Mumbai | January 1, 2026
The Indian bullion market opened 2026 with mixed trends, as gold prices surged while silver declined sharply. According to the All India Sarafa Association, gold in Delhi rose by ₹640, reaching ₹1,38,340 per 10 grams, while silver fell ₹1,600 to ₹2,37,400 per kilogram.
The rally in gold is attributed to sustained demand and safe-haven buying, whereas silver has seen profit-booking following its record gains in 2025. Last year, gold delivered an impressive return of 73.45%, while silver outperformed with a 164% jump, surpassing gold’s growth significantly.
Global market dynamics also influenced domestic prices. On Wednesday, spot gold fell $28, or 0.65%, closing at $4,310.89 per ounce amid improved US Treasury yields. Analysts expect gold to remain within a limited range in the short term, while central bank purchases and ETF inflows continue to provide structural support.
Looking ahead, bullion prices in 2026 are expected to be influenced by US Federal Reserve policies, the strength of the US dollar, and global geopolitical risks. Silver may face volatility due to new export restrictions from China affecting the global supply chain. Any surge in global uncertainty could further boost gold demand as a safe-haven asset.
Experts advise investors to monitor global economic signals and the dollar index closely, as both gold and silver remain near record highs. Despite potential short-term volatility, continued central bank interest and the appeal of precious metals as a secure investment could support long-term price stability.
