NEW DELHI, Jan 18, 2026, 06:19 IST
- Silver hovered close to record highs in India, even as gold prices slipped in major cities on Saturday.
- Dealers noted that steep prices are dampening retail demand, though investor interest remains strong.
- Global bullion retreated amid profit-taking, as analysts warned of potential sharp swings.
Silver prices in India hovered near record highs on Saturday, even as gold softened in key cities amid a wider pullback in the global rally. In Delhi, 24-carat gold traded around 143,550 rupees per 10 grams, with an industry benchmark pegging silver close to 281,890 rupees per kg.
India’s jewellery trade and bargain hunters are feeling the impact of volatile prices. This week, Indian dealers slashed prices by as much as $12 an ounce. “Demand just isn’t there right now since prices keep hitting new highs,” said Chirag Thakkar, CEO of bullion importer Amrapali Group Gujarat. Meanwhile, in China, demand stayed firm ahead of the Lunar New Year. Independent analyst Ross Norman noted that gold was still trading at a “modest premium” despite record highs. Reuters
Silver’s rally has outpaced most, with spot prices breaking past $93 an ounce this week. The metal has now tripled in value over the last year. Vanda, a data and research firm, dismissed the idea of a mere meme-stock driven jump, highlighting steady inflows into silver ETFs — funds that trade like stocks but track silver. Investopedia
In major retail centers across India, 24-carat gold prices hovered near 143,390 rupees per 10 grams in Mumbai and about 143,400 rupees in Chennai and Kolkata, according to NDTV. The India Bullion and Jewellers Association (IBJA), which sets benchmark rates, listed 24-carat gold at 141,593 rupees per 10 grams on Friday. Meanwhile, MCX silver futures for March traded around 289,300 rupees per kilogram. NDTV India
Overseas, gold dropped over 1% on Friday as traders cashed in gains following recent record peaks. Softening geopolitical tensions also weighed on demand for the safe haven. By 1:39 p.m. ET (1839 GMT), spot gold slipped 0.5% to $4,592.29 an ounce, after touching a session low of $4,536.49.
Silver fell 2.9% to $89.65 an ounce during the session but remained on track for a weekly rise exceeding 12%, having hit $93.57 the previous day. Platinum declined 3.3%, while palladium slipped 0.6%.
The pullback highlights just how fast sentiment can shift. Marex analyst Edward Meir described it as “a general retreat … with some profit-taking,” noting that easing Middle East tensions have chipped away at the geopolitical premium, “especially silver.” JPMorgan’s note pointed to risks including weaker industrial demand, ETF outflows, and stricter Chinese trading regulations, cautioning that silver may face a sharp correction. Reuters
In Rampur, Uttar Pradesh, silver fetched 288,176 rupees per kg on Saturday, according to IBJA data, highlighting the rally’s reach into smaller markets. ABP Live
Jatin Trivedi, commodities analyst at LKP Securities, noted that gold has stayed above $4,600 an ounce. He expects it to trade between 141,000 and 145,000 rupees per 10 grams soon, as U.S.-Iran tensions continue to support safe-haven demand.
Despite prices hovering near their peak, physical buying in India has slowed, dealers say, as demand shifts toward gold ETFs instead of jewellery. In China, premiums remain steady, supported by upcoming seasonal buying—offering a stark contrast to India’s weaker appetite.
Traders are eyeing the dollar and shifts in U.S. interest-rate expectations for the next move, alongside geopolitical news that’s recently sparked big swings in metals. For now, silver’s volatility is prompting caution, while gold tries to cling to gains without wiping out demand altogether.
