A powerful surge in international bullion markets, coupled with rising geopolitical risks and currency weakness, sent gold past ₹1.75 lakh per 10 grams and silver beyond ₹4 lakh per kg, marking new lifetime highs.
Mumbai | January 29, 2026
January 29, 2026: Gold and silver prices in India surged to unprecedented levels on Thursday, extending their record-breaking rally as investors flocked to safe-haven assets amid intensifying global uncertainty, persistent inflation fears, and sustained weakness in the rupee.
Gold crossed the landmark Rs 1,75,000 per 10 grams, while silver vaulted beyond Rs 4,00,000 per kg for the first time in Indian history. The rally mirrors a powerful upswing in international bullion markets, where spot gold surged past $5,600 per ounce and silver climbed above $120 per ounce, reflecting a wave of risk-off sentiment among global investors.
In Mumbai, 24-carat gold touched a fresh lifetime high of Rs 1,78,750 per 10 grams, while 22-carat gold rose to Rs 1,63,950 per 10 grams. Silver in the domestic spot market surged to Rs 4,10,000 per kg. (Prices exclude GST and making charges.)
Why Are Gold and Silver Prices Rising So Sharply?
Market experts attribute the extraordinary surge to a confluence of global macroeconomic stress, geopolitical tensions, aggressive central bank buying, currency depreciation, and investor anxiety over financial stability.
1. Global Geopolitical Uncertainty
Heightened geopolitical tensions, particularly in the Middle East, Eastern Europe, and the Indo-Pacific, have triggered strong demand for safe-haven assets. Fresh concerns escalated after US President Donald Trump warned Iran of severe military consequences if nuclear negotiations fail, reigniting fears of broader regional instability.
With conflicts and diplomatic flashpoints multiplying, investors are increasingly hedging against geopolitical risk by shifting capital into gold and silver.
“Rising geopolitical risks have significantly boosted safe-haven buying. Gold’s rally reflects growing anxiety over global security and political stability,” said Rahul Kalantri, Vice-President (Commodities), Mehta Equities.
2. Expectations of Prolonged Easy Monetary Policy
Although the US Federal Reserve recently kept interest rates unchanged, policymakers signaled caution, reinforcing expectations that rates may remain elevated but stable, delaying any aggressive tightening.
This has fueled speculation that real interest rates could stay low or negative after adjusting for inflation, which typically supports gold prices since the metal yields no interest.
Lower opportunity costs of holding gold, combined with fears of future rate cuts if economic growth slows, have strengthened bullion demand worldwide.
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3. Massive Central Bank Gold Buying
Central banks across Asia, the Middle East, and emerging economies have been aggressively accumulating gold reserves to diversify away from the US dollar and strengthen financial resilience.
This structural demand has created a strong long-term support base, driving prices steadily higher even during brief market corrections.
Gold & Silver: The New "Normal"? 🪙🚀
Forget the old prices. We are in a new era of "Safe Haven" demand.
• Gold: Crossing ₹1.75 Lakh per 10g.
• Silver: Smashed through ₹4 Lakh per kg!
• The Why: The US Fed held rates steady, and the Rupee just hit a record low of ₹92.00…— Stockmarket INSIGHTS (@Indianstocksins) January 29, 2026
4. Sharp Rupee Depreciation
The Indian rupee has remained under pressure due to:
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Rising crude oil prices
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Persistent trade deficits
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Capital outflows from equity markets
Since India imports nearly all of its gold, any fall in the rupee magnifies domestic prices, even when global prices rise modestly. The combined effect of surging global prices and rupee weakness has produced an explosive jump in Indian bullion rates.
5. Inflation Hedge and Financial Market Volatility
Gold and silver are increasingly being viewed as critical hedges against inflation, currency erosion, and market instability.
With global equity markets witnessing heightened volatility and bond yields fluctuating sharply, investors are rebalancing portfolios toward precious metals for capital protection.
Over the past four trading sessions alone, gold has gained more than 10%, while silver has jumped nearly 15%, underlining the intensity of risk aversion.
International Market Snapshot
In global markets, US spot gold climbed to just below $5,600 per ounce, while spot silver hovered close to the crucial $120 per ounce mark, both hitting fresh record highs.
Analysts believe that any further escalation in geopolitical tensions or signs of economic slowdown could push bullion prices even higher in the near term.
Gold Rates Across Major Indian Cities (January 29)
| City | 22K Gold (per 10 gm) | 24K Gold (per 10 gm) |
|---|---|---|
| Delhi | Rs 1,64,100 | Rs 1,79,000 |
| Jaipur | Rs 1,64,100 | Rs 1,79,000 |
| Ahmedabad | Rs 1,64,000 | Rs 1,78,900 |
| Pune | Rs 1,63,950 | Rs 1,78,750 |
| Mumbai | Rs 1,63,950 | Rs 1,78,750 |
| Hyderabad | Rs 1,63,950 | Rs 1,78,750 |
| Chennai | Rs 1,63,950 | Rs 1,78,750 |
| Bengaluru | Rs 1,63,950 | Rs 1,78,750 |
| Kolkata | Rs 1,63,950 | Rs 1,78,750 |
Outlook: More Upside Possible
Market analysts warn that volatility is likely to remain high, but the broader trend for precious metals remains firmly bullish, driven by:
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Persistent geopolitical stress
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Central bank accumulation
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Inflation risks
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Weakening fiat currencies
If current conditions persist, gold could test the Rs 1.85 lakh mark in the short term, while silver may challenge Rs 4.25 lakh per kg, experts suggest.
