The bullion market is witnessing an unprecedented rally as gold and silver prices hit new milestones this morning, while on January 24, investors woke up to a significant jump in precious metal rates across major Indian cities, driven by a combination of global economic factors and geopolitical tensions.
New Gold Rates Across Major Indian Cities
In the national capital, Delhi, the price of 24-carat gold has climbed to a staggering ₹1,57,310 per 10 grams. Meanwhile, 22-carat gold is trading at ₹1,44,210 per 10 grams. Other major hubs like Mumbai, Chennai, and Kolkata are seeing 24-carat gold priced at ₹1,57,160 per 10 grams. Cities like Pune and Bengaluru are following a similar trend, reflecting the nationwide surge in demand for the yellow metal.
Global Factors Fueling the Bull Run
The primary catalyst for this price hike is the international market, where spot gold reached a record high of $4,967. 41 per ounce, while analysts attribute this surge to a weakening US Dollar and persistent geopolitical risks that have prompted investors to seek refuge in safe-haven assets. As global policy uncertainty remains high, gold continues to be the preferred choice for wealth preservation.
Goldman Sachs Bullish Outlook for 2026
Adding fuel to the fire, global brokerage firm Goldman Sachs has revised its long-term forecast for gold. The firm now expects gold prices to hit $5,400 per ounce by December 2026, up from its previous estimate of $4,900, while according to their latest note, private sector buyers looking to diversify against global policy risks are unlikely to sell their holdings anytime soon, providing a strong floor for future price increases.
Silver Prices Join the Rally
Silver isn't lagging behind in this bull market, while on the morning of January 24, silver prices in India reached ₹3,40,100 per kilogram. In the international spot market, silver is trading near $99. 46 per ounce. The dual demand from industrial sectors and retail investors has pushed silver to these historic levels, making it one of the best-performing commodities this year.
What Should Investors Do?
With prices at an all-time high, market experts suggest that the upward momentum is likely to continue in the short to medium term. While domestic factors like wedding season demand play a role, the overarching influence remains the global economic landscape. Investors are advised to monitor international trends and central bank policies closely before making large-scale entries into the market.
