Ahmedabad, India, Jan 18, 2026, 03:40 (IST)
Gold prices in Ahmedabad hit a new peak, climbing to 146,300 rupees per 10 grams on Saturday, marking a continued surge in local bullion rates. Silver, meanwhile, slipped back to about 275,000 rupees per kg after reaching 280,000 just a day before. 1
The World Gold Council reported that the rally pushed into 2026, with international prices climbing nearly 6% in the first 13 days after soaring 67% in 2025, topping $4,600 an ounce. Indian gold exchange-traded funds (ETFs) — which are stock-market funds backed by physical metal — saw record net inflows of 116 billion rupees ($1.29 billion) in December. Holdings jumped 8.6 tonnes to a new peak of 95 tonnes, despite buyers leaning toward lighter, lower-purity jewellery amid high prices. 2
At the same time, the record board has cooled walk-in buying in parts of India. Dealers were offering discounts up to $12 an ounce off official domestic prices this week, including 6% import and 3% sales levies, with bullion hovering around 142,800 rupees per 10 grams, Reuters reported. “Demand just isn’t there right now since prices keep hitting new highs,” said Chirag Thakkar, CEO of bullion importer Amrapali Group Gujarat. 3
The gap between paper and physical demand isn’t new, but it’s more pronounced at these levels. ETFs and other investment vehicles allow buyers to track prices without shelling out for making charges on jewellery. Meanwhile, jewellers are dealing with customers who haggle tougher and scrutinize every gram.
On the Multi Commodity Exchange (MCX), India’s key commodity derivatives hub, traders are eyeing whether the round-number moves spark further momentum. Ponmudi R, CEO of Enrich Money, flagged that a break above 143,000 rupees might drive gold up to the 146,000–150,000 range. 4
The rally is already showing signs of strain in global markets. Spot gold dropped 0.5% to $4,592.29 per ounce on Friday, after earlier dipping to $4,536.49 amid profit-taking and easing geopolitical tensions, Reuters reported. “I still think we have a chance of getting to $5,000 sometime this year, punctuated with these big corrections in the meantime,” said Marex analyst Edward Meir. 5
Silver’s moves have been even wilder, with sharp swings as speculative bets pile on and then quickly reverse. While it usually follows gold during risk-off moments, silver tends to drop more sharply when sentiment sours.
What unfolds next in India might hinge more on household calculations than headlines: the rupee’s strength, wage trends, and if wedding-season spending sustains despite record prices. At this stage, investment demand is shouldering most of the burden.
