In a dazzling display of market momentum, gold prices in India soared to uncharted territories on Wednesday, eclipsing ₹1.60 lakh per 10 grams in the spot market for the first time. India Bullion Jewellers reported 24-carat gold rocketing ₹5,734 higher to an all-time peak of ₹1,64,635 per 10 grams, previously at ₹1,58,901. This blistering pace has captivated traders and consumers alike.
Supporting the trend, 22-carat gold advanced to ₹1,50,806 per 10 grams from ₹1,45,553, while 18-carat variants hit ₹1,23,476 from ₹1,19,176. Silver’s ascent was equally dramatic, climbing ₹13,703 to a record ₹3,58,267 per kilogram, surpassing its prior level of ₹3,44,564.
Futures markets echoed the enthusiasm: MCX gold for February 2026 jumped 3.80% to ₹1,63,697, and silver for March 2026 surged 6.13% to ₹3,78,109. Globally, gold touched $5,287 per ounce amid a 3.24% rise, with silver at $112 per ounce, up 5.78%.
LKP Securities’ Jatin Trivedi highlights nearly 4% gains on MCX gold, driven by steady Fed policy expectations and US tariff jitters. Precious metals continue to shine as safe investments. Yet, with prolonged rally, gold nears overbought territory—resistance looms at ₹1,66,000, backed by support at ₹1,60,000.
This surge reshapes investment strategies, prompting jewellers to stock up and investors to reassess portfolios. As geopolitical tensions simmer, gold and silver’s allure persists, but experts urge prudence amid potential corrections. India’s bullion market is now a global bellwether.