In a dramatic market shift, gold has shattered records by crossing ₹1.54 lakh per 10 grams for 24-carat purity, with silver also scaling new heights amid heightened global risks. The India Bullion and Jewellers Association reports a sharp ₹6,818 increase for 24-carat gold to ₹1,54,227 from ₹1,47,409 per 10 grams.

Parallel gains were seen across the board: 22-carat gold advanced to ₹1,41,272 per 10 grams (up from ₹1,35,027), and 18-carat hit ₹1,15,670 (from ₹1,10,557). Silver’s price exploded by ₹9,752 to ₹3,19,097 per kg, eclipsing its prior ₹3,09,345 mark.

Futures trading echoed the spot market enthusiasm, with gold’s February 2026 contract up 4.67% at ₹1,57,600 and silver’s March 2026 deal rising 2.09% to ₹3,30,447. Internationally, gold firmed up 2.24% to $4,872 per ounce, while silver edged down 0.34% to $94.32.

Geopolitical headwinds, including Trump’s tariff threats on Europe, have supercharged demand for these metals. Safe-haven buying from central banks, coupled with booming industrial use of silver in renewables and EVs, underpins the rally. Investors are piling in, viewing gold as a bulwark against currency devaluation.

This spike could reshape India’s jewelry sector, where gold dominates weddings and festivals. Analysts warn of profit-taking soon but see sustained upward pressure from macroeconomic factors. For portfolio managers, diversifying into bullion now might offer protection in turbulent times.