In a historic moment for India’s bullion market, silver price record levels were shattered as the white metal crossed the ₹4 lakh per kilogram mark for the first time, while gold surged to an all-time high of ₹1.83 lakh per 10 grams. The rally marks the fourth consecutive day of record-breaking gains, reflecting heightened global uncertainty, strong investment demand, and currency pressures.
Gold and Silver Touch Fresh All-Time Highs
According to the All India Sarafa Association, 24-carat gold prices in Delhi climbed sharply on January 29, reaching ₹1.83 lakh per 10 grams. At the same time, silver prices stunned the market by crossing ₹4 lakh per kg in the national capital—an unprecedented milestone.
On the Multi-Commodity Exchange (MCX), silver futures for the February 27, 2026 expiry also breached the ₹4 lakh/kg mark for the first time, reinforcing bullish sentiment across the precious metals market.
Silver’s Stunning Rally Explained
Silver has delivered extraordinary returns over the past year. In 2025 alone, prices jumped by ₹1,44,403 per kg—an increase of nearly 167%. From ₹86,017 per kg on December 31, 2024, silver closed 2025 at ₹2,30,420, and the upward momentum has continued into early 2026.
Notably, silver ETFs and mutual funds have also posted strong gains, attracting retail and institutional investors alike.
Why Gold Prices Differ Across Cities
Gold rates issued by the India Bullion and Jewellers Association (IBJA) exclude:
3% GST
Making charges
Jewellers’ margins
This explains price variations across cities. Importantly, the RBI uses IBJA rates to set Sovereign Gold Bond (SGB) prices, while banks rely on them to determine gold loan values.
3 Major Reasons Behind Gold’s Price Surge
1. Global Tensions and the Greenland Issue
US President Donald Trump’s comments on Greenland and tariff threats against Europe have triggered market volatility, pushing investors toward safe-haven assets like gold.
2. Record Weakness in the Rupee
With the rupee falling to a historic low of ₹91.10 against the US dollar, import costs have surged, driving domestic gold prices higher.
3. Central Bank Buying Spree
According to the World Gold Council, central banks—including the RBI—continue aggressive gold purchases, tightening supply and supporting prices.
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3 Key Reasons for Silver’s Sharp Rise
Strong industrial demand from solar energy, electronics, and EVs
Fear of US tariffs, leading to stockpiling by American firms
Advance buying by manufacturers to avoid supply disruptions
What’s Next for Gold and Silver?
Market experts remain bullish. Research Head Dr. Renisha Chainani predicts gold could touch ₹1.90 lakh per 10 grams in 2026 if geopolitical risks persist. Silver prices are also expected to remain elevated near ₹4 lakh per kg.
Smart Buying Tips for Investors
When Buying Gold
Always choose BIS-hallmarked gold
Cross-check daily prices using IBJA sources
How to Identify Genuine Silver
Magnet test
Ice test
Smell test
Cloth test
The latest silver price record and gold’s historic surge underline the growing importance of precious metals in today’s uncertain economic climate. With global tensions, currency weakness, and industrial demand driving prices, gold and silver remain key assets for investors seeking stability and long-term value.
