24-carat gold price surges over Rs. 400,000

2026-01-30 - 03:39

The global gold price has surpassed USD 5,500 per ounce, with foreign media reporting that it exceeded USD 5,511 per ounce yesterday (Jan. 29). As a result, the price of 24-carat gold in the local market has climbed to around Rs. 430,000 per ounce, surpassing the Rs. 400,000 mark for the first time in history. Economic analysts say a key factor behind the rally is central banks’ prioritization of gold accumulation over U.S. dollar reserves. Gold remains the second-largest reserve asset held by central banks globally, with 863 tonnes of gold being added to their reserves in 2025 alone. Major purchasers during this period included the central banks of Russia, Brazil, China, Iran, Kazakhstan, Poland and India, which significantly increased gold purchases on international markets. Some economic analysts argue that geopolitical tensions and aggressive US strategies, such as the use of financial sanctions on foreign reserves and currencies, have prompted many countries to shift their reserve holdings away from the US dollar and toward gold. Concurrently, global institutional investors have also increased their allocations to gold rather than U.S. Treasury bills and dollar assets. Analysts further say that gold prices may continue to rise in the coming period.