Record surge: Gold jumps ₹1.59 lakh, silver touches ₹3.40 lakh per kg in India

Weak dollar, geopolitical tensions push precious metals to historic peaks; gold nears ₹1.6 lakh per 10 grams in Mumbai, silver jumps sharply.

Gold and silver prices in India surged to record levels on Friday (January 23, 2026), continuing their upward momentum amid global geopolitical uncertainty and a weakening US dollar. The volatile global environment has pushed investors towards safe-haven assets, supporting strong demand for precious metals.

In Mumbai, 24-carat gold prices jumped by ₹5,400 per 10 grams to reach an all-time high of ₹1,59,710. At the same time, 22-carat gold was priced at ₹1,46,400 per 10 grams. The sharp rise reflects growing investor preference for gold during periods of economic and political instability.

Silver also witnessed a significant rally. Prices rose by ₹15,000 per kilogram, taking the metal to a historic high of ₹3,40,000 per kg in the domestic market, highlighting increased demand for precious metals beyond gold.

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On the Multi Commodity Exchange (MCX), gold futures expiring in February gained 1.19 per cent to trade at ₹1,58,194 per 10 grams. Meanwhile, silver futures for March delivery climbed 2.59 per cent to ₹3,35,760 per kg, mirroring the strong trend seen in spot markets.

Internationally, prices also remained firm. On the COMEX, gold futures edged closer to the $5,000 per ounce mark, trading just a few points below it, with a nearly 1 per cent rise. Silver futures climbed 2.45 per cent to hit a fresh lifetime high of $98.73 per ounce.

Experts note that gold prices in India are primarily influenced by international market trends, import duties, domestic taxes and fluctuations in currency exchange rates. These combined factors determine daily price movements across Indian markets.

In India, gold holds deep cultural and economic significance. It remains a preferred investment option and plays a major role in weddings and festivals. With market conditions changing rapidly, investors and traders are closely tracking price movements, underlining the importance of staying updated to navigate the current volatility effectively.