Gold and silver prices reached unprecedented peaks on January 19, 2026, driven by U.S.-Europe trade tensions over Greenland. Discover the latest rates in Delhi and Mumbai.
New Delhi: The financial world woke up to a seismic shift on January 19, 2026, as gold and silver prices shattered all previous records. Driven by a global rush toward “safe-haven” assets, silver crossed the monumental Rs 3 lakh per kg mark in India for the first time in history.
Meanwhile, gold reached fresh all-time highs both in domestic and international markets, leaving investors and households closely watching the charts.
Why are prices rising so fast?
The primary engine behind this massive jump is an intensifying diplomatic row between the United States and Europe. President Donald Trump has threatened to impose heavy tariffs on European allies unless a deal is reached for the U.S. to gain control of Greenland.
This geopolitical friction has created a “perfect storm” for precious metals-
- Trade War Fears: Investors are terrified that these tariffs could dismantle long-standing alliances like NATO, leading to global economic instability.
- Stock Market Slump: As U.S. stock futures and the dollar weakened, capital flowed out of risky assets and into gold and silver to protect wealth.
- Safe-Haven Demand: Traditionally, when the world feels unpredictable, assets like gold, the Japanese yen, and the Swiss franc become the preferred “insurance” for investors.
Record-Breaking Silver in India
Silver is the standout performer of 2026 so far. It has officially crossed a psychological barrier that was once unthinkable.
The Big Number: Silver hit a record high of Rs 3,05,100 per kg in the Mumbai spot market.
Breath-taking Growth: Silver is currently outperforming gold, with its price growing by nearly 28% in just the first three weeks of January.
Gold reaches new peaks
Gold hasn’t stayed behind, hitting unprecedented levels globally.
International Front: Spot gold prices climbed as high as $4,689 per ounce before settling slightly lower.
Domestic Front: In India, 24-karat gold is now priced near Rs 1,45,000 to Rs 1,46,000 per 10 grams (excluding GST)
If you’re planning to buy gold in India, it helps to know that while prices are fairly similar across the country, your local city might have a slightly different rate.
Right now in Delhi and Jaipur, you can expect to pay around Rs 1,33,700 for 10 grams of 22-karat gold (the kind usually used for jewellery) and Rs 1,45,840 for the purer 24-karat version.
In other major cities like Mumbai, Pune, Chennai, and Kolkata, the rates are just a tiny bit lower, sitting at Rs 1,33,550 for 22-karat and Rs 1,45,690 for 24-karat. Ahmedabad is right in the middle with 22-karat at Rs 1,33,600.
Just keep in mind that these are the “base” prices—when you get to the jewellery store, you’ll also need to add the 3% GST and the jeweller’s making charges to get your final total.
For Indian households, these prices have a direct impact, especially for those planning weddings or long-term investments. While the current spike is tied to geopolitical drama, experts suggest that a low-interest-rate environment and global uncertainty may keep prices high for the foreseeable future.
