New Delhi, February 4, 2026, 16:24 IST
Gold and silver prices soared across major Indian cities on Wednesday. On the Multi Commodity Exchange (MCX), silver futures jumped 13.07% to Rs 2,67,410 per kg, while gold rose 5.16% to Rs 1,54,000 per 10 grams, according to NDTV. In Delhi, 24-carat gold was priced at Rs 15,409 per gram. NDTV also noted that silver hit a record high of Rs 4,04,500 per kg on Jan. 29 before tumbling nearly 36%.
This move counts now because bullion—bars and investment-grade metal—is a common asset in Indian households. Daily price shifts quickly affect shop quotes. Since prices are tracked per gram, a Rs 600 change can swiftly alter the cost of a small purchase.
Gold in overseas markets held steady near $5,100 an ounce, buoyed by increased safe-haven buying amid renewed U.S.-Iran tensions. “After such a sharp rally, a correction was expected,” said ANZ analyst Soni Kumari. Jigar Trivedi of IndusInd Securities remains optimistic, setting a year-end target of $6,000/oz. Spot gold jumped 2.9% to $5,082.94 by 0813 GMT, marking its strongest day since November 2008. Reuters
MCX gold futures in India climbed across all expiries, with the April 2 contract hitting Rs 1,59,000 per 10 grams—a 3.37% rise, according to the Times of India. Retail prices showed 22-carat gold at Rs 14,730 per gram in Delhi and Rs 14,715 in Mumbai. Meanwhile, 24-carat gold traded near Rs 16,068 per gram in Delhi and Rs 16,053 in Mumbai, the report said.
Bengaluru recorded a sharp jump in gold prices, with 24-carat gold rising Rs 660 per gram to Rs 16,053, and 22-carat climbing to Rs 14,715, according to Goodreturns. “Gold remains well supported by ongoing concerns around inflation, currency stability, and geopolitical risks,” said Ross Maxwell, global strategy operations lead at VT Markets. The site also listed Bengaluru silver at Rs 3,20,000 per kg. Goodreturns
Prices jumped after India and the U.S. began outlining a trade deal focused on tariff cuts. The U.S. plans to slash tariffs on Indian goods from 50% to 18%, while India committed to boosting purchases of American energy and other products. “It will be done over the years,” an Indian official told Reuters. U.S. Trade Representative Jamieson Greer added, “we know the specifics, we know the details.” Reuters
India’s daily “gold price today” listings usually show separate rates for 24-carat and 22-carat gold. The 24-carat, being nearly pure bullion, commands a higher price, whereas 22-carat gold, mixed with alloys and common in jewellery, tends to trade at a discount.
The shift could flip just as fast. Should geopolitical tensions ease or buyers hesitate over rising prices, the bounce might stall, sparking fresh profit-taking. Silver’s recent swings highlight just how swiftly the market can turn on those jumping in too late.
