Gold Rates Continue Big Bang Rally; Have Gold Prices Touched New High In Chennai? 24K, 22K, 18K Gold Rate

Gold rates in India extended their record rally on January 24, 2026, as global economic conditions continue to be fragile. In majority cities like Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune, Vadodara, and Ahmedabad, the gold price is at a new all-time high of Rs 160,260 per 10 grams. However, Chennai city, which has been recording stronger rallies over the past days, is still yet to hit the Rs 1.6 lakh mark. So is the gold rate in Chennai at a new peak or not?

Gold Rates In Chennai:

Gold rates in Chennai have also touched a new all-time high on January 24, although 10 grams of 24-carat gold are yet to hit the Rs 1.6 lakh mark. On Saturday, 24-carat gold in 10 grams stood at a fresh record of Rs 1,59,490, registering an upside of Rs 760. In the case of 100 grams, gold is up by Rs 7,600 to Rs 15,94,900.

Further, gold prices in 24 carat rose by Rs 608 and Rs 76 in 8 grams and 1 gram to hit new high of Rs 1,27,592 and Rs 15,949 respectively.

Under 22 carat, 10 grams gold rallied by Rs 2,000 to Rs 1,47,500 in Chennai, while the price zoomed by Rs 20,000 to Rs 14,75,000 per 100 grams. Also, 8 grams gold price advanced by Rs 1,600 to Rs 1,18,000 and 1 gram gold surged by Rs 200 to Rs 14,750.

That being said, 22 carat performed better than 24 carat in Chennai. Even 18 carat gold rose at a much higher scale than 24 carat.

The 18 carat gold rate soared by a whopping Rs 16,500 to Rs 12,30,000 per 100 grams, and climbed by Rs 1,650 to Rs 1,23,000 per 10 grams. Under the smaller grams, gold jumped by Rs 1,320 to Rs 98,400 per 8 grams and up by Rs 165 to Rs 12,300 per 1 gram.

In January 2026 so far, 22 carat gold has risen by nearly 19%, beating 24 carat gold who recorded an upside of 17.2% in Chennai. Gold rates in this city have started the new year with a big bang.

Noteworthily, 24 carat is 100% pure gold, while 22 carat is a mixture of 91.67% pure gold, and the rest, 8.33%, is comprised of silver, zinc, nickel, or other alloys. Meanwhile, 18 carat is 75% pure gold and 25% other metals.

Why Gold Prices Are Rallying

One of the major reasons why gold prices are rising is the uncertainty in geopolitical tensions globally. Yesterday, the international spot gold price touched a new all-time high of $4989.23 per ounce. They have recorded their strongest weekly gains since March 2020, as investor confidence fades in US assets.

According to Trading Economics, EU leaders expressed relief at President Trump's decision to back away from the tariff threat tied to Greenland while warning they remain ready to respond if similar pressures re-emerge. Trump, meanwhile, said he had secured total and permanent US access to Greenland through a deal with NATO, though details remain unclear, and Denmark reiterated that its sovereignty over the island is not up for negotiation.

On the macro front, pivotal data like PCE inflation, the Federal Reserve's preferred gauge, came largely in line with expectations in November, reinforcing views that the Fed will keep interest rates unchanged at its meeting next week.

Gold Prices Outlook:

As per Ponmudi R, CEO of Enrich Money, precious metals continue to trade in a structurally strong bull market as we move deeper into 2026, with momentum firmly intact despite intermittent corrections and elevated price levels. The current phase reflects healthy consolidation rather than exhaustion, with long-term fundamentals continuing to dominate short-term volatility.

The expert believes that the latest rally remains fundamentally driven rather than speculative.

Hence, looking ahead into the remainder of Q1 2026 and beyond, the outlook for precious metals stays decisively bullish.

Furthermore, the expert believes that tight supply, dual demand engines, and supportive global liquidity conditions favor continued medium-to-long-term upside. Near-term pullbacks, driven by overbought conditions or temporary dollar strength, are likely to remain shallow and should attract fresh accumulation. Silver, in particular, retains strong relative-performance potential, while gold continues to serve as the most reliable hedge against macro uncertainty.

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