Gold And Silver Hit Fresh Record Highs, Prices Surge Across Indian Cities

Strong safe-haven demand, global uncertainty, and weak dollar push bullion prices to lifetime peaks in futures and spot markets

Gold and silver prices touched new record highs in the Indian market on Wednesday as both metals surged sharply on the Multi-Commodity Exchange (MCX), reflecting strong global cues and rising demand for safe-haven assets. The rally comes amid heightened geopolitical tensions, a weakening US dollar, and growing expectations around the US Federal Reserve’s policy decision, which investors believe could further support precious metals.

Gold futures jumped more than 1.7 percent to reach a lifetime high of ₹1,59,820 per 10 grams on MCX. Silver futures witnessed an even stronger rally, rising around 6 percent to hit a fresh peak of ₹3,54,780 per kilogram. Later in the day, silver extended its momentum, touching ₹3,79,250 per kilogram, while gold climbed as high as ₹1,63,940 per 10 grams, marking one of the sharpest single-session moves in recent times.

The strong rise shows how investor sentiment continues to shift towards safe assets. With uncertainty in global markets and fluctuations in currency and bond yields, precious metals have regained their traditional role as a store of value. Silver, in particular, has outperformed gold so far this year and has already gained over 50 percent, making it one of the best-performing commodities of 2026.

International markets also provided firm support. Spot gold traded around $5,068 per ounce after touching a record high of $5,110.50 in the previous session. US gold futures remained steady near $5,063 per ounce. Silver prices in overseas markets stayed close to their all-time highs, helping drive the sharp rally in Indian futures.

A major factor behind the surge is the weakening of the US dollar, which makes commodities priced in dollars cheaper for international buyers. At the same time, investors are closely watching the US Federal Reserve’s policy announcement. Any indication of a rate pause or easing could further boost gold and silver, as lower interest rates reduce bond yields and increase the attractiveness of non-yielding assets like bullion.

In the domestic market, the impact of this rally was clearly visible in spot prices across major cities. 

In Delhi, 24-carat gold was trading at ₹16,530 per gram, while 22-carat gold stood at ₹15,155 per gram and 18-carat gold at ₹12,403 per gram.

In Mumbai, 24-carat gold was priced at ₹16,517 per gram, 22-carat at ₹15,140 per gram, and 18-carat at ₹12,388 per gram.

Kolkata reported similar prices to Mumbai, with 24-carat gold at ₹16,517 per gram, 22-carat at ₹15,140 per gram, and 18-carat at ₹12,388 per gram.

Chennai saw relatively higher prices, with 24-carat gold at ₹16,734 per gram, 22-carat at ₹15,330 per gram, and 18-carat at ₹12,785 per gram.

In Bengaluru, rates matched those of Mumbai and Kolkata, where 24-carat gold was at ₹16,517 per gram, 22-carat at ₹15,140 per gram, and 18-carat at ₹12,388 per gram.

The sharp rise in bullion has made buyers and investors closely monitor daily movements. Jewellery buyers are finding prices unusually high, while investors are seeing strong returns in a short period. Market experts point out that silver’s rapid price movement compared to gold shows increased speculative interest as well as industrial demand, alongside its role as a safe asset.

Globally, uncertainty continues to drive money towards precious metals. Concerns around geopolitical stability, currency fluctuations, and policy direction in major economies have strengthened gold and silver’s position in portfolios. While gold remains a symbol of stability, silver’s faster pace of gains has drawn increased attention from traders.

For now, both metals remain firm at elevated levels. Prices in Indian cities mirror the strength seen in global markets and MCX futures. Any fresh cues from international developments or central bank policies are likely to keep bullion markets volatile but strongly supported in the near term.

Disclaimer: This article is for general information only and does not constitute financial or investment advice. Readers are advised to consult certified financial advisors before making any investment decisions.