If you were planning to visit the crowded lanes of Karol Bagh or the high-end boutiques of South Extension today, you're in for a bit of a shock. Gold prices just pulled a fast one on everyone. After a relentless five-day rally that saw the yellow metal hitting dizzying heights, the gold rate today in Delhi has finally taken a breather.
It's actually kinda wild. Just when everyone expected the festival of Makar Sankranti to drive prices through the roof, the market did the exact opposite.
The Current Numbers: What You’ll Pay Right Now
Let’s get straight to the brass tacks. If you’re looking at 24-carat gold, the price in Delhi has slipped by about ₹820 per 10 grams. As of Thursday, January 15, 2026, you're looking at roughly ₹1,43,400 for 10 grams of 24K gold.
Now, if you're like most Indian families and you're shopping for jewellery, you're probably more interested in 22-carat gold. That’s also seen a decent drop. The 22K rate is sitting at approximately ₹1,31,400 per 10 grams, down by ₹750 from yesterday.
Breaking down the gram-wise cost
Honestly, seeing these six-figure numbers for a tiny bit of metal is still a bit of a head-scratcher for those of us who remember gold at ₹30,000. But here is how it breaks down for different weights today:
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- 1 gram of 24K gold: ₹14,333 (down from ₹14,415)
- 8 grams (one sovereign): ₹1,14,664
- 100 grams (the "heavy" buy): ₹14,33,300
For 22K jewellery gold, 1 gram is costing you ₹13,140. Keep in mind, these are the "base" prices. Once you add the 3% GST and those notorious making charges—which in Delhi can range anywhere from 5% to 25% depending on how intricate the design is—the final bill is going to be significantly higher.
Why did the gold rate today in Delhi actually drop?
It feels counterintuitive, doesn't it? It's Sankranti. Demand should be peaking. But the experts, like the folks over at the India Bullion and Jewellers Association (IBJA), point to something called profit booking.
Basically, big investors who bought gold when it was "cheap" a few weeks ago saw it hit record highs yesterday. They decided to sell off their holdings to lock in their cash. When a lot of people sell at once, the price drops.
Then there is the "Trump Factor." In the international market, U.S. President Donald Trump has been making headlines again. His recent comments regarding the Federal Reserve and a slightly softer stance on certain geopolitical tensions in the Middle East—specifically involving Iran—have calmed the nerves of global investors. When the world feels a little less like it’s about to explode, people stop panic-buying gold.
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Is Delhi more expensive than Mumbai or Chennai?
Actually, yeah, it usually is. If you compare the gold rate today in Delhi with Chennai, you'll notice a gap. Today, Chennai is actually seeing some of the highest rates in the country, often hovering a few hundred rupees above the Delhi mark.
Why? It's mostly logistics and local taxes. Delhi is a landlocked hub. The cost of transporting physical bullion from the ports to the lockers in Chandni Chowk adds a tiny layer of cost. Plus, local demand in the North during the winter wedding season is legendary.
The 2026 Outlook: Should you buy now or wait?
This is the million-dollar question. Or the 1.4-lakh-rupee question.
Many analysts from firms like Motilal Oswal and even global giants like J.P. Morgan are staying pretty bullish for the rest of 2026. Some are even whispering about gold hitting ₹1.75 lakh per 10 grams by the end of the year.
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Why the optimism?
- Central Bank Buying: The RBI and other central banks across the globe are hoarding gold like there's no tomorrow. They want to diversify away from the U.S. Dollar.
- The Weakening Dollar: While the Dollar had a bit of a recovery, the long-term outlook for 2026 is shaky. A weak dollar almost always means strong gold.
- Inflation: Even though the government is trying to keep a lid on things, the "cost of living" continues to bite. Gold remains the ultimate hedge.
However, there’s a flip side. If you're a retail buyer in Delhi, Aksha Kamboj from IBJA suggests that Indian demand is very "price-sensitive." When prices get this high, people start moving toward Digital Gold or Sovereign Gold Bonds (SGBs) instead of heavy necklaces.
What most people get wrong about buying gold in Delhi
If you’re heading out to buy today, don't just look at the board rate. Most people think the "Gold Rate Today" is what they’ll pay. It’s not.
In Delhi, jewellery shops often have their own "association rate" which might vary slightly from the national MCX (Multi Commodity Exchange) prices. Also, always ask for Hallmarked gold. Since 2021, the HUID (Hallmark Unique Identification) is mandatory. If a jeweler in Dariba Kalan tries to sell you "KDM" or non-hallmarked stuff under the guise of a "discount," run.
Actionable Steps for Delhi Buyers Today
If you’re looking at the current dip and thinking about pulling the trigger, here is the smart way to do it:
- Check the Live MCX: Before you enter the shop, check the live MCX price. If the jeweler’s rate is significantly higher (beyond the usual ₹200-₹500 buffer), negotiate.
- The Making Charge Trap: In Delhi, making charges are where you lose the most money. For plain gold biscuits or coins, you shouldn't be paying more than 1% to 3% in making charges. For jewellery, try to cap it at 8-10% for standard designs.
- Consider Digital First: If you’re just looking to "save" for a wedding three years away, buying 1 gram of digital gold every month is way safer than keeping physical coins in a home locker.
- The Old Gold Swap: If you’re trading in old jewellery, make sure the jeweler melts it in front of you or uses a Karatmeter. Delhi shops are notorious for deducting 10-15% for "impurities" on old gold.
The market is volatile right now. Today's drop is a welcome relief, but in a world where geopolitical tensions can flare up with a single tweet, these prices could bounce back before the weekend. If you need it for a wedding, this "Sankranti Sale" might be the best window you get this month.