Whalesbook
Gold Prices Rise in India
Gold prices in India climbed on January 9, 2026, across various purity levels. The price of 24K gold reached ₹13,871 per gram, marking a ₹71 increase from the previous session. Similarly, 22K gold saw a ₹65 gain to ₹12,715 per gram, and 18K gold rose by ₹53 to ₹10,403 per gram.
Silver Faces Selling Pressure
Silver prices, however, declined in the domestic market. Silver was trading at ₹249 per gram, a ₹3 drop, while per kilogram prices fell ₹3,000 to ₹2,49,000. This dip follows a significant 5% fall in international silver prices, attributed to preparation for annual commodity index rebalancing, which typically leads to heavy selling in futures markets.
Global Factors Drive Volatility
Both gold and silver are experiencing short-term pressure from global events. Dr. Renisha Chainani, Head of Research at Augmont, noted that gold is consolidating around the $4,500 per ounce mark, while silver is undergoing profit-booking. Commodity index rebalancing and caution ahead of critical US economic data are key drivers of this volatility.
Economic and Geopolitical Watch
Markets are keenly observing upcoming US jobs reports, which could influence interest rate expectations. Uncertainty also surrounds a potential US Supreme Court ruling on President Donald Trump’s emergency tariff powers. Tensions linked to Venezuela and recent US Senate discussions add to market nervousness. The ongoing annual commodity index rebalancing process is also expected to weigh on precious metals in the short term.
Technical Levels and Investor Outlook
Dr. Chainani highlighted that gold has support near $4,350 per ounce, with resistance at $4,550. For Indian investors, support is seen around ₹1,35,000 per 10 grams, and resistance near ₹1,40,000. Silver remains volatile, with potential moves towards $70 per ounce if selling persists, while Indian support is near ₹2,25,000 per kg and resistance around ₹2,60,000.
For investors, a cautious approach is advised in the short term. Gold's safe-haven appeal offers some protection during global uncertainty, but near-term gains may be capped. Silver's higher volatility, due to its industrial applications, could lead to sharper price swings. Close monitoring of global economic indicators, US data, and geopolitical events is crucial.