The price of gold in India recorded a considerable upward movement on 19 January 2026, which is a macroeconomic trend and market dynamics in the domestic markets. With the recovery of the safe-haven demand, gold reached new heights of this month, which boosted its investment hedge but also its cultural significance in the Indian market.
India has recorded an increase in the price of 24-carat gold, reaching around 145,410 per 10 grams on 19th January of the year 2026, equivalent to an increment of around 2580 (= 1.8) on a daily basis as compared to the previous session. In the same manner, 22-carat gold increased to approximately 133, 293/10 grams- again by almost 1.8 percent a day-on-day. 18-carat gold also appreciated to in excess of 109,000/10 grams.
This increase was wide-spread with the prices in leading cities in India performing in line with the national image, with prices in Ahmedabad, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune, and Surat moving up.
Gold Price Table – India (Per 10 Grams, 19 Jan 2026)
| Gold Purity | Price (₹) | Change (₹) | % Change |
|---|---|---|---|
| 24K Gold | ~145,410 | +2,580 | +1.81% |
| 22K Gold | ~133,293 | +2,365 | +1.81% |
| 18K Gold | ~109,058 | +1,935 | +1.81% |
Comparison With Dubai Markets
It was reported that the prices of gold in India were much higher than on the same day in Dubai. As an example, 24K gold in Dubai was sold at approximately 1,12,816 per 10 grams, meaning it would be priced by almost 32,600 (almost 29 per cent) less than in India.
This variation is a manifestation of the importation tax, the local taxes, and the currency flows affecting the pricing of the intermediary gold markets in the world and the Indian market.
Why Gold Prices Are Rising
The increased bullion prices are being caused by a number of interrelated factors:
1. International Financial Uncertainty.
Gold is also a safe-haven commodity that investors resort to when the market is volatile. This trend has been supported in the early part of 2026 by renewed trade tensions, market instability and uncertainty about economic growth.
2. The expectations of the U.S. Federal Reserve Policy.
The markets are also becoming sensitive to the prospect of interest rate reduction by the Federal Reserve of the United States. When the real interest rates are lower, it generally decreases the opportunity cost of holding gold (a non-yielding asset), driving prices up.
3. Currency Movements
Gold is valued in U.S. dollars all over the world. A decreased dollar would push other currency prices of bullion, such as the Indian rupee. This causes gold to be comparatively low to those possessing other currencies and increases demand.
4. Elevated Safe-Haven Demand
Due to geopolitical friction and persistent macroeconomic fears, investors and central banks have been piling up investments in gold thus strengthening its use as an inflation hedge and a portfolio risk hedge.
Historical Context — January 2026 Price Trends
The trend this month shows sustained strength:
- Gold prices rose sharply compared with early January levels above ₹1,38,000 per 10 grams.
- Prices have broken through minor consolidation ranges around mid-January and resumed higher trajectories in most Indian hubs.
This suggests that underlying bullish momentum remains intact even after brief pauses in trading.
City-Wise Gold Price Snapshot (Per Gram, 19 Jan 2026)
Latest city price data from market sources reveals consistent pricing across major urban centers:
| City | 24K (₹/g) | 22K (₹/g) | 18K (₹/g) |
| Pune | 14,569 | 13,355 | 10,927 |
| Kolkata | 14,569 | 13,355 | 10,927 |
| Hyderabad | 14,569 | 13,355 | 10,927 |
| Ahmedabad | 14,574 | 13,360 | 10,932 |
| Lucknow | 14,584 | 13,370 | 10,942 |
| Coimbatore | 14,673 | 13,450 | 11,230 |
These per-gram figures, converted to per-10-gram equivalents, align closely with Financial Express rates when accounting for local making charges and taxes.
What Drives Local Price Differences?
Several factors contribute to city-wise price variations:
- State Taxes and Levies: Different GST implementation nuances and logistical costs affect local purity availability and pricing.
- Retailer Making Charges: Jewellery shop premiums and spread over bullion rates can vary widely by location.
- Supply Chain Costs: Regional demand spikes (e.g., due to festivals or weddings) often push local pricing above nationwide benchmarks.
Investing Versus Jewellery Buying — What to Consider
Gold as an Investment
Gold remains a popular investment for:
- Wealth preservation: Historically low correlation with equities.
- Inflation hedge: Useful during periods of rising consumer prices.
- Portfolio diversification: Minimizes risk in multi-asset portfolios.
Investors can access gold via physical bars/coins, gold ETFs, sovereign gold bonds, and futures contracts on exchanges such as MCX.
Gold for Jewellery
Jewellery buyers should be aware that:
- Purity matters: 24K is pure gold (99.9%+), whereas 22K is standard for Indian ornaments.
- Making charges can be significant and vary across retailers.
- GST (3%) applies on jewellery purchases, unlike bullion futures.
- Purity and hallmarking impact final pricing and resale value.
Expert Views & Market Outlook
Analysts suggest that gold prices may remain elevated in the near term due to:
- Continued safe-haven orientation among global investors.
- Potential U.S. interest rate easing expectations.
- Stubborn inflation signals across key economies.
However, prices are also sensitive to:
- U.S. dollar strength: A rally in the dollar could dampen bullion prices.
- Real yields: Rapid increases in real interest rates may reduce gold’s attractiveness.
- Geopolitical shifts: Sudden détente or global policy shifts can lead to profit-taking.
Conclusion
The performance of gold on 19 January 2026 highlights how the impact of gold will remain a significant part of the financial and cultural industry in India. As prices are at multi-month highs and the demand is backed by safe-haven flows, the investors and buyers need to keep up with the macroeconomic indications on the global level, the domestic tax framework, and the market timing in order to make strategic investments.
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