In Delhi’s bustling Sarafa market, silver prices soared by ₹6,000 on Tuesday, reaching a record ₹2,71,000 per kilogram. Over just three trading sessions, silver has surged by ₹27,500. Meanwhile, gold also continued its upward march, hitting ₹1,45,000 per 10 grams—the highest level ever recorded—driven by growing demand for safe-haven assets amid geopolitical uncertainties.
Silver Breaks Records
Tuesday witnessed a sharp 2.3% rise in silver prices, taking it to ₹2,71,000 per kilogram, inclusive of all taxes. According to the All India Sarafa Dealers Association, silver has climbed for the third consecutive day. On Monday, it surged ₹15,000 (a 6% jump) to ₹2,65,000 per kilogram, while on Friday, it closed at ₹2,50,000, gaining ₹6,500 in a single session.
Cumulatively, silver has gained ₹27,500 over three trading sessions. Since the start of 2026, the precious metal has risen ₹32,000, marking a 13.4% increase from ₹2,39,000 per kilogram on December 31, 2025.
Gold Hits New Highs
Gold of 99.9% purity also surged ₹400 on Tuesday, reaching ₹1,45,000 per 10 grams, breaking previous records. In the prior session, gold prices had risen ₹2,900 to ₹1,44,600 per 10 grams.
Factors Driving the Rally
Dealers attribute the surge to rising geopolitical tensions, which have fueled demand for safe-haven assets. Soumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said, “The record-breaking rally in precious metals continues, supported by sustained demand for secure assets. The bullish trend in the Sarafa market is largely driven by recent geopolitical tensions centered around Iran.”
Global Market Trends
Precious metals are also seeing upward momentum globally. On Monday, gold futures touched a record $4,630.47 per ounce, before settling at $4,586.49 on Tuesday, down 0.24%. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, noted, “Amid geopolitical concerns and growing risks to the Federal Reserve’s autonomy, gold maintained its strength even after touching record highs.”
Silver in the international market also rose 0.58% to $85.64 per ounce. Earlier, it had jumped 7.9% to $86.26 per ounce, marking a new peak. Analysts note that technical strength and continuous investment demand have pushed silver ahead in the commodities rally.
Impact of the US Dollar Index
Analyst Gaurav Garg highlighted that the US Dollar Index is trading near resistance levels, providing support to domestic precious metal prices by reducing downward pressure.
Understanding the Trend
Simply put, when global uncertainty rises, investors prefer to park money in safe-haven assets like gold and silver, boosting demand and prices. Geopolitical tensions imply strained relations between nations, creating concerns about the future. Meanwhile, the US Federal Reserve’s monetary policy, interest rates, and economic data directly influence the prices of gold and silver.
In short: Investors are flocking to precious metals, driving record-breaking gains in both gold and silver. Silver leads the charge with an unprecedented three-day rally, while gold continues to reach historic highs.
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