Gold and silver prices continued their record-breaking rally in the bullion market on January 28. Ahead of the wedding season, demand remained strong, pushing prices to new peaks. Both metals witnessed sharp gains compared to the previous trading session.
Market experts said festive demand, investment interest, and global trends supported the surge. Investors and buyers are closely tracking daily price movements.
Gold Prices Surge Across All Carats
Gold prices jumped sharply on Wednesday. Twenty-two carat gold became costlier by Rs 4,513. It reached Rs 1,50,066 per 10 grams without GST. With GST included, the price climbed to Rs 1,54,567 per 10 grams.
Eighteen carat gold also recorded strong gains. It rose by Rs 3,694 and opened at Rs 1,22,870 per 10 grams. After adding GST, the price increased to Rs 1,26,556 per 10 grams.
Fourteen carat gold registered an increase of Rs 2,882. It opened at Rs 95,839 per 10 grams. Including GST, the rate reached Rs 98,714 per 10 grams.
Twenty-three carat gold also moved higher. It jumped by Rs 4,906 and opened at Rs 1,63,171 per 10 grams. With GST, the price touched Rs 1,68,066 per 10 grams. Making charges are not included yet.
24 Carat Gold Records Strong Daily Jump
Twenty-four carat gold saw one of the biggest daily increases. Compared to Tuesday’s closing rate, it jumped by Rs 4,926. The price including GST reached Rs 1,68,741 per 10 grams.
The rally reflects strong buying interest before the peak marriage season. Investors are also using gold as a hedge against market uncertainty.
Silver Prices Extend Record Rally
Silver prices continued their sharp upward trend on January 28. Compared to the previous close, silver became costlier by Rs 17,257. Including GST, silver prices reached Rs 3,72,675 per kilogram.
Without GST, silver opened at Rs 3,61,821 per kilogram. On Tuesday, silver had closed at Rs 3,44,564 per kilogram without GST.
Market participants noted heavy buying interest in silver. Industrial demand and investment flows played a key role.
Massive Gains In Just Three Trading Sessions
Silver recorded extraordinary gains over the last three trading days. During this short period, silver prices surged by Rs 62,110 per kilogram. Gold prices also rose sharply, gaining Rs 12,699 per 10 grams.
Silver’s pace of increase remained nearly five times faster than gold. Analysts highlighted unusual momentum in the silver market.
In just 28 days this year, silver prices have jumped by Rs 1,80,205. Gold prices have increased by Rs 32,310 during the same period.
Rates Based On IBJA Prices
The rates are based on prices issued by IBJA. The association releases bullion prices twice daily. One update comes around noon. Another update is issued in the evening.
The prices mentioned are based on the midday update. Local rates may vary slightly due to taxes and making charges.
Platinum Also Shows Upward Movement
Platinum prices also recorded gains on Wednesday. The metal jumped by Rs 1,935 during the session. It reached Rs 86,927 per unit in the bullion market.
Though platinum demand is relatively lower, price movement followed the overall precious metal trend.
Experts Explain Silver’s Strong Performance
Market experts believe silver demand has shifted structurally in recent years. Kotak Mutual Fund, in a recent blog, highlighted changing demand patterns. The fund stated that nearly two-thirds of silver demand now comes from industrial usage.
Silver is widely used in solar energy, electronics, electric vehicles, artificial intelligence hardware, and smart grids. These sectors place silver at the center of global energy and digital transformation.
Supply Constraints Add To Price Pressure
Experts pointed out that silver supply struggles to keep pace with demand. Silver is mostly produced as a by-product during mining. Declining ore quality has affected overall output.
Kotak Mutual Fund noted that this mismatch could lead to a supply deficit. Estimates suggest a shortfall of nearly 230 million ounces in 2025. This shortage may keep the silver market tight.
India Emerges As Major Silver Importer
India has emerged as the largest importer of refined silver in 2025. Imports touched nearly 9.2 billion dollars. This figure marked a rise of about 44 percent from last year.
Experts attributed this growth to multiple factors. These include substitution of gold with silver, festive demand, and expansion in solar and electronics manufacturing.
Wedding Season Boosts Bullion Demand
Jewellers said wedding season demand remains a major driver. Many buyers are rushing to lock prices despite rising rates. Silver jewelry and utensils are seeing higher interest.
Gold demand remains steady, supported by cultural and investment preferences. Buyers are opting for lighter designs due to higher prices.
Market Outlook Remains Positive
Analysts expect volatility to continue in the bullion market. Global cues, currency movement, and interest rate expectations will influence prices. Domestic demand during the wedding season may provide further support.
Investors are advised to track daily updates closely. Price fluctuations may remain sharp in the coming sessions.
Gold and silver prices continued their upward journey on January 28. Strong demand, supply constraints, and seasonal factors pushed prices higher. The bullion market remains in focus as prices touch historic highs.
