Wednesday brought seismic shifts to India’s precious metals landscape, with spot gold blasting past ₹1.60 lakh per 10 grams—a first in history. Data from India Bullion Jewellers shows 24-carat gold vaulting ₹5,734 to ₹1,64,635 per 10 grams from ₹1,58,901. The rally rippled through segments: 22-carat rose to ₹1,50,806 from ₹1,45,553 per 10 grams, and 18-carat reached ₹1,23,476 from ₹1,19,176.
Silver outpaced with a ₹13,703 leap to ₹3,58,267 per kilogram, eclipsing ₹3,44,564. On MCX, gold February 2026 futures climbed 3.80% to ₹1,63,697; silver March 2026 gained 6.13% to ₹3,78,109. International markets aligned, gold at $5,287/oz (+3.24%) and silver $112/oz (+5.78%).
Analyst Jatin Trivedi of LKP Securities notes MCX gold’s 4% surge ties to the Fed’s imminent meeting, where rate stability favors bullion. US tariff ambiguities and safe-haven buying amplify the uptrend. Caution flags fly, though: gold enters overheated phase, with ₹1,66,000 as resistance and ₹1,60,000 as support, hinting at volatility ahead.
This epochal rally impacts everyone from retail buyers to institutional players. Heightened demand from festivals and weddings sustains momentum, but profit booking risks loom. As global uncertainties mount, gold and silver solidify as portfolio anchors, urging diversified approaches in turbulent times.