NEW DELHI, January 9, 2026, 23:22 IST
India’s benchmark gold and silver rates jumped on Friday, lifting bullion back toward recent highs after Thursday’s slide. The India Bullion and Jewellers Association (IBJA), an industry body that publishes benchmark bullion prices, put its PM rate for 24-carat gold (999 purity) at 137,122 rupees per 10 grams, up 1,349 rupees on the day, while silver (999) rose 6,982 rupees to 242,808 rupees per kg. IBJA rates are quoted before India’s goods and services tax (GST) and before jewellers add making charges. (Ibjarates)
The move matters because it keeps domestic prices pinned near record levels just as physical buying is thinning out. Dealers charged premiums of up to $6 an ounce this week over official domestic prices that include import and sales levies, down from up to $15 last week, a sign demand is cooling, Reuters reported. “Retail buyers are postponing purchases,” said Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji. (Reuters)
Global cues stayed in the driver’s seat. Spot gold rose 0.6% to $4,502.98 an ounce by mid-day U.S. trading and was on track for a more than 4% weekly gain after U.S. job growth in December rose 50,000, missing forecasts for a 60,000 increase; gold hit a record $4,549.71 on Dec. 26. “Payrolls are showing us a poor job creation environment,” said Bart Melek, global head of commodity strategy at TD Securities, while Metals Focus projected gold could push above $5,000 an ounce in 2026; spot silver gained 3.9% to $79.88. (Reuters)
In India’s futures market, the Multi Commodity Exchange (MCX), the country’s main commodity futures bourse, showed gold still trading with sharp intraday swings. The February 5 gold contract last traded at 137,729 rupees per 10 grams, with the day’s high at 138,951, India Infoline data showed. (India Infoline)
Retail quotes were higher than the benchmark. Financial Express pegged 24-carat gold at 138,470 rupees per 10 grams on Friday, with 22-carat at 126,931, and said India’s retail prices were about 22.7% above Dubai’s, before fees and local charges. Rates can vary by city and jeweller depending on taxes, logistics and making costs. (The Financial Express)
Analyst Jatin Trivedi at LKP Securities said Comex — the U.S. futures market — had support near $4,450 an ounce and resistance around $4,475. He said gold could trade in a 136,500-139,000 rupee range in the near term, with global economic data setting the tone, a local report said. The same report noted the spot market’s all-time high at 137,956 rupees per 10 grams, set on Dec. 26. (Navbharat Times)
But the downside risk is obvious: the market has been whipping around record levels and profit-taking can hit fast. Silver in New Delhi slid 12,500 rupees to 243,500 per kg on Thursday from record levels, while gold fell 900 rupees, amid a rush of global profit-booking, the Times of India reported, citing the All India Sarafa Association. On MCX, February gold futures fell 0.65% to 137,113 rupees per 10 grams, while March silver dropped 3% to 243,240; Comex February gold eased to $4,432.8 an ounce. (The Times of India)
