Gold and silver prices were also kept close to record highs, with the world bullion market an excellent investment as international uncertainties continued to rise and strong global safe-havens were sought. Trading in commodities resumed on Tuesday, despite the 77th Republic Day holiday, which closed markets across the country on Monday.
The analysts addressing news agency PTI opined that prices would hold their ground this week as traders anticipate two key international events, the hearing on the United States Supreme Court of trade tariffs and the Federal Reserve interest rate judgment coming up. They also added that these developments are playing into the mood in bullion markets and keeping investors wary.
The official gold rate in India was on Tuesday of Rs 1,56,740 and silver was trading at an approximate of Rs 3,35,510. The domestic traders are also targeting the next round of the Union Budget- 2026; it will be presented by the Finance Minister Nirmala Sitharaman on February 1.
Any alteration in importation duties, fiscal policy or other budgetary factors is highly likely to affect the demand and price movements in the short run of bullion.
Even in Mumbai which is the financial hub of the nation, gold in the form of 24-carat was selling at about Rs 1,56,450 in 10 grams. In Kolkata, prices of gold were almost at this point at approximately Rs 1,56,250 per 10 grams. These two figures were marginally below the national capital of Delhi where the 24-carat gold rate stood at 1,56,180/10 gram on Tuesday.
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The South markets still registered the highest rates in the country. Chennai topped the top metro cities in terms of gold price of 1,56,910 per 10 grams. Hyderabad and Bengaluru were also close behind with rates of 1,56,700 and 1,56,580 respectively. This ensured a distinct price difference between the southern hubs and the north capital, which portrays a deep demand regionally.
Another successful performance has been experienced in the prices of silver, which have risen through increased demand in industrial applications, particularly in the AI data centres and solar energy industries, and continued to face supply pressures.
Silver was selling at approximately Rs 3,34,900 per kilogram in Mumbai on Tuesday. Delhi recorded silver prices of around Rs 3,34,320/kg, and was on the same track as the rally experienced in the western market.
At 3:30pm, the silver rates in Chennai and Hyderabad stood at about 3,35,870 and 3,35,430 per kilogram respectively. Silver was selling in Bengaluru at approximately Rs 3,35,160 per kilogram whereas in Kolkata silver was selling at around Rs 334,450 per kilogram. These high rates are highlights of the general boom on precious metals in all major Indian centres.
Within the global sector, gold prices continued their positive trend, and they stayed on top of 5000 dollars per ounce on the second day. A weaker dollar and a continuing geopolitical threat have pushed investors in safe-haven assets, which has led to a rotation out of sovereign bonds and currencies.
Global bullion prices rose up to 1.3 per cent on Tuesday, the seventh consecutive day in a row. Silver too recorded a good performance and rose 5.8 per cent to an approximate of 109.78 dollars per ounce after reaching a record high of 117.71 dollars in the last session.
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In general, the dynamics in the processes of bullion and industrial demand as well as the macroeconomic processes and policy expectations remain the underlying cause of high precious metals prices. The major events in the world and domestic policy indicators have been closely monitored by market players in search of new directions in gold and silver markets.
