Gold prices in India climbed sharply on Wednesday as jewellers and investors rushed to book metal ahead of the peak wedding season, pushing benchmark rates to their highest levels in nearly a month.

The India Bullion and Jewellers Association (IBJA) fixed the morning rate for 24-carat gold at Rs.1,23,448 per 10 grams, up Rs.1,268 from Tuesday’s close of Rs.1,22,180. Silver followed suit, gaining Rs.2,594 to trade at Rs.1,56,300 per kilogram.

The sudden jump erased most of the losses seen in the first half of November and brought gold within striking distance of the Rs.1.25-lakh psychological mark that analysts believe could be tested before Diwali 2026 buying begins in earnest.

Year-to-date, 24-carat gold has risen Rs.47,286 from Rs.76,162 on December 31, 2024, while silver has added a staggering Rs.70,283 from its year-end price of Rs.86,017 per kg.

“Domestic physical offtake has picked up dramatically in the last ten days,” said Prithviraj Kothari, managing director of RiddiSiddhi Bullion in Mumbai and former national president of the Indian Bullion & Jewellers Association. “Marriages scheduled for January–March are already triggering advance purchases, especially in northern and western India.”

Global spot gold held firm above $3,200 per troy ounce overnight, supported by renewed safe-haven buying after mixed signals from the U.S. Federal Reserve on the pace of future rate cuts.

The IBJA rates, which serve as the official reference for Sovereign Gold Bonds issued by the Reserve RBI and for gold loan valuations by most banks, exclude 3% GST, making charges, and jewellers’ margins. Actual retail prices in cities therefore remain higher by Rs.4,000–Rs.8,000 per 10 grams depending on location and craftsmanship.

In Delhi’s Karol Bagh market, 22-carat jewellery-grade gold was quoted around Rs.1,13,200–Rs.1,13,800 per 10 grams on Wednesday afternoon, while Mumbai showrooms asked Rs.1,12,900–Rs.1,13,500. Chennai and Kolkata prices hovered in the same range, with only marginal variations.

Silver’s steeper percentage gain has caught many traders off guard. The white metal, used heavily in industrial applications and traditional jewellery, had lagged gold through much of 2025 before catching fire in October, briefly touching Rs.1,78,100 per kg – still its lifetime peak.

Market watchers expect volatility to persist. “Geopolitical tensions and currency fluctuations will keep gold supported, but any sharp rally in the rupee or profit-booking by investors could cap upside in the very short term,” said Surendra Mehta, national secretary of IBJA.

For consumers planning purchases, experts continue to stress the importance of buying only BIS-hallmarked jewellery bearing the six-digit alphanumeric HUID code to guarantee purity.

As India heads into one of its busiest wedding seasons in years, the yellow metal appears poised to retain its traditional lustre – both as an ornament and as a hedge against uncertainty.