Mumbai’s bullion market is on fire as gold and silver prices soared to unprecedented levels on Tuesday, with gains approaching a staggering 27,000 rupees in some segments. According to India Bullion Jewellers, silver prices rocketed by 26,859 rupees to reach a historic 3,44,564 rupees per kilogram, up from the previous 3,17,705 rupees per kilogram. This marks a significant milestone in the precious metals trade.
Gold followed suit, with 24-carat gold jumping 4,591 rupees to an all-time high of 1,58,901 rupees per 10 grams, previously at 1,54,310 rupees. The 22-carat variant climbed from 1,41,348 rupees to 1,45,553 rupees per 10 grams, while 18-carat gold rose from 1,15,733 rupees to 1,19,176 rupees per 10 grams. These movements reflect robust domestic demand amid global uncertainties.
The momentum extended to futures trading on the MCX, where gold for February 2026 contracts gained 1.54% to 1,58,440 rupees, and silver for March 2026 surged 8.54% to 3,63,299 rupees. Spot markets mirrored this bullish trend, underscoring investor confidence in precious metals as safe havens.
Interestingly, international markets told a different story, with gold dipping 0.15% to 5,114 dollars per ounce and silver falling 3.17% to 111 dollars per ounce. Market experts attribute the domestic rally to escalating global instability fueled by US tariff policies, driving demand for secure investments.
Silver’s outperformance stems from supply shortages outpacing demand, amplified by surging industrial usage. Recent years have seen skyrocketing consumption in solar panels, electric vehicles, and electronics, pushing silver’s industrial demand to new heights. As geopolitical tensions persist, analysts predict this upward trajectory will continue, offering lucrative opportunities for investors while challenging jewelers and buyers alike.
This rally not only boosts sentiment in the bullion sector but also highlights India’s growing role in global precious metals dynamics. With festivals and wedding seasons on the horizon, consumers may face steeper prices, prompting many to lock in purchases early.