Mumbai, India 12-01-2026] On January 12, 2026, the Indian bullion market witnessed an extraordinary gold and silver price upper surge, with both gold and silver prices touched to historic heights. Driven by a volatile mix of global geopolitical tensions, economic uncertainty, and domestic festive demands, prices which resulted the precious metals jumped in a single session today.
Below is a detailed analysis of this expected but unexpected bullion run.
- Market Snapshot: Record-Breaking Rally
The Multi Commodity Exchange (MCX) saw major activity with gold and silver prices broken its traditional price barriers:
Gold Futures: Prices Jumped by approximately Rs.2,000/- to Rs.2,431/-, hitting a fresh highest cap of Rs.1,41,250/- per 10 grams.
Silver Futures: Experienced a higher upward trend, by surging over Rs.10,000 (nearly 4%) to reach a lifetime high of ₹2,63,996 per kg.
International Benchmarks: In International markets, spotted gold high with the $4,600 per ounce mark for the first time in history, while silver gone up by around $83.90 per ounce.
- Retail Gold Rates Across Major Indian Cities
Retail prices varied by city due to local taxes, octroi, and making charges. As of January 12, 2026, the rates for 10 grams were:
City: Chennai
22K Gold (per 10g): Rs.1,31,200/-
24K Gold (per 10g):Rs.1,43,130/-
City: Delhi
22K Gold (per 10g): Rs.1,30,450/-
24K Gold (per 10g):Rs.1,42,300/-
City: Mumbai
22K Gold (per 10g): Rs.1,30,300/-
24K Gold (per 10g):Rs.1,42,150/-
City: Bangalore
22K Gold (per 10g): Rs.1,30,300/-
24K Gold (per 10g):Rs.1,42,150/-
City: Hyderabad
22K Gold (per 10g): Rs.1,30,300/-
24K Gold (per 10g):Rs.1,42,150/-
City: Kolkata
22K Gold (per 10g): Rs.1,30,300/-
24K Gold (per 10g):Rs.1,42,150/-
City: Ahmedabad
22K Gold (per 10g): Rs.1,30,350/-
24K Gold (per 10g):Rs.1,42,200/-
Type of 18K gold also saw a rise in retai price at approximately Rs.1,06,610/- per 10 grams.
- Key Factors Behind the Surge
Experts guesses this bull run to a perfect storm caused by various global and domestic factors:
US Political & Financial Situation: Market anxiety spiked following reports that the Trump administration allegedly threatened Federal Reserve Chair Jerome Powell with criminal charges. This has raised serious concerns regarding the Fed’s independence and the future of unstable US interest rates.
Geopolitical Tensions: Escalating unrest in Iran, where civil protests have led to over 500 deaths. Which caused threats against US military bases have driven investors toward safeguarding their assets before possible market crashes.
Trade Wars: New US administration policies, including a bill proposing 500% tariffs on BRICS countries for importing Russian oil. This Tarif announcement impacted on global markets by devaluing the dollar’s economical stability.
Domestic Demand: In India, the rise is supported by the upcoming festival season, including Makar Sankranti, Pongal, and Magh Bihu. These festivals traditionally see a spike in bullion purchases by Indian consumers, followed by price surge.
- Expert Outlook and Trading Strategy
While the momentum is firmly bullish, analysts advise caution due to extreme volatility:
Price Targets: Some brokerage firms, such as Motilal Oswal, have pegged a long-term target of Rs.3.20 lakh for silver per KG by 2026. For gold, a move toward Rs.1,45,000/- is expected if international prices sustain the pricing above $4,650/-
Support & Resistance:
Gold (MCX): Support is seen at Rs.1,37,700/- with resistance near Rs.1,42,500/-.
Silver (MCX): Support is placed at Rs.2,48,000/- while a breakout above Rs.2,70,000/- which could lead the metal toward the Rs.3 lakh of its upper milestone.
Advice to Investors:
According to the Analysts from Prithvifinmart and LKP Securities suggest buying on low prices rather than chasing the high peaks, as the rapid 3% rise over just three sessions may trigger short-term profit booking.
As, the surge in Gold and Solver found on January 12 marked one of the most significant single-day gains for a precious metal price recent history. With gold at Rs.1.42 lakh per 10 Gram and silver is eyeing to the Rs.3 lakh per KG mark, the market remains biased with upward trend, though the high-beta volatility suggests that only investors with a high-risk position should enter at these record levels.
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