typically benefit non-yielding assets such as gold and silver, as the opportunity cost of holding them decreases.

In addition, factors such as steady industrial demand, long-term investment interest, and declining global inventories continue to provide underlying support to bullion prices, preventing a sharp fall.

Silver Prices Also See a Dip

Silver prices mirrored the trend seen in gold. In the Indian market, silver slipped to ₹2,91,900 per kilogram on Friday morning. In international markets, spot silver prices declined to $90.33 per ounce, down from a recent record high of $93.57 per ounce.

Analysts attribute the fall partly to easing concerns over potential import duties on silver and other critical metals by the US administration. This move reduced speculative buying, leading to short-term profit booking in global markets.

Despite the current decline, silver has delivered strong returns in 2026 so far. Domestic silver prices have surged by nearly 22.4% year-to-date, supported by robust industrial demand, particularly from the renewable energy and electronics sectors.

Outlook for Investors

While gold and silver prices have corrected in the short term, the overall outlook remains cautiously optimistic. If the US Federal Reserve proceeds with interest rate cuts, demand for safe-haven assets could rise again. Investors are advised to keep an eye on global inflation data, central bank policy signals, and geopolitical developments before making investment decisions.

For now, today’s dip may offer a buying opportunity for long-term investors, especially those looking to hedge against inflation and economic uncertainty.