Argus News - Gold Hits Rs1.78 Lakh, Silver Surges Past Rs4 Lakh in India

Bhubaneswar, Jan 29: Precious metal prices have skyrocketed across India, with gold and silver reaching unprecedented levels in the past few days. The surge has coincided with the wedding season, forcing buyers to spend more on jewellery while investors continue to flock to bullion amid global market volatility.

Gold Prices Surge

In Bhubaneswar, 22-carat gold is priced at Rs1,63,950 per 10 grams, while 24-carat gold has touched Rs1,78,680 per 10 grams. Compared to Wednesday evening’s rate of Rs1,64,635, gold jumped by nearly Rs14,000 in a single day. On the Multi Commodity Exchange (MCX), gold rose from Rs1.60 lakh per 10 grams on January 21 to Rs1.93 lakh within a week, marking a Rs33,000 increase.

Silver Breaks Rs4 Lakh Mark

Silver prices have also stunned buyers, climbing past the Rs4 lakh per kilogram mark for the first time. In Bhubaneswar, silver is priced at Rs417 per gram, or Rs4,17,000 per kilogram, up from Rs3,91,000 just a day earlier. On MCX, silver rose from Rs3.18 lakh per kilogram on January 21 to Rs4.05 lakh within seven days, a jump of Rs88,000.

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Market Drivers

Analysts attribute the rally to global geopolitical tensions, safe-haven demand, and a weak rupee. Ahead of the Union Budget 2026, investors are hedging against uncertainty, while retail buyers are struggling with soaring costs. The Economic Survey 2025–26 has warned that prices are likely to remain elevated unless global risks ease.

Impact on Consumers

Local buyers in Bhubaneswar expressed concern, noting that jewellery purchases during weddings have become significantly more expensive. Retailers, including Malabar Gold and Diamonds, confirmed that demand remains steady despite higher prices, though many customers are opting for lighter designs.

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