Gold, Silver Hit Fresh Record Highs for Fourth Straight Day; 24K Gold Closes at Rs 1,75,340 per 10 Grams
Mumbai, 29th January 2026: Gold and silver prices scaled new lifetime highs for the fourth consecutive trading session on Thursday, driven by global uncertainty, a weak rupee, and strong central bank demand.
According to the India Bullion and Jewellers Association (IBJA), 10 grams of 24-carat gold opened at ₹1,76,121 on January 29. Prices later eased slightly but still closed sharply higher at ₹1,75,340, up ₹10,705 in a single day. On Wednesday, gold had settled at ₹1,64,635 per 10 grams.
Over the past four trading days, gold has surged by ₹21,030. On January 23, the yellow metal was priced at ₹1,54,310 per 10 grams.
Silver also rallied strongly. One kilogram of silver jumped ₹21,721 to reach ₹3,79,988 per kg. In just four days, silver has gained ₹62,283, rising from ₹3,17,705 per kg last Friday.
January Rally: Gold Up ₹42,145, Silver Up ₹1.49 Lakh in 29 Days
In the first 29 days of January alone, gold has climbed by ₹42,145. On December 31, 2025, 10 grams of 24-carat gold was priced at ₹1,33,195, compared with ₹1,75,340 now.
Silver has risen even more sharply. It was ₹2,30,420 per kg on December 31, 2025, and has now touched ₹3,79,988 — a jump of ₹1,49,568 in less than a month.
Why Gold and Silver Are Surging
Gold — Three Key Drivers:
Global Tensions and Trade War Fears: Renewed geopolitical stress, including tariff threats and disputes involving the US and Europe, have rattled markets. Investors are shifting money from equities to safe-haven assets like gold.
Record Weak Rupee: The rupee hit an all-time low of ₹91.10 against the US dollar. A weaker rupee raises the landing cost of imported gold, pushing up domestic prices.
Heavy Central Bank Buying: Central banks worldwide, including the RBI, are increasing gold reserves. According to the World Gold Council, demand remained strong into early 2026 after record purchases in 2025.
Silver — Three Major Reasons:
Strong Industrial Demand: Silver is widely used in solar panels, electronics and electric vehicles, making it a critical industrial metal, not just a jewellery item.
Tariff Fears in the US: American companies are stockpiling silver amid uncertainty, reducing global supply.
Pre-emptive Buying by Manufacturers: Fearing production disruptions, firms are buying aggressively, supporting higher prices.
Outlook: Gold Could Touch ₹1.90 Lakh
Dr. Renisha Chainani, Research Head at a leading brokerage, said that if US tariff tensions and Middle East risks intensify further, gold could rise to ₹1,90,000 per 10 grams in 2026. Silver may climb to ₹4 lakh per kg.
Why City-wise Rates Differ
IBJA prices do not include 3% GST, making charges or jewellers’ margins. This is why retail prices vary across cities. IBJA rates are also used by the RBI to set Sovereign Gold Bond prices and by banks to determine gold loan valuations.
What Buyers Should Keep in Mind
When Buying Gold:
• Always buy BIS hallmarked gold with a unique alphanumeric code.
• Cross-check the day’s price from reliable sources such as IBJA.
How to identify Real Silver:
• Magnet Test: Real silver does not stick to a magnet.
• Ice Test: Ice melts quickly on real silver.
• Smell Test: Genuine silver has no smell.
• Cloth Test: Rubbing silver on a white cloth leaves a black mark.
With safe-haven demand intensifying and the rupee under pressure, bullion markets remain on a strong upward trajectory.
