Mumbai’s bullion market witnessed unprecedented frenzy on Wednesday as gold prices shattered all-time highs, crossing ₹1.60 lakh per 10 grams for the first time ever. According to India Bullion Jewellers, 24-carat gold surged by a staggering ₹5,734 to reach ₹1,64,635 per 10 grams, up from ₹1,58,901. This marks a historic milestone in domestic markets amid relentless upward momentum.
22-carat gold also climbed sharply, moving from ₹1,45,553 to ₹1,50,806 per 10 grams. Even 18-carat variants jumped from ₹1,19,176 to ₹1,23,476 per 10 grams, reflecting broad-based gains across purity levels. Silver followed suit with explosive growth, rising ₹13,703 to ₹3,58,267 per kilogram from ₹3,44,564.
The rally extended to futures trading on the MCX, where gold for February 2026 contracts gained 3.80% to ₹1,63,697, while silver for March 2026 rose 6.13% to ₹3,78,109. Investors are closely monitoring global cues, even as international spot prices showed strength with gold at $5,287 per ounce (up 3.24%) and silver at $112 per ounce (up 5.78%).
Market expert Jatin Trivedi from LKP Securities attributes the surge to anticipation around the US Federal Reserve meeting, where rate cuts seem unlikely, bolstering gold’s safe-haven appeal. Ongoing tariff uncertainties from the US and sustained inflows into precious metals have fueled this rally. However, Trivedi warns that gold is entering an overheated zone, with resistance at ₹1,66,000 and support near ₹1,60,000. Volatility could spike as the market digests these peaks.
For jewellers and investors, this boom signals both opportunity and caution. With wedding seasons and festive demands looming, physical demand remains robust, but analysts advise watching for profit-taking. The domestic bullion surge underscores India’s growing influence in global precious metals trading.