On January 28, 2026, precious metal prices in India continued to trade at elevated levels, tracking strong global cues and sustained investor demand for safe-haven assets. In domestic markets, gold remained firm, with 24-carat (24K) gold trading near ₹16,194 per gram and 22-carat gold around ₹14,844 per gram, reflecting ongoing momentum in bullion prices across major cities like Delhi, Mumbai, Chennai and Kolkata. Silver also held a robust position, with 999 purity silver quoted at approximately ₹3,70,000 per kilogram, indicating solid support in the white metal segment despite recent volatility.

Key Highlights

• Gold and silver prices in India stayed elevated on January 28, driven by safe-haven demand.
• 24K gold, 22K gold, and silver rates showed strong momentum amid global market and rupee weakness.

The current pricing patterns mirror broader global trends, where gold has soared past historical thresholds and continues to serve as a hedge against geopolitical uncertainty and currency weakness. Silver, meanwhile, has seen particularly strong interest not just from traditional investors but also from industrial sectors, due to its dual role as a precious metal and a key material in technologies such as solar energy and electronics.

Analysts note that the metal’s surge in January has been driven by a mix of safe-haven buying, supply constraints, and a weakening rupee, which makes imported bullion costlier for Indian buyers.

City-wise rates showed modest regional variations. In Chennai and Hyderabad, silver prices were somewhat higher due to local demand and taxes, while metropolitan centres like Delhi and Mumbai reported consistent wholesale levels. Gold prices, though slightly fluctuating, generally stayed elevated on the back of domestic demand from investors and jewellers, even as footfalls have eased slightly due to high valuations.

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Market participants remain attentive to global economic indicators, currency movements and geopolitical developments, which are expected to continue shaping precious metals pricing in the near term.