In Delhi’s Sarafa Bazaar, gold and silver prices reached record highs on Wednesday, with gold trading at ₹1,59,700 per 10 grams and silver at ₹3,34,300 per kilogram. The surge comes amid rising demand for safe-haven investments, strong inflows into exchange-traded funds (ETFs), higher international prices, and a weakening rupee.
The wedding season has made the sharp rise even more impactful, leaving families scrambling. With prices climbing so rapidly, gifting traditional jewelry like anklets to brides has become increasingly expensive.
According to the All India Sarafa Association, 24-karat gold prices increased by ₹6,500, or 4.24%, to ₹1,59,700 per 10 grams (including all taxes). This follows Tuesday’s milestone, when gold crossed the ₹1.5 lakh mark in Delhi for the first time.
Silver has seen an even steeper rise over nine consecutive trading sessions, gaining ₹90,800 in total. Wednesday alone saw silver climb ₹11,300 to ₹3,34,300 per kilogram. In the past nine sessions, the progression was as follows:
| Date | Price Increase (₹) | Closing Price (₹/kg) |
|---|---|---|
| 9 Jan | 6,500 | 2,50,000 |
| 12 Jan | 15,000 | 2,65,000 |
| 13 Jan | 6,000 | 2,71,000 |
| 14 Jan | 15,000 | 2,86,000 |
| 15 Jan | 3,000 | 2,89,000 |
| 16 Jan | 3,600 | 2,92,600 |
| 19 Jan | 10,000 | 3,02,600 |
| 20 Jan | 20,400 | 3,23,000 |
| 21 Jan | 11,300 | 3,34,300 |
Expert Insight
Soumil Gandhi, Senior Commodities Analyst at HDFC Securities, explained that both gold and silver touched record levels due to sustained safe-haven demand and strong investment in ETFs. Limited supply and high domestic demand, combined with a weakening rupee, pushed domestic prices significantly above global benchmarks.
International Market Trends
Globally, gold prices surpassed $4,800 per ounce for the first time, closing at $4,888.46 per ounce, up 2.62%. Silver also strengthened, rising 0.33% to $94.91 per ounce. Analysts attribute this rally to geopolitical tensions between the US and EU over Greenland, fiscal concerns, and inflationary pressures.
Market observers note that during times of global uncertainty and economic stress, investors increasingly prefer safe-haven assets like gold and silver, driving up demand and prices.
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