New Delhi, India — January 6, 2026
Gold and silver prices recorded a sharp rally in India’s bullion market , driven by escalating geopolitical tensions in Latin America that pushed investors toward traditional safe-haven assets.
In the national capital, gold prices jumped ₹960 to hit a record ₹1,40,400 per 10 grams, according to data from the All India Bullion Association. In the previous session on Friday, 99.9% purity gold had settled at ₹1,39,440 per 10 grams.
Silver prices also witnessed a strong upswing. The precious metal surged ₹2,600 to ₹2,44,000 per kilogram (inclusive of all taxes), compared with ₹2,41,400 per kg in the last session.
Venezuela Crisis Triggers Bullion Buying
Market analysts attributed the rally to rising geopolitical uncertainty in Latin America, particularly tensions linked to Venezuela, which have heightened global risk sentiment.
Ratnam Chandra, Senior Commodity Analyst, said stricter US action against Venezuela and growing instability across the region have significantly boosted demand for gold and silver as safe-haven investments. He added that aggressive remarks by US President Donald Trump regarding Colombia and Mexico further intensified concerns over regional stability.
Global Markets Reflect Rising Risk
The impact was visible in international markets as well. Following reports related to the removal and capture of Venezuelan President Nicolás Maduro, geopolitical risks escalated sharply.
As a result, spot gold in global markets jumped 2.03% (USD 87.74) to trade at USD 4,418.24 per ounce, reflecting strong investor demand amid uncertainty.
Silver Gains Support from Supply and Industrial Demand
Silver’s rally was not limited to geopolitical factors alone. Analysts pointed to robust industrial demand and supply-side concerns as additional drivers.
Satish Hondapatti, Vice President and Fund Manager at Kotak Mutual Fund, said strong industrial and investment demand, combined with supply chain challenges, has provided solid support to silver prices.
In the international market, spot silver surged 3.24% (USD 2.35) to USD 75.02 per ounce.
Long-Term Outlook Strengthens for Silver
Rajeev, owner of Lal Sons Jewellers, noted that government measures addressing supply-chain risks have given silver structural support. He highlighted that the United States designated silver as a “key mineral” in November due to its extensive use in electric circuits, batteries, and solar cells.
Another jeweler, Manish, said Washington’s move has significantly increased silver’s strategic importance, encouraging long-term investment. He projected that silver prices in 2026 could rise further to USD 88.60, USD 99, and even USD 107 per ounce, compared with around USD 45 in October and a peak of USD 82.7 in December 2025.
