Silver prices rise to fresh peak of ₹2.65 lakh/kg, gold at lifetime high of ₹1.44 lakh/10g; futures at fresh record

Silver prices on Monday, January 12 skyrocketed by ₹15,000 to a lifetime high of ₹2,65,000 per kg in Delhi amid rising geopolitical tensions. Gold advanced to a fresh peak as well, jumping to ₹1,44,600 per 10 gram.

The white metal soared by as much as 6% to an all-time high of ₹2.65 lakh per kg, after closing at ₹2,50,000 per kg in the previous session, according to the All India Sarafa Association. Silver futures also crossed the ₹2.65 lakh per kg mark in the domestic futures trade on the Multi Commodity Exchange (MCX). 

Meanwhile, gold (24K, 99.9% purity) advanced ₹2,900, or 2.05%, to hit a lifetime high of ₹1,44,600 per 10 gram after ending at ₹1,41,700 per 10 gram on Friday. Additionally, gold futures contracts on the MCX soared to a new peak on Monday. 

Gold, silver futures

Gold futures for February expiry rose by 2.5% to a fresh peak of ₹1,42,340 per 10 gram on Monday, rising from the previous close of ₹1,38,819 per 10 gram on the MCX. Compared with ₹76,893 per 10 gram recorded at the start of 2025, gold futures are up over 85%.

Meanwhile, silver futures soared by as much as 6.5% to a new lifetime high of nearly ₹2.7 lakh per kg on the MCX. The futures contracts rose to a new peak of ₹2,69,377 per kg, jumping from the previous close of ₹2,52,725 per kg. As compared to ₹87,578 per kg at the start of 2025, silver prices are currently up 207.5%. 

International markets

In the overseas markets, spot gold surpassed the $4,600-per-ounce level for the first time, rising by $90.72, or 2%, to touch a record $4,601.69 per ounce.

"Gold has responded positively, and jumped to the $4,600 per ounce level, while silver has seen an even sharper surge to $84 per ounce, highlighting its higher beta in risk-sensitive environments," a PTI report quoted Gaurav Garg, Research Analyst at Lemonn Markets Desk, as saying.

In addition, spot silver in international trade grew by $4.3, or nearly 6%, to touch a record of $84.61 per ounce.

Why are gold and silver rising again?

In 2025, gold rose 74.4% year-over-year (YoY), rising from ₹78,950 per 10 gram on December 31, 2024 to ₹1,37,700 per 10 gram on December 31, 2025. Silver, on the other hand, advanced 166.4%, growing from ₹89,700 per kg on December 31, 2024 to close at ₹2,39,000 per kg at the end of 2025. 

Gold and silver rose dramatically in 2025: Both metals are safe-haven assets, which means they rise during uncertain situations. Geopolitical tensions, market volatility, weak currencies, trade war concerns, rising inflation and increased central bank gold buying kept gold and silver elevated throughout the calendar year.

Silver, surprising everyone, surpassed gold’s returns during the year due to its rising industrial demand and supply shortages around the globe. While silver rises with gold during uncertainty in the global markets, it also takes support from the widening supply-demand gap due to its crucial role in sectors like EV, 5G and solar. 

In the first 10 days of 2026, gold and silver rose due to heightened geopolitical tensions after the US actions on Venezuela disrupted the global markets. The precious metals are still on the rise due to strong safe-haven demand amid the US Federal Reserve probe. 

Silver has surged to fresh record highs, breaching the $84 per ounce, driven by a mix of rising geopolitical tensions and growing expectations that the US Federal Reserve will be forced to cut interest rates further, the PTI report quoted Renisha Chainani, Head - Research at Augmont, as saying.

Global markets are also sensitive as geopolitical tensions resurface with escalating unrest in Iran and continuing Russia-Ukraine conflict. US President Donald Trump has said he is considering military options against Iran following anti-government protests, asserting that Tehran had crossed a 'red line'.

Additionally, tensions between President Trump and Federal Reserve Chair Jerome Powell are on the rise once again after the US Attorney's Office reportedly opened a criminal investigation into Powell. In 2025, Trump criticised the Fed consistently for not cutting interest rates as sharply as he preferred.

"This week's economic calendar is packed, with the spotlight on the US inflation and consumer indicators. The December CPI report due on Tuesday will be important, as it may be the first inflation print unaffected by the government shutdown," Chainani said.

Garg said the broader outlook for precious metals remains positive amid rising volatility in global equity markets, persistent geopolitical tensions, and sustained demand for safe-haven assets.