Gold Near ₹1.6 Lakh, Silver Jumps Sharply, Here's What’s Pushing Prices Higher Right Now?

Mumbai: Gold and silver prices in India continued their upward march today, moving closer to record levels. In the global market, gold extended gains for the fifth straight trading session, rising to USD 4,951.47 per ounce. Silver also saw a sharp jump, gaining 1.7 per cent to trade near USD 97.85 per ounce.

This global rise is clearly reflecting in domestic prices, making precious metals costlier for buyers across India.

Latest gold and silver prices in India

As of January 23, 2026, the price of 24-carat gold in India is around Rs 15,430 per gram, or nearly Rs 1,54,300 per 10 grams. Meanwhile, 22-carat gold is trading close to Rs 14,144 per gram.

Silver prices have seen an even stronger move. Silver is now trading at around Rs 3,24,900 per kilogram, marking a powerful surge in a short period.

The rise in prices is being felt strongly during the wedding and festive season, when gold demand usually peaks. While higher prices increase the cost of jewellery, many buyers still see gold as a safe and reliable investment.

Why are gold and silver prices rising?

Weak US dollar

One of the biggest reasons behind the rise is the weakening US dollar. When the dollar weakens, gold and silver become cheaper for global buyers, pushing up demand. In India, the rupee is trading around Rs 91–92 against the dollar, which makes imported gold more expensive.

Safe-haven demand remains strong

Gold is widely seen as a “safe-haven” asset. During times of global uncertainty, investors prefer gold to protect their money. Indian investors also follow this trend, especially when there are worries about global growth, inflation, or currency movements.

Global uncertainty still present

Although geopolitical tensions have eased slightly after US President Donald Trump softened his stance on tariffs on European goods and ruled out the use of force over Greenland, uncertainty has not fully disappeared. This keeps investors cautious and supportive of gold prices.

India-specific demand adds support

Domestic factors are also pushing prices higher. Wedding season demand, steady investment buying, and strong inflows into gold ETFs are supporting the market. While physical gold buying may slow at higher prices, interest in digital gold and SIP-style gold investments is increasing.

What this means for buyers?

For Indian consumers, rising prices signal higher costs. However, for long-term investors, gold continues to offer safety and stability during uncertain times.