New Delhi: Gold and silver prices surged to historic highs in both global and domestic markets on India’s Republic Day, driven by heightened global uncertainty and a massive rush toward safe-haven assets.
In international trade, gold crossed the $5,000-per-ounce mark for the first time ever, underscoring strong investor demand amid geopolitical tensions, inflation concerns, and volatile equity markets.
Back home in India, 24-carat gold climbed past ₹160,000 per 10 grams, touching a record ₹160,250, while silver soared to an unprecedented ₹334,900 per kilogram, rewriting price records across the bullion market.
Gold Slips Marginally in Delhi After Record Rally
Despite the broader rally, gold prices in New Delhi edged slightly lower on Monday. 24-carat gold slipped ₹10 to ₹160,040 per 10 grams, while 22-carat gold fell ₹10 to ₹147,040 per 10 grams.
The minor dip follows a sharp surge seen over the past week. Between January 19 and January 25, prices jumped dramatically, with 24-carat gold rising nearly ₹16,480 and 22-carat gold gaining around ₹15,100 per 10 grams.
Market participants attributed the rally to strong investment inflows, global risk aversion, and sustained demand from central banks and institutional investors.
Gold Prices Firm Across Major Indian Cities
Gold prices remained largely uniform across India’s major cities. Mumbai, Kolkata, Bengaluru, and Hyderabad saw 24-carat gold trading near ₹160,250 per 10 grams. Prices in Chennai were slightly lower at ₹159,480, while Jaipur and Lucknow mirrored Delhi’s rates at ₹160,040.
Meanwhile, 18-carat gold prices ranged between ₹120,000 and ₹123,000 per 10 grams, depending on the city.
Silver Retreats Slightly After Record Run
Silver prices eased marginally after holding steady for a day. In Delhi, Mumbai, and Kolkata, silver fell ₹100 to ₹334,900 per kilogram. However, Chennai remained the most expensive market, with silver priced at ₹364,900 per kilogram.
The modest pullback comes after a blistering rally last week, when silver prices surged by nearly ₹40,000 per kilogram between January 19 and January 25.
What’s Driving the Bullion Boom?
Analysts say the historic rally in precious metals is being fueled by:
- Rising geopolitical and economic uncertainty
- Heavy safe-haven demand from global investors
- Strong retail buying in India
- Momentum-driven trading and tight physical supply
With volatility persisting across global financial markets, experts believe gold and silver may continue to remain elevated, though short-term corrections cannot be ruled out after such a steep run-up.