Gold becomes Rs 24,600 more expensive in two days; will prices reach record highs again before Makar Sankranti?

Gold Prices:  The recent surge in gold prices in India ahead of festivals like Makar Sankranti, Pongal, and Magh Bihu has left buyers worried. Silver prices have also increased.

Gold Prices: Gold prices in India saw a surge for the second consecutive day on Saturday, January 10th. The price of 24-karat gold increased by Rs 24,600 per 100 grams and Rs 2,460 per 10 grams. With this increase, gold is once again approaching its record high levels.

Buyers are now concerned about whether gold prices will rise further in the coming days, especially during the festive season of Makar Sankranti, Pongal, and Magh Bihu. After two days of decline, silver prices are also showing an upward trend. In the coming days, gold and silver are expected to trade at levels of 125,000-142,000 and 232,000-255,000 respectively.

What is the price of gold today?

On Saturday, the price of 24-karat gold increased by Rs 1,150 to Rs 1,40,460 per 10 grams, and the price of 100 grams increased by Rs 11,500 to Rs 14,04,600. The cheapest 24-karat gold is priced at Rs 14,046 per gram, an increase of Rs 115. Similarly, the price of 22-karat gold was ₹1,28,750 for 10 grams and ₹12,87,500 for 100 grams, registering an increase of ₹1,050 and ₹10,500, respectively. The cheapest 22-karat gold was priced at ₹12,875 per gram, which was ₹105 more expensive.

Furthermore, the price of 18-karat gold increased by ₹1,860 to ₹1,05,340 for 10 grams and by ₹8,600 to ₹10,53,400 for 100 grams. The cheapest 18-karat gold was priced at ₹10,534, which was ₹86 more expensive on January 10th. Gold prices have increased by up to 4 percent so far in January.

What is the price of silver?

After falling by ₹8,000 between January 8th and 9th, silver prices rebounded. On January 10th, the price of 1 kg of silver was recorded at ₹2.60 lakh, an increase of ₹11,000. The prices of 100 grams and 10 grams of silver are ₹2,600 and ₹26,000, respectively. Despite the fluctuations, silver rates have increased by more than 9.2 percent so far in January.

Will prices surge further?

According to a Good Returns report, Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said, "US President Donald Trump may impose a 500 percent tariff on countries that continue to buy oil from Russia." Senator Lindsey Graham stated that the Sanctioning Russia Act of 2025 would give Trump the opportunity to pressure major buyers like China, India, and Brazil to stop purchasing discounted Russian crude oil, which is helping Russia finance its war in Ukraine.

He further added, "However, this move could escalate the US-China trade war, potentially increasing demand for gold and silver as safe-haven assets.  Trump's executive order, however, is currently subject to a ruling by the US Supreme Court. If the court rules against the tariffs, concerns about an escalating trade war could subside. This could limit further increases in gold and silver prices in the near future."