Gold Price Today: Spot Price Drops 3.68% Per Ounce – Check Rates in Your City
Gold price in India opened lower today, January 2, 2026, after a sharp fall in the global market. Spot gold has dropped 3.68% per ounce this week, marking one of the biggest short-term declines in recent months. This move has quickly affected domestic gold rates across major Indian cities.
For Indian buyers, gold is more than a metal. It is a store of value, a cultural symbol, and a trusted hedge in uncertain times. When prices fall suddenly, interest rises just as fast. Many buyers see dips as an entry point. Others pause to understand what changed.
The recent decline is linked to global cues. A stronger US dollar, shifting interest-rate expectations, and profit booking have put pressure on gold prices worldwide. These global moves are reflected directly in Indian markets through import costs and currency changes.
As a result, city-wise gold rates are now adjusting. Prices in Chennai, Delhi, Mumbai, and other metros show noticeable variation today. For investors and jewelry buyers, tracking these changes has become more important than ever.
What Caused the Gold Price Drop in India?
The Gold price in India and around the world has shown mixed behaviour in early January 2026. After a strong rally in late December, gold showed signs of weakening at the end of the year. Global spot prices were volatile recently, influenced by changes in the US dollar and investor moods. In some reports, gold prices fell for several days before the new year, pushing domestic rates down in major markets.
International markets affect India’s gold rates due to import costs and currency values. When the US dollar strengthens, gold often becomes expensive in dollar terms, and buyers slow down. This can cause prices to dip even in local markets. Fluctuations in demand before festivals, year-end selling by traders, and profits booked by investors also add to price swings. Overall, the recent slip reflects a mix of global and local influences.
India’s National Average Gold Price Today
As of 2 January 2026, gold prices in India show a modest uptick after recent swings in the market. A popular bullion price tracker lists the national average rate for 24-carat gold at around ₹13,620 per gram, with 22-carat at ₹12,485 per gram and 18-carat at ₹10,215 per gram.
These figures reflect the broader trend of gold stabilising after recent declines. Buyers often use such national averages as a baseline before checking specific city rates or deciding on a purchase. Prices can change fast, so many check live updates throughout the day using trusted platforms.
Gold Rate in Major Indian Cities Today
Gold Rate in Chennai Today
In Chennai, on 2 January 2026, the local gold rates show a slight increase compared to yesterday. The price for 24K gold stands at approximately ₹13,724 per gram, while 22K is about ₹12,580 per gram. 18K gold trades near ₹10,490 per gram.
Chennai often sees gold rates close to national trends. City prices reflect local demand, dealer charges, and taxes that differ slightly from other regions.
Gold Rate in Delhi Today
In Delhi, gold prices also show current levels with some gains. Latest figures put 24K gold at around ₹13,635 per gram, 22K at roughly ₹12,500, and 18K near ₹10,230 per gram.
Delhi rates draw strong interest because it is a large bullion trading hub. Slight daily changes in demand and currency value often affect the local price more visibly than elsewhere.
Gold Rate in Mumbai Today
Mumbai’s gold prices track closely with other metros. On 2 January 2026, local markets list 24-carat gold near ₹13,600-₹13,650 per gram, with 22-carat around ₹12,450-₹12,500 per gram.
Mumbai’s rates are often very competitive due to high trading volume and many jewellers. Buyers here watch prices closely during festival seasons and year-end sales.
Comparing City Prices: Why They Differ?
City-wise gold prices in India do not stay the same. Differences arise due to local taxes, transportation costs, buyer demand, and jeweller margins. In larger cities like Delhi and Mumbai, competition can keep spreads narrow. In others, small supply chain costs can widen the rate slightly above or below the national average. Daily volatility also affects each city differently. Gold buyers should check trusted local updates before making decisions.
Expert Views: Should You Buy or Wait?
Analysts say that gold will remain a key investment in 2026, but prices are unpredictable right now. Some technical indicators suggest that gold may find support if global rates stabilise and demand rises. Others warn that while short drops can offer buying chances, long-term investors should still expect ups and downs. A key level to watch is around ₹1,36,000 per 10 grams, which experts say is a resistance point on many market charts.
Seasonal demand, like weddings and festivals, later in the year could push prices up again. For now, cautious buyers often monitor live prices and buy smaller quantities if rates seem favourable.
How to Check Live Gold Prices in India?
Gold rates change fast. The best way to track real-time prices is through reliable financial sites and apps that update every few minutes. Users can check both national averages and city-wise rates. Understanding the difference between 24K (pure gold) and 22K (mainly used in jewellery) helps in choosing the right product. Live updates also show small fluctuations during trading hours, helping buyers decide on the best time to buy.
Conclusion
Today’s gold price in India shows stability after recent market swings. City-wise rates in Chennai, Delhi, and Mumbai remain close to national averages. Shifts in global markets, currency movements, and seasonal demand continue to impact gold prices. Buyers and investors should track trusted sources daily and observe trends before finalising purchases. With ongoing volatility, gold remains both a cultural asset and a strategic investment choice in India this year.
Frequently Asked Questions (FAQs)
Gold prices fell due to a stronger US dollar, profit booking, and changing interest rate expectations. Global spot gold dropped recently, which lowered Indian prices on January 2, 2026.
Buying gold now depends on goals. Short-term prices remain volatile. Long-term buyers may use dips to buy small amounts while watching global trends and local rates on January 2, 2026.
Gold prices vary by city due to taxes and demand. On January 2, 2026, cities like Mumbai and Delhi usually show slightly lower rates than Chennai or Bengaluru.
Disclaimer
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
