Mumbai witnessed a sharp rise in gold and silver prices on Wednesday, with gold prices crossing the ₹1.60 lakh mark per 10 grams for the first time. Silver also reached a new high, trading above ₹3.58 lakh per kilogram.
According to India Bullion Jewellers, the price of 24-carat gold surged by ₹5,734 to an all-time high of ₹1,64,635 per 10 grams, surpassing the previous record of ₹1,58,901. Similarly, 22-carat gold rose from ₹1,45,553 to ₹1,50,806 per 10 grams, while 18-carat gold increased to ₹1,23,476 from ₹1,19,176 per 10 grams.
Silver prices saw an increase of ₹13,703, reaching ₹3,58,267 per kilogram, up from ₹3,44,564.
The momentum was also seen in the MCX futures market. The gold contract for February 5, 2026, gained 3.80 percent to ₹1,63,697, while the silver contract for March 5, 2026, rose 6.13 percent to ₹3,78,109.
On the international front, gold and silver prices also climbed. Gold rose by 3.24 percent to $5,287 per ounce, and silver increased by 5.78 percent to $112 per ounce.
Jatin Trivedi of LKP Securities noted that gold prices on MCX have surged nearly 4 percent. The market is closely watching the upcoming Federal Reserve meeting in the United States, where interest rates are expected to remain steady, supporting gold’s upward trend.
Ongoing tariff uncertainties from the US and increased investment in safe-haven assets have further bolstered this rally. However, after such a prolonged and rapid rise, gold is entering an overbought zone, which could lead to increased volatility.
The resistance level is anticipated around ₹1,66,000 per 10 grams, while strong support is expected near ₹1,60,000.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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