Silver surges ₹44,116 to ₹3.61 lakh/kg in just two days:Silver gains ₹1.31 lakh in 28 days; gold climbs ₹4,926 to reach ₹1.63 lakh per 10 grams

Silver and gold prices touched fresh all-time highs for the third consecutive day. On January 29, the price of silver jumped by ₹17,257 to reach ₹3,61,821 per kilogram, according to data from the India Bullion and Jewellers Association (IBJA). In just two days, silver prices have risen by ₹44,116. On Friday, silver was priced at ₹3,17,705 per kg. So far this year, silver has surged by ₹1.31 lakh in only 28 days, reflecting strong momentum in the bullion market. Gold prices also moved higher. The price of 10 grams of 24-carat gold increased by ₹4,926 to reach ₹1,63,827. Over the last two days, gold has become costlier by ₹9,517. On January 23, gold was trading at ₹1,54,310 per 10 grams. Gold Prices by Carat (per 10 grams) 24 Carat: ₹1,63,827 22 Carat: ₹1,50,066 18 Carat: ₹1,22,870 14 Carat: ₹95,839 Gold Prices in Major Indian Cities (10 grams, 24-carat gold) Delhi: ₹1,65,300 Mumbai: ₹1,65,170 Kolkata: ₹1,65,170 Chennai: ₹1,67,340 Jaipur: ₹1,65,300 Bhopal: ₹1,65,200 Patna: ₹1,65,200 Lucknow: ₹1,65,300 Raipur: ₹1,65,170 Ahmedabad: ₹1,65,200 In just 28 days, gold gains ₹30,632 while silver soars ₹1.31 lakh Bullion prices have witnessed a sharp rally in January, with silver and gold posting significant gains in a short span. In just 28 days, the price of silver has jumped by ₹1,31,401, while gold has become costlier by ₹30,632. On December 31, 2025, silver was priced at ₹2,30,420 per kilogram. As of now, it has surged to ₹3,61,821 per kg, marking one of the fastest rises in recent years. Gold has also seen a strong upward move. The price of 10 grams of 24-carat gold stood at ₹1,33,195 at the end of last year and has now climbed to ₹1,63,827.
Three major reasons behind the rise in gold prices 1. Global Tensions and the ‘Greenland’ Dispute
US President Donald Trump’s insistence on taking control of Greenland and threats of imposing tariffs on European countries have increased volatility in global markets. During periods of geopolitical tension and trade war fears, investors usually shift money away from equities toward safe-haven assets like gold. 2. Record Weakness of the Rupee
Gold prices in India are influenced by global rates as well as the dollar–rupee exchange rate. The rupee has slipped to an all-time low of ₹91.10 per dollar. According to Jatin Trivedi of LKP Securities, the weaker rupee has sharply increased the landing cost of imported gold, pushing domestic prices beyond ₹1.5 lakh per 10 grams. 3. Heavy Buying by Central Banks
Central banks across the world, including the Reserve Bank of India, are aggressively adding gold to their reserves. As per the World Gold Council, after record purchases in 2025, central bank demand has remained strong in early 2026, tightening supply and driving prices higher. Three key reasons behind silver’s rally 1. Rising Industrial Demand
Silver is no longer limited to jewellery. Its extensive use in solar panels, electronics, and electric vehicles (EVs) has made it a critical industrial metal. 2. Tariff Concerns in the US
Fears of fresh tariffs under the Trump administration have prompted American companies to stockpile silver, leading to a global supply crunch. 3. Advance Buying by Manufacturers
Manufacturers worldwide are buying silver in advance to avoid potential production disruptions, which is expected to keep prices elevated in the coming months. Gold could touch ₹1.90 lakh in 2026 According to Dr. Renisha Chainani, Research Head, if US tariff tensions intensify and geopolitical risks in the Middle East rise further, gold prices could climb to ₹1.90 lakh per 10 grams in 2026. Silver, meanwhile, may surge to ₹4 lakh per kg. Two important things to remember while buying gold 1. Buy Only Certified Gold
Always purchase gold with a Bureau of Indian Standards (BIS) hallmark. The hallmark number (alphanumeric, such as AZ4524) confirms the purity and carat value of the gold. 2. Cross-Check Prices
Verify the gold rate and weight from multiple reliable sources, such as the India Bullion and Jewellers Association (IBJA). Prices vary for 24-carat, 22-carat, and 18-carat gold, so confirmation is essential. Four simple ways to identify genuine silver · Magnet Test: Pure silver is non-magnetic. If the item sticks to a magnet, it is likely fake. · Ice Test: Place an ice cube on the silver. Genuine silver conducts heat well, so the ice will melt quickly. · Smell Test: Real silver has no smell. A fake item may give off a copper-like or metallic odor. · Cloth Test: Rub the silver with a white cloth. If it leaves a black mark, the silver is genuine, as real silver oxidizes naturally.