New Delhi | January 13, 2026
India’s bullion market witnessed an unprecedented surge on Monday as both gold and silver prices skyrocketed to historic highs. The sharp uptick comes amid escalating global geopolitical tensions and mounting economic uncertainty in the United States, pushing investors worldwide toward safe-haven assets.
Silver Jumps ₹15,000 in a Day, Hits All-Time High
According to the All India Sarafa Association, silver prices registered an extraordinary ₹15,000 per kilogram increase, rising nearly 6% in a single day. With this surge, silver soared to ₹2,65,000 per kilogram, compared to the previous close of ₹2,50,000.
Gold too witnessed a major rally, with 99.9% purity gold rising ₹2,900 (2.05%) to a record ₹1,44,600 per 10 grams, up from Friday’s close of ₹1,41,700. These prices include all applicable taxes.
Global Market Rally Pushes Domestic Prices Higher
The domestic surge is closely aligned with global market performance. Internationally, spot gold crossed the $4,600 per ounce mark for the first time, touching a record $4,601.69 per ounce, up 2%. Spot silver climbed nearly 6% to reach $84.61 per ounce, marking a new multi-year high.
Manish Verma, owner of Shri Shyam Jewellers, said, “Gold has reacted strongly to heightened global uncertainty, breaking past the $4,600 level. Silver’s sharper rise highlights its higher beta during risk-sensitive periods.”
Why Are Precious Metals Surging? — Key Drivers
Experts attribute the massive rally to two primary factors: geopolitical instability and economic uncertainty in the US.
1. Rising Geopolitical Tensions
International investor Ratnam Chandra, noted that increasing unrest in Iran and the ongoing Russia-Ukraine conflict have intensified global risk sentiment.
Recent remarks by US President Donald Trump about considering military options in response to anti-government protests in Iran further escalated tensions.
2. Federal Reserve Crisis and US Political Turmoil
International investor Ratnam Chandra highlighted that the growing conflict between President Trump and Federal Reserve Chair Jerome Powell has rattled financial markets.
Reports of a criminal investigation launched by the US Attorney’s Office into Powell have amplified concerns about the Fed’s independence, weakening the dollar and strengthening bullion demand.
International investor Ratnam Chandra added that broader indicators remain bullish: “With rising volatility in global equity markets, persistent geopolitical tensions, and steady safe-haven demand, gold and silver are expected to remain strong in the near term.”
