Gold and Silver Rates Today, January 29: Bullion markets remained firmly bullish, with gold breaching the ₹1,75,000 per 10 grams level and silver crossing ₹4,00,000 per kg for the first time ever. The rally mirrors strong gains in international markets, where gold climbed beyond $5,600 an ounce and silver moved past $120 an ounce, supported by safe-haven buying and a depreciating rupee.
In Mumbai, 24-carat gold surged to a record high of ₹1,78,750 per 10 grams, while 22-carat gold was quoted at ₹1,63,950 per 10 grams. Prices are exclusive of GST and making charges. Silver also scaled a fresh lifetime high, touching ₹4,10,000 per kg in the spot market. Rahul Kalantri, vice-president (commodities) at Mehta Equities, said, “Gold extended its record-breaking rally on Thursday, rising close to $5,600 per ounce as investors increased their demand for safe-haven assets amid mounting geopolitical and economic uncertainty. Silver also strengthened, hovering near the key $120 level.”
Gold prices have surged over 10% in the last four trading sessions. The upward momentum continued even after the US Federal Reserve left interest rates unchanged, reinforcing expectations of sustained monetary support. Investors are increasingly shifting away from paper currencies and opting for tangible assets such as precious metals. Geopolitical risks also escalated after President Donald Trump urged Iran to reach a nuclear deal, warning that any future US military action could be far more severe, he added.
In the global market, US spot gold extended its sharp rally on Thursday, hitting a record high just below $5,600 an ounce as investors sought safety amid mounting economic and geopolitical uncertainty. Silver, meanwhile, edged closer to the $120 mark.
Spot gold jumped 2.7% to $5,542.29 an ounce by 0149 GMT, after touching a record high of $5,591.61 earlier in the session.
“Growing US debt and uncertainty created by signs that the global trade system is splintering into regional blocs as opposed to a US-centric model (are leading investors to pile into gold),” said Marex analyst Edward Meir, according to Reuters.
Gold crossed the $5,000 mark for the first time earlier this week and has gained more than 10% so far, driven by strong safe-haven demand, steady central bank purchases and a weaker dollar.
“Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes,” OCBC analysts said in a note.
Gold has risen over 27% so far this year, following a sharp 64% surge in 2025.
Meanwhile, the Indian rupee slipped to a record low near 92.00 against the US dollar in early trade on Thursday, amid broad weakness across Asian currencies as the greenback strengthened.
What factors affect gold prices in India?
Gold prices in India are influenced by international market trends, import duties, taxes, and movements in currency exchange rates. These factors together determine daily gold rates across the country.
In India, gold holds both cultural and financial significance. It remains a preferred investment avenue and plays a central role in weddings and festive celebrations.
With market conditions changing rapidly, investors and traders closely track price movements. Staying updated is essential to navigating the evolving bullion market effectively.
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