New Delhi, India — January 28, 2026
Gold and silver prices continued their historic rally in India, smashing all previous records in the bullion market as investors rushed toward safe-haven assets amid mounting global uncertainty.
📊 Record-Breaking Rally in Delhi Bullion Market
In the national capital Delhi, bullion prices witnessed an unprecedented surge on Tuesday when markets reopened after the January 26 holiday. Silver jumped by more than ₹40,000 in a single session, while gold also scaled fresh lifetime highs.
Silver prices soared to ₹3,70,000 per kilogram (inclusive of all taxes), marking the highest level ever recorded in the domestic market. Meanwhile, 99.9% pure gold climbed to ₹1,66,000 per 10 grams, setting a new all-time peak.
Market participants described the move as one of the sharpest one-day rallies seen in recent years.
🪙 Gold and Silver: Latest Prices
Silver:
Silver surged by ₹40,500 (12.3%), rising from ₹3,29,500 per kg in the previous session to ₹3,70,000 per kg, overtaking gold in terms of momentum.Gold:
Gold prices jumped by ₹7,300 (4.6%), advancing from ₹1,58,700 per 10 grams to a record ₹1,66,000 per 10 grams.
🌍 Global Markets Fuel the Surge
The rally is not limited to India. In global markets, gold crossed the psychological $5,000-per-ounce mark for the first time. On Monday, spot gold touched a record $5,110.24 per ounce and is currently trading near $5,087.48 per ounce.
Silver has also breached a major milestone internationally, climbing above $100 per ounce and trading around $112.41 per ounce.
🔎 What’s Driving the ‘Super Rally’?
Experts cite a combination of geopolitical and economic factors behind the sharp rise:
Tariff Shock from the US:
According to Praveen Singh of Mirae Asset Sharekhan, US President Donald Trump’s latest tariff threats—including a proposed 100% tariff on Canada amid China trade talks, and a hike in tariffs on South Korean automobiles and pharmaceuticals to 25%—have rattled global markets.
Policy Uncertainty:
Ranish Chaudhary, Head of Research at Augmont, noted that uncertainty surrounding US trade and economic policies has emerged as the key driver of precious metal prices this year, with aggressive buying seen across Asia and Europe.
Strong Industrial Demand for Silver:
Gaurav Garg from Lemon Markets Desk pointed out that silver is benefiting not only from investment demand but also from robust industrial consumption, further tightening supplies.
📈 Outlook: What Lies Ahead?
Market experts believe that as long as global risks remain elevated and the US dollar stays under pressure, gold and silver prices may continue to trade with an upward bias. However, they caution that intermittent profit booking could trigger short-term corrections along the way.
Gold and silver are rewriting record books.
With gold crossing ₹1.66 lakh and silver racing past ₹3.70 lakh, bullion prices in India have entered uncharted territory. Driven by global trade tensions, tariff threats, and a flight to safety, precious metals are witnessing one of their strongest rallies ever—both domestically and internationally.
