Gold prices surged to fresh record highs in the domestic futures market on Tuesday morning, January 27, as ongoing geopolitical tensions kept investors
anchored to safe-haven assets, while a weaker dollar and expectations of US Federal Reserve rate cuts further boosted the rally in the yellow metal. MCX gold February futures jumped nearly Rs 4,000, over 2.4 per cent to Rs 1,59,820 per 10 grams, while MCX silver March futures climbed more than Rs 20,000, or 6 per cent, reaching a record high of Rs 3,54,780 per kg. "Gold and silver prices surged sharply, breaching $5,100 and $110, respectively, as investors accelerated their shift toward safe-haven assets. Heightened geopolitical risks and renewed trade tensions—particularly President Trump’s threat to raise tariffs on South Korean imports—weighed on global market sentiment," Rahul Kalantri, VP of commodities at Mehta Equities, noted, in a Mint report. "Market focus has now shifted to the upcoming Federal Reserve decision, although speculation around political pressure on the central bank continues to dominate. These developments have strengthened the debasement trade, triggering strong inflows into silver and other precious metals," Kalantri said. Physical Gold Prices Meanwhile, physical gold prices in India stand at Rs 16,196 per gram for 24 carat gold, Rs 14,846 per gram for 22 carat gold, and Rs 12,147 per gram for 18 carat gold. Recent sessions have seen mild fluctuations, with only marginal changes compared to the previous day as the 24 carat gold rate has moved up by just Re 1 per gram from yesterday, indicating a largely stable trend in the short term. Gold pricing in the country is shaped by several interconnected elements. International gold rates play a major role, as India imports most of its gold. Movements in the US dollar, global interest rate expectations, and geopolitical developments often feed directly into domestic prices. On the local front, seasonal demand, import duties, and currency fluctuations further affect what buyers pay per gram. This combination explains why gold prices can vary slightly from city to city. Gold Prices Across Major Cities
| City | 24 Carat | 22 Carat | 18 Carat |
| Delhi | 16,211 | 14,861 | 12,162 |
| Mumbai | 16,196 | 14,846 | 12,147 |
| Chennai | 16,392 | 15,026 | 12,501 |
| Kolkata | 16,196 | 14,846 | 12,147 |
| Bangalore | 16,196 | 14,846 | 12,147 |
| Hyderabad | 16,196 | 14,864 | 12,147 |
| Ahmedabad |
16,201 | 14,851 | 12,152 |
| Lucknow | 16,211 | 14,861 | 12,162 |
Alongside gold, silver also attracts steady interest from investors and jewellery buyers. Today, silver is priced at Rs 360.10 per gram, translating to Rs 3,60,100 per kilogram. While silver is generally more affordable than gold, its prices can be equally sensitive to global cues. Industrial demand, particularly from manufacturing and technology sectors, plays a significant role in silver’s price movements, adding to its volatility.
