New Delhi witnessed a historic surge in gold and silver prices on Thursday, with 24-carat gold smashing through the 1.75 lakh rupees per 10 grams barrier for the very first time. This unprecedented rally saw gold leap by a staggering 10,705 rupees, reaching an all-time high of 1,75,340 rupees per 10 grams, up from 1,64,635 rupees.
The India Bullion and Jewellers Association (IBJA) confirmed the sharp uptick across purity levels. 22-carat gold climbed from 1,50,806 to 1,60,611 rupees per 10 grams, while 18-carat gold jumped from 1,23,476 to 1,31,505 rupees per 10 grams. Silver wasn’t left behind, soaring 21,721 rupees to 3,79,988 rupees per kilogram, previously at 3,58,267 rupees.
Futures markets echoed the frenzy. On the Multi Commodity Exchange (MCX), gold for February 2026 contracts rose 6.91% to 1,77,380 rupees, and silver for March 2026 gained 6.13% to 4,08,982 rupees. Globally, gold advanced 4.28% to 5,569 dollars per ounce, with silver up 4.91% to 119 dollars per ounce.
Experts attribute this rally to escalating global tensions and US trade uncertainties, even as the US Federal Reserve held interest rates steady. Jatin Trivedi of LKP Securities noted gold’s breach of the 1.75 lakh mark despite no rate cuts. He identifies strong support at 1.70 lakh and resistance at 1.85 lakh per 10 grams.
This record-breaking surge has jewelers and investors on edge, prompting questions about whether this is the peak or just the beginning of a sustained bull run. With wedding seasons approaching, consumers may face even steeper prices ahead, reshaping buying patterns in India’s gold-obsessed market.