Gold breaches Rs 1.5 lakh per 10 grams, silver surges to record Rs 3.23 lakh/kg

Gold and silver markets witnessed a historic breakout on Tuesday, with both metals touching record highs in India and overseas as global investors rushed into safe-haven assets. In the national capital, 24-carat gold (99.9% purity) surged by ₹5,100 in a single session to settle at ₹1,53,200 per 10 grams (inclusive of taxes), decisively breaching the psychological ₹1.5 lakh milestone. Silver delivered an even sharper move, skyrocketing ₹20,400 (nearly 7%) to a fresh peak of ₹3,23,000 per kilogram , extending the momentum that had already pushed it past the ₹3 lakh mark a day earlier.

At the core of the rally is a dramatic rise in international prices. Spot gold crossed $4,700 per ounce for the first time , climbing to around $4,737/oz , while spot silver hit record highs near $95/oz . This global spike quickly transmitted into Indian prices through currency conversion, duties and local premiums, magnifying the domestic jump.

The international trigger is a renewed wave of risk-off sentiment , with markets reacting to rising trade-war fears and widening geopolitical uncertainty . Such conditions typically strengthen demand for gold and silver as financial protection, especially when investors turn cautious on equities and other risk assets. Alongside this, expectations of lower interest rates in the US have added fresh strength. Since gold offers no interest, falling yields reduce the opportunity cost of holding it, making it more attractive relative to bonds.

Silver’s explosive rise has extra momentum beyond safe-haven buying. Unlike gold, silver is also a major industrial metal , used in electronics, solar components and high-end manufacturing. This dual identity is pushing demand higher at a time when markets are increasingly discussing tight inventories and supply constraints. In India too, expensive gold prices are encouraging some buyers to shift toward silver, accelerating the rally further.

Overall, this is not a routine festive-season rise it reflects a rare alignment of global uncertainty, rate expectations and powerful demand forces. With milestone levels now broken, bullion markets are entering a new phase where volatility may rise, but investor attention is firmly locked on precious metals.