Gold, silver hit record highs for third straight day; yellow metal tops Rs 1.64 lakh per 10g
Over the past two days alone, silver prices have jumped by Rs 40,562 per kg
PTC Web Desk: Gold and silver prices in India surged to fresh all-time highs for the third consecutive day on Wednesday, driven by global geopolitical tensions, a sharply weaker rupee and sustained buying by central banks and industries.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by Rs 5,734 to reach Rs 1,64,635 per 10 gram on January 28. In just two trading sessions, gold has become dearer by Rs 10,335. On January 23, the yellow metal was priced at Rs 1,54,310 per 10 gm.
Silver also witnessed an exceptional rally. Prices opened higher by Rs 17,257 at Rs 3,61,821 per kg. However, some profit-booking was seen later in the day, with silver closing at Rs 3,58,267 per kg, still up Rs 13,703 from the previous close.
Over the past two days alone, silver prices have jumped by Rs 40,562 per kg. On Friday, silver was trading at Rs 3,17,705 per kg. The metal has gained sharply this year, rising by Rs 1,27,847 per kg in just the first 28 days of January.
At the end of December 2025, silver was priced at Rs 2,30,420 per kg, while gold stood at Rs 1,33,195 per 10 gram. Since then, gold has gained over Rs 30,000, highlighting the intensity of the current rally.
Market experts attribute the sharp rise in gold prices to three major factors. First, global uncertainty has increased amid renewed geopolitical tensions. US President Donald Trump’s aggressive stance on Greenland and threats of imposing tariffs on European nations have unsettled global markets, prompting investors to shift funds from equities to safe-haven assets such as gold.
Second, the Indian rupee has weakened to a record low of Rs 91.10 against the US dollar. Since domestic gold prices are closely linked to the dollar-rupee exchange rate, the depreciation has significantly raised import and landing costs.
Third, central banks across the world, including the Reserve Bank of India, continue to aggressively increase their gold reserves. According to World Gold Council data, central bank demand remained strong even at the beginning of 2026 following record purchases in 2025, tightening supply and supporting higher prices.
Silver’s rally is being fueled by strong industrial demand, particularly from the solar energy, electronics and electric vehicle sectors, where it is a key raw material. Additionally, fears of fresh US tariffs have led American companies to stockpile silver, disrupting global supply chains. Manufacturers worldwide are also rushing to secure supplies to avoid production disruptions, keeping prices elevated.