Gold prices remained steady across major Indian cities on Wednesday, even as silver extended its sharp rally to touch fresh lifetime highs, driven by heightened global uncertainty and strong safe-haven demand. While the yellow metal eased marginally from its record levels on futures exchanges, physical market prices across cities showed a modest upward bias.
On the Multi Commodity Exchange (MCX), gold futures for February delivery slipped ₹196, or 0.14 per cent, to trade at ₹1,41,836 per 10 grams. The slight correction came after gold recently scaled record highs, as investors booked some profits while continuing to monitor global developments. In international markets, Comex gold also saw mild pressure, falling 0.33 per cent to trade around USD 4,599.44 per ounce.
In contrast, silver continued to outperform, underlining its growing appeal as both a safe-haven asset and an industrial metal. Silver futures on the MCX surged to a new lifetime high of ₹2,72,202 per kg for March delivery, gaining ₹3,232 or about 1.2 per cent in a single session. Over the last two trading days, silver prices have jumped sharply by ₹19,477, or nearly 7.7 per cent, reflecting heightened investor interest.
Market participants attributed the strong rally in silver to escalating geopolitical tensions, particularly in Iran, along with uncertainty surrounding the future policy stance of the US Federal Reserve. Persistent inflation concerns and mixed signals on interest rate cuts have kept investors cautious, boosting demand for precious metals. In overseas markets, Comex silver hovered close to record levels at around USD 85.20 per ounce, after briefly crossing the USD 86 mark in the previous session.
In the domestic spot market, gold prices showed a firm trend across key cities. In Delhi, 24-karat gold was priced at ₹14,268 per gram, up ₹38 from the previous session. The 22-karat gold rate rose by ₹35 to ₹13,080 per gram, while 18-karat gold increased ₹29 to ₹10,705 per gram.
Mumbai witnessed a similar trend, with 24-karat gold quoted at ₹14,253 per gram, also up ₹38. The price of 22-karat gold stood at ₹13,065 per gram, while 18-karat gold was priced at ₹10,690 per gram, reflecting modest gains across purity levels.
Chennai continued to record higher gold prices compared to most other cities. The price of 24-karat gold in the southern metro rose ₹55 to ₹14,368 per gram, while 22-karat gold increased by ₹50 to ₹13,170 per gram. The 18-karat rate climbed ₹35 to ₹10,980 per gram, highlighting stronger local demand and regional price variations.
In Ahmedabad, gold prices mirrored the broader national trend. The 24-karat rate stood at ₹14,258 per gram, up ₹38, while 22-karat gold rose to ₹13,070 per gram. Eighteen-karat gold in the city was priced at ₹10,695 per gram after a ₹29 increase.
Hyderabad, Bhubaneswar and Kolkata reported largely identical prices. In these cities, 24-karat gold was quoted at ₹14,253 per gram, up ₹38, while 22-karat gold stood at ₹13,065 per gram. The 18-karat rate in all three cities increased to ₹10,690 per gram.
In Jaipur and Lucknow, 24-karat gold was priced at ₹14,268 per gram. Jaipur saw a ₹35 rise in 22-karat gold to ₹13,080 per gram, whereas Lucknow recorded only a marginal ₹1 increase in the 22-karat rate to ₹13,046 per gram. Eighteen-karat gold in both cities rose to ₹10,705 per gram.
Bengaluru and Patna also followed the broader pattern, with 24-karat gold trading in the range of ₹14,253–₹14,258 per gram. Meanwhile, Kanpur saw similar pricing to Lucknow, with only a marginal uptick in 22-karat gold.
Overall, while gold appears to be consolidating near record highs, silver’s sharp surge underscores growing investor preference for precious metals amid geopolitical risks, currency volatility and uncertainty over global monetary policy.
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