In a jaw-dropping market movement, gold prices in India skyrocketed to a never-before-seen 1,75,340 rupees per 10 grams of 24-carat on Thursday, crossing the 1.75 lakh threshold amid record gains. The India Bullion and Jewellers Association reported a massive 10,705-rupee increase from the prior level of 1,64,635 rupees.

Lower purities followed suit: 22-carat gold surged to 1,60,611 rupees per 10 grams from 1,50,806, and 18-carat hit 1,31,505 rupees from 1,23,476. Silver prices exploded by 21,721 rupees to 3,79,988 rupees per kg, up from 3,58,267 rupees.

The momentum spilled into derivatives trading on MCX, where gold February 2026 futures climbed 6.91% to 1,77,380 rupees, and silver March 2026 futures rose 6.13% to 4,08,982 rupees. International spot markets mirrored the trend, with gold up 4.28% at 5,569 USD/oz and silver gaining 4.91% to 119 USD/oz.

LKP Securities’ Jatin Trivedi highlighted geopolitical strains and America’s trade worries as key drivers, overriding the Fed’s decision to maintain rates. ‘Gold’s support holds firm at 1.70 lakh, with resistance at 1.85 lakh per 10g,’ he analyzed.

As prices hit these dizzying heights, the implications for India’s economy are profound. Gold, a cultural staple and inflation hedge, now tests consumer resilience. Analysts warn of potential demand slowdowns, but safe-haven buying amid uncertainties could propel prices even higher, marking a new era for precious metals in India.