New Delhi, January 31, 2026
Gold and silver prices have surged to levels increasingly out of reach for common buyers, with both precious metals hovering near record highs amid global uncertainty and strong safe-haven demand.
In the national capital on Friday, silver crossed the ₹4 lakh per kilogram mark, while gold traded close to ₹1.83 lakh per 10 grams, reflecting continued strength in the bullion market.
📊 Precious Metals Extend Rally
Bullion prices have been on a relentless upward trajectory, supported by rising geopolitical risks, economic uncertainty, and global market volatility. Analysts say the rally has significantly affected retail buying sentiment, especially among middle-class consumers.
Silver extended gains for the fourth consecutive trading session, rising 5.06% in a single day to touch an all-time high.
Gold prices were further supported after comments from US Treasury Secretary Scott Bessent, who indicated that former US President Donald Trump may soon announce his choice for the next Federal Reserve Chair—adding to market uncertainty.
🏠 Domestic Gold and Silver Prices
According to the All India Sarafa Association:
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Silver surged by ₹19,500 (5.06%) to a record ₹4,04,500 per kg (inclusive of all taxes).
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99.9% purity gold jumped ₹12,000 (7.02%), rising from ₹1,71,000 to ₹1,83,000 per 10 grams, marking a new all-time high.
📆 Massive Monthly Gains
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Gold has risen over 24% in January, marking its sixth straight monthly gain and the largest monthly rise since January 1980.
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Silver has surged nearly 62% this month, signaling its strongest monthly performance in history.
🏙️ Gold Prices in Major Indian Cities (24 Carat)
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Mumbai: ~₹1,70,170 per 10g
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Kolkata: ~₹1,69,950
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Delhi: ~₹1,69,880
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Chennai: ~₹1,70,670
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Hyderabad: ~₹1,70,440
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Bengaluru: ~₹1,70,310
Gold prices in South Indian markets continue to trade higher than those in northern regions.
⚪ Silver Prices Across Key Cities
Silver prices have been buoyed by rising demand from AI data centers, solar energy projects, and tight physical supply.
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Mumbai: ~₹4,01,760 per kg
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Delhi: ~₹4,01,060
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Chennai: ~₹4,02,920
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Hyderabad: ~₹4,02,390
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Bengaluru: ~₹4,02,070
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Kolkata: ~₹3,86,420
🌍 Global Market Movement
In international markets on Friday, prices remained close to record highs, though slight profit-booking was seen on COMEX and MCX:
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Gold (COMEX): $5,412.40 per ounce
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Previous peak: $5,586.20 per ounce
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Silver: $117.45 per ounce
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Earlier record: ~$119 per ounce
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🗣️ Expert View
According to Manish Verma, owner of Shree Shyam Jewellers, the rally is being driven by:
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Global economic uncertainty
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Central bank policy confusion
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Rising geopolitical tensions
“These factors have pushed investors toward gold and silver as safe-haven assets, resulting in sharp price gains,” he said.
Impact on Buyers
With prices at unprecedented levels, jewellers report slower footfall from everyday buyers, while investment demand from high-net-worth individuals and institutions remains firm.
