New Delhi | January 29, 2026
If you are planning to buy gold or silver, the latest price surge may come as a shock. Gold and silver prices have shattered all previous records, both in India and in international markets, marking one of the strongest rallies in precious metals in recent history.
From domestic bullion markets to global commodity exchanges, prices are soaring amid heightened geopolitical tensions, currency weakness, and growing investor demand for safe-haven assets.
Gold and Silver at Record Levels in India
In the Indian market, gold prices have surged close to ₹1.71 lakh per 10 grams, while silver has climbed to a historic ₹3.85 lakh per kilogram. Market participants say that if the current momentum continues, prices could rise even further in the coming days.
On the Multi Commodity Exchange (MCX), gold settled at ₹1,66,355 per 10 grams on Wednesday. Silver hit an all-time high of ₹3,86,530 per kg, reflecting strong buying interest.
Bullion Market Update: Delhi
In the Delhi bullion market, silver witnessed an extraordinary jump. Prices rose by ₹15,000 in a single session, reaching ₹3.85 lakh per kg on Wednesday. This marked the third consecutive day of sharp gains. Earlier, on January 26, silver prices had jumped by ₹40,500, signaling intense volatility.
Gold was not far behind. 99.9% purity gold rose by ₹5,000, touching a fresh peak of ₹1,71,000 per 10 grams.
Global Markets See Historic Rally
The rally is equally pronounced in international markets. On Thursday, gold prices surged to a new all-time high of $5,591.61 per ounce. Spot gold was trading 2.1% higher at $5,511.79 per ounce.
Gold has gained over 10% this week alone, having crossed the $5,000 per ounce mark for the first time on Monday.
Silver also touched record territory. Spot silver was trading at $118.061 per ounce, while during the session it hit an all-time high of $119.34 per ounce.
What Is Driving the Rally?
1. Federal Reserve Signals
The US Federal Reserve kept interest rates unchanged, with Chair Jerome Powell stating that inflation remains above the 2% target. The cautious outlook increased market uncertainty, prompting investors to move toward gold.
2. Rising US–Iran Tensions
US President Donald Trump called for renewed talks on a nuclear deal with Iran, warning of tougher military action if negotiations fail. Iran responded by threatening retaliation against the US, Israel, and their allies, strengthening demand for safe-haven assets.
3. Crypto Firms Turning to Gold
According to media reports, cryptocurrency firm Tether is planning to invest 10–15% of its portfolio in physical gold, providing additional support to prices.
4. Weakening US Dollar
A decline in the US dollar boosted gold and silver prices, as a weaker dollar makes precious metals more attractive to global investors.
5. Silver’s Unique Momentum
Silver’s rally has been driven by its relative affordability compared to gold, supply constraints, and strong industrial and investment demand. Silver prices have jumped more than 60% so far this year, outperforming most asset classes.
Outlook
With geopolitical risks, central bank uncertainty, and currency pressures continuing to shape global markets, analysts expect volatility to remain high. Investors are closely watching upcoming economic data and policy signals for clues on the next move in precious metals.
