Key Points

• 24-karat gold hits ₹1,44,010/10g, silver reaches ₹2,90,100-₹2,95,000/kg
• International gold trades at $4,595.30/oz, silver at $87.960/oz
• US-Venezuela and US-Iran tensions fuel safe-haven demand
• MCX gold closed at ₹1,43,201/10g, silver at ₹2,89,000/kg on Wednesday
• Delhi, Mumbai, Chennai show varying premiums based on local demand

On Thursday, 22-karat gold traded at ₹1,32,010 per ten grams, while 18-karat gold stood at ₹1,08,010 per ten grams. The price differential reflects demand for investment-grade pure gold versus jewelry-making alloys. In major cities, Delhi commanded a slight premium with 24-karat gold at ₹1,44,160 per ten grams, followed by Chennai at ₹1,44,890 per ten grams due to higher jewelry demand during the ongoing wedding season. Mumbai and Kolkata matched the national average at ₹1,44,010 per ten grams, while Ahmedabad reached ₹1,44,060 per ten grams.

Silver prices showed even more dramatic gains, reaching ₹2,95,000 per kilogram in select cities, driven by industrial demand from solar panel manufacturers and the electronics sector. The metal’s dual role as both a precious and an industrial commodity amplifies price volatility during periods of uncertainty.

International Market Dynamics

In global markets, spot gold traded at $4,595.30 per ounce, while silver slipped to $87.960 per ounce after profit-taking by speculators. The divergence between Indian and international prices stems from rupee depreciation and increased import duties. On MCX, gold futures closed at ₹1,43,201 per ten grams on Wednesday, while silver futures settled at ₹2,89,000 per kilogram, indicating continued bullish sentiment among domestic traders.

The US Federal Reserve’s dovish stance on interest rates, combined with inflation concerns, has weakened the dollar index, traditionally boosting gold appeal. Central banks, including the Reserve Bank of India, have accelerated gold purchases, adding 50 tonnes to reserves in December 2025 alone.

Geopolitical Catalysts Behind the Surge

The primary driver remains escalating tensions between the US and Venezuela after Washington imposed fresh sanctions on Venezuelan oil exports, threatening global energy supplies. Simultaneously, the US-Iran military standoff over Strait of Hormuz security has raised fears of supply chain disruptions, pushing investors toward tangible assets.

US President Donald Trump’s administration has threatened “severe consequences” if Iran proceeds with missile tests, while Tehran vows retaliation against any US assets in the region. This has prompted hedge funds to increase gold allocations to 15% of portfolios, the highest since 2020. Additionally, increased physical demand from China and India ahead of Lunar New Year and wedding season has tightened supply chains.

Future Price Outlook

Despite slight dips in global markets, analysts predict gold could test ₹1,50,000 per ten grams if tensions escalate further. Silver may breach ₹3,10,000 per kilogram, supported by green energy transition demand. The World Gold Council forecasts 2026 demand to rise 8% year-on-year, while silver institute projects 12% industrial demand growth.

Investors are advised to monitor US Federal Reserve policy signals and geopolitical developments, as any de-escalation could trigger sharp corrections. However, structural factors like central bank buying and renewable energy demand provide long-term support for both metals.

Gold and Silver Price Report: Last 30 Days (INR)

This report provides the historical spot prices for Gold (per 10 grams) and Silver (per 1 kilogram) over the last month, converted to Indian Rupees (INR).

Historical Price Table (INR)

Prices are converted from international spot rates (troy ounces). Units: Gold (10g), Silver (1kg). Conversion rate: ~₹90.35/USD.

Market Performance Summary

1. New Price Benchmarks: In the Indian market, 24K gold has soared past ₹1,33,000 per 10 grams, while silver has crossed a massive ₹2,58,000 per kilogram. These represent record-breaking levels for domestic investors.
2. The Silver Surge: Silver has seen an extraordinary month. Starting at approximately ₹1.88 lakh per kg in mid-December, it has jumped to over ₹2.58 lakh per kg by mid-January. This 37% increase highlights silver’s current high volatility and demand.
3. Primary Drivers:
   • Currency Impact: The Rupee’s depreciation (crossing ₹90/$) has added a “currency premium” to the already rising global metal prices.
   • Safe-Haven Demand: Global political instability continues to push capital into gold as a hedge against risk.
   • Industrial Shortage: Silver is benefiting from increased industrial use in green energy sectors, combined with a tightening global supply.

Note: These prices are derived from international spot rates. Retail prices in India (Jewelry shops) will include 3% GST, import duties, and making charges, which usually make the final price 10-15% higher than these base rates.