Gold, Silver Prices Soar to Record Highs

Global markets witnessed a surge in gold and silver prices today, January 19, 2026, with both precious metals hitting record highs. This rally is attributed to safe-haven buying amid escalating global trade tensions and tariff threats.

International Market Overview

Spot gold prices climbed as high as $4,689.39 per ounce before settling around $4,670.01, marking a 1.6% gain. Similarly, spot silver prices spiked, reaching $94.08 per ounce, a 4.4% increase. This surge reflects investor anxiety fueled by geopolitical uncertainties and the search for stable assets. Contributing to the rise in precious metal prices was a weakening US dollar, which fell 0.19% to 99.18.

Factors Driving the Surge

Market analysts point to several factors influencing this surge. Fresh tariff fears, sparked by threats from the U.S. to impose tariffs on European countries due to disagreements over Greenland, have intensified trade war concerns. Furthermore, ongoing geopolitical tensions, including the Russia-Ukraine war and the US-Venezuela conflict, are bolstering demand for safe-haven assets like gold and silver. Uncertainty surrounding the independence of the U.S. Federal Reserve, following a reported criminal investigation against its chair, adds another layer of market unease.

Indian Market Scenario

The upward trend in the international markets is mirrored in India, with gold prices reaching ₹1,45,500 per 10 grams on the Multi Commodity Exchange (MCX). Silver futures also saw a significant jump, opening at ₹2,93,100 per kg and hitting an intraday high of ₹3,01,315 per kg.

Gold Rates in Major Indian Cities

Here's a glimpse of the gold rates in major Indian cities today:

• Chennai: 24K gold is priced at ₹14,673 per gram, while 22K gold is at ₹13,450 per gram.
• Mumbai: 24K gold is trading at ₹14,569 per gram, and 22K gold at ₹13,355 per gram.
• Delhi: 24K gold costs ₹14,550 per gram, and 22K gold is at ₹13,338 per gram. Another source indicates ₹13,636 per gram for 24K and ₹13,370 for 22K.
• Kolkata: Both 24K and 22K gold are at ₹14,569 and ₹13,355 per gram, respectively.

These rates are approximate and may vary slightly depending on the jeweler.

Silver Rates

Silver prices have also seen a substantial increase, reaching ₹318 per gram (₹3,18,000 per kg) in Chennai.

Factors Influencing Gold Prices in India

Several factors influence gold rates in India, including international gold prices, import duties, and the Goods and Services Tax (GST). A 3% GST is currently applied to gold jewelry, contributing to the final cost for consumers.

Market Outlook

Market focus is now shifting to the U.S. Federal Reserve's meeting later this month, where interest rates are expected to remain unchanged. However, any shifts in monetary policy or further escalation of geopolitical tensions could further impact gold and silver prices in the coming weeks.