Gold and silver prices experienced a significant upward trend on January 9, with both precious metals registering notable gains. Data from the India Bullion and Jewelers Association (IBJA) confirmed the surge in rates.
Precious Metals See Price Rises
On the specified date, 10 grams of 24-carat gold recorded an increase of ₹1,422, pushing its value to ₹1,37,195. This is up from the previous day’s price of ₹1,35,773 per 10 grams. Concurrently, one kilogram of silver saw its price rise by ₹4,168, bringing its cost to ₹2,39,994, compared to ₹2,35,826 per kilogram the day before.
Historical data indicates that gold had previously reached an all-time high of ₹1,38,161 per 10 grams on December 29, 2025. Silver, too, hit its highest recorded value of ₹2,48,000 per kilogram on January 7.
Market Dynamics and Future Projections
The IBJA’s quoted gold prices do not incorporate certain charges, such as a 3% Goods and Services Tax (GST), making charges, and jeweler’s margins. This exclusion leads to variations in rates across different cities. The Reserve Bank of India (RBI) utilizes these IBJA rates for setting Sovereign Gold Bond prices, and numerous banks also refer to them for determining gold loan rates.
Looking back at 2025, gold prices appreciated by 75%, while silver saw an even more substantial increase of 167%. According to Ajay Kedia, Director at Kedia Advisory, the demand for silver is expected to remain robust, potentially driving its price to ₹2.75 lakh this year. Similarly, strong demand for gold could see its price surpass ₹1.50 lakh per 10 grams by the end of the year.
Guidance for Gold and Silver Purchases
For individuals considering purchasing gold, experts advise taking specific precautions:
- Always opt for certified gold bearing the Bureau of Indian Standards (BIS) hallmark. This alphanumeric mark, such as AZ4524, verifies the gold’s purity (caratage).
- Cross-verify the gold’s weight and the prevailing price on the day of purchase using multiple reliable sources, including the India Bullion and Jewelers Association’s website.
- It is important to note that gold prices vary based on its purity, specifically for 24-carat, 22-carat, and 18-carat options.
Additionally, the summary provided methods for identifying authentic silver.
Indian Households’ Gold Holdings
A separate report highlighted that the total value of gold held by Indian households has surpassed the country’s Gross Domestic Product (GDP). With approximately 34,600 tons of gold, valued at over ₹450 lakh crore ($5 trillion), these holdings exceed India’s GDP of ₹370 lakh crore ($4.1 trillion). This phenomenon is attributed to the record-high gold prices. The current domestic gold value is around ₹1.38 lakh per 10 grams, while in the international market, gold is trading above $4,500 per ounce (approximately 28 grams), which translates to about ₹1.30 lakh per 10 grams in Indian currency.
