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Gold prices continued their strong upward momentum on Tuesday, January 27, with both domestic and international markets witnessing fresh highs. In the national capital, the price of 24-carat gold climbed to ₹1,62,110 per 10 grams, reflecting sustained investor demand and positive global cues. Silver prices also moved sharply higher, underlining the broader strength in precious metals.

The rally in gold is being driven by a combination of global economic expectations and growing confidence among market analysts that the precious metal still has room to rise further in the coming months. A key factor supporting prices is the growing anticipation that the US Federal Reserve may begin cutting interest rates in the near future, a move that typically boosts demand for safe-haven assets like gold and silver.

Gold Breaks Key Levels in Global Markets

In the international market, spot gold has already crossed the crucial $5,000 per ounce mark, a psychological milestone that has further strengthened bullish sentiment. Leading global investment banks have raised their price forecasts, citing strong central bank buying, geopolitical uncertainty, and easing monetary policy as major tailwinds.

Goldman Sachs recently revised its long-term outlook and now expects gold prices to reach $5,400 per ounce by December 2026. Similarly, Société Générale has projected that gold could touch $6,000 per ounce by the end of this year. Morgan Stanley has also indicated that the ongoing rally may continue, with a bullish scenario pointing to levels as high as $5,700 per ounce.

These projections have encouraged investors to increase their exposure to gold, both as a hedge against inflation and as protection against volatility in equity and currency markets.

Latest Gold Rates in Major Indian Cities

On the domestic front, gold prices showed a uniform rise across key cities. In Delhi, the price of 24-carat gold stood at ₹1,62,110 per 10 grams, while 22-carat gold was quoted at ₹1,48,610 per 10 grams.

In Mumbai, Chennai, and Kolkata, 24-carat gold was trading at ₹1,61,960 per 10 grams, while the 22-carat variety was priced at ₹1,48,460 per 10 grams. Similar levels were recorded in Hyderabad, Pune, and Bengaluru.

Here is a snapshot of gold rates in major cities on January 27:

• Delhi: 22-carat – ₹1,48,610 | 24-carat – ₹1,62,110

• Mumbai: 22-carat – ₹1,48,460 | 24-carat – ₹1,61,960

• Ahmedabad: 22-carat – ₹1,48,510 | 24-carat – ₹1,62,010

• Jaipur: 22-carat – ₹1,48,610 | 24-carat – ₹1,62,110

• Lucknow: 22-carat – ₹1,48,610 | 24-carat – ₹1,62,110

Market experts note that domestic prices are being influenced not only by global trends but also by a stable rupee and consistent demand from jewellers and investors.

Fed Rate Cut Hopes Fuel Bullish Sentiment

One of the most important triggers behind the current surge is the expectation that the US Federal Reserve may announce interest rate cuts in its upcoming policy meeting scheduled for January 27–28. If borrowing costs are reduced, yields on fixed-income instruments could fall, making non-interest-bearing assets like gold more attractive.

Lower interest rates typically weaken the US dollar, another factor that supports higher gold prices globally. As a result, investors are positioning themselves ahead of the Federal Open Market Committee (FOMC) decision, anticipating further upside in precious metals.

Silver Joins the Rally

Silver has also mirrored gold’s strength. In the domestic market, silver prices rose to ₹3,60,100 per kilogram on Tuesday morning. In overseas trade, spot silver was trading around $113.46 per ounce.

Analysts believe that silver is benefiting from both safe-haven demand and its industrial usage, especially in renewable energy and electronics sectors. If the global economic outlook remains uncertain, silver could continue to attract fresh buying.

Outlook for Investors

With multiple global institutions upgrading their forecasts and central banks signaling a shift towards easier monetary policy, the outlook for gold remains positive in the medium to long term. However, experts advise investors to remain cautious and track global developments closely, as sharp price movements can also lead to temporary corrections.

For now, the shine on gold appears far from fading, with both gold and silver firmly in an upward trend.