Gold prices today, January 24: Check rates in Mumbai, Delhi and other cities

Region-wise, the price of 10 grams of 24-carat gold stood at Rs 1,57,160 in Mumbai and Kolkata, while it was higher at Rs 1,58,740 in Chennai. In Delhi, 24-carat gold was priced at Rs 1,57,310 per 10 grams.

For 22-carat gold, the price in Mumbai was Rs 1,44,060 per 10 grams, the same as in Kolkata, Bengaluru, and Hyderabad. Chennai recorded a higher price of Rs 1,45,510, while Delhi saw 22-carat gold trading at Rs 1,44,210 per 10 grams.

Silver prices remained uniform across several major markets, with one kilogram priced at Rs 3,40,100 in Delhi, Kolkata, and Mumbai. In Chennai, silver was costlier at Rs 3,45,100 per kilogram.

Silver's exceptional 200 pc rally boosts near term case for gold: Report

Meanwhile, silver’s exceptional rally of over 200 per cent in the last 12 months sharply outperforming gold’s 80 per cent surge has created a condition in favour of yellow metal in the near term, a new report has said. 

The report from Motilal Oswal Financial Services Ltd. (MOFSL) said that the current gold–silver ratio favours the yellow metal after silver’s outsized run.

The sharp outperformance of silver over has led to a "significant compression in the gold–silver ratio, which has fallen from pandemic highs of 127 to around 50 at the start of 2026," the report mentioned.

This reset suggests that while the long-term outlook for precious metals remains constructive, the near-term risk-reward equation may now be shifting in favour of gold after silver’s outsized run.

Silver showed more volatility with sharper price swings, while gold continues to offer relatively better stability—making it a preferred near-term hedge in uncertain market conditions, the report said.

Silver's sharp surge of over 200 per cent, from Rs 60,000 to Rs 3,20,000, could lead to a phase of consolidation at elevated levels or rebalancing by market participants becomes more likely.

The brokerage emphasised that the view is not a negative call on silver, but a risk-managed reallocation strategy after an aggressive up move.

Global silver ETFs saw outflows of over 3 million ounces in 2026, while gold ETFs experienced comparatively steadier inflows.

Global liquidity is expanding, the report said, citing an increase of money supply in the US and China, with the latter's money supply growing over 8 per cent YoY — conditions that historically boost demand for safe‑haven assets such as gold.

(With inputs from Agencies)