Gold and silver price today: Yellow metal surges past Rs 1.5 lakh, silver hits record high

PTC Web Desk: Gold prices in India crossed the Rs 1.5 lakh mark on January 21, touching fresh lifetime highs for the third consecutive session, driven by global geopolitical uncertainty, a sharply weaker rupee, and sustained buying by central banks.

According to data from the India Bullion and Jewellers Association (IBJA), gold opened Rs 7,795 higher at Rs 1,55,204 per 10 gram, compared with Rs 1,47,409 in the previous session. With this move, gold has gained Rs 21,744 so far this year, reflecting strong safe-haven demand amid rising global risks.

Silver also witnessed a sharp rally. Prices of silver jumped Rs 10,730 to reach Rs 3,20,075 per kg, up from Rs 3,09,345 on Monday. In just the first 21 days of the year, silver has surged by Rs 90,825 per kg, underscoring the intensity of the current uptrend in precious metals.

Why gold prices are rising

Market experts point to three key factors behind the surge in gold prices: First, escalating global tensions have unsettled financial markets. Fresh trade war concerns emerged after US President Donald Trump reiterated his aggressive stance on Greenland and warned European nations of potential tariff actions. Historically, periods of geopolitical and trade uncertainty prompt investors to shift funds away from equities toward safer assets such as gold.

Second, the Indian rupee has hit a record low against the US dollar, trading around Rs 91.10 per dollar. Since domestic gold prices are influenced by both international rates and the dollar-rupee exchange rate, a weaker rupee significantly raises the landed cost of gold imports. Analysts note that currency depreciation alone has played a major role in pushing domestic prices beyond Rs 1.5 lakh per 10 gm.

Third, continued buying by central banks has tightened global supply. Central banks, including Reserve Bank of India, have been increasing gold reserves to safeguard foreign exchange holdings. According to World Gold Council trends, strong official-sector demand that peaked in 2025 has continued into early 2026, keeping prices supported.

Gold may climb to Rs 1.9 lakh

Experts believe that if US tariff tensions intensify further and geopolitical stress in the Middle East escalates, gold prices could rise to the Rs 1.80–1.90 lakh range by mid-2026.

What is driving silver higher

Silver’s rally is being powered by a different but equally strong set of factors. Industrial demand has surged, with silver playing a critical role in solar panels, electronics and electric vehicles. As a result, silver is increasingly viewed not just as a precious metal but as a strategic industrial commodity.

Additionally, fears of new US tariffs have prompted American companies to stockpile silver, reducing availability in global markets. Manufacturers worldwide are also rushing to secure supplies in advance to avoid production disruptions, further tightening supply and pushing prices higher.