New Delhi is witnessing an unprecedented bull run in precious metals as gold prices have skyrocketed beyond ₹1.5 lakh per 10 grams, marking a fresh all-time high. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold jumped by a staggering ₹6,818 to reach ₹1,54,227 per 10 grams, up from the previous level of ₹1,47,409.
The rally didn’t spare other variants either. 22-carat gold climbed from ₹1,35,027 to ₹1,41,272 per 10 grams, while 18-carat gold rose from ₹1,10,557 to ₹1,15,670 per 10 grams. Silver, not to be outdone, surged by ₹9,752 to an all-time peak of ₹3,19,097 per kilogram, previously trading at ₹3,09,345.
This frenzy extends to futures markets as well. Gold contracts for February 2026 gained 4.67% to ₹1,57,600, and silver futures for March 2026 rose 2.09% to ₹3,30,447. Globally, gold per ounce climbed 2.24% to $4,872, though silver dipped slightly by 0.34% to $94.32.
What’s fueling this surge? Escalating global uncertainties, particularly following U.S. President Donald Trump’s announcement of tariffs on Europe, have driven investors towards safe-haven assets. Central banks’ aggressive gold buying and sustained industrial demand for silver in solar panels and electric vehicles are amplifying the momentum.
For Indian households and investors, this means jewelry prices are set to rise further, potentially curbing festive season purchases. Market experts advise caution, predicting short-term volatility but long-term upside amid geopolitical tensions. As economies brace for trade disruptions, gold and silver remain the go-to hedges against inflation and instability.