Gold prices have risen sharply for a third consecutive day, with the price of 10 grams increasing by more than ₹6,000 over the past three days, as investors shift toward safe-haven assets amid rising global tensions.
On January 21, gold prices extended gains as geopolitical uncertainty intensified following escalating tensions between the United States and Europe over Greenland. The situation has increased risk aversion in financial markets, prompting investors to move funds out of equities and into gold and silver.
Prices across major Indian cities are hovering near record levels. In Delhi, 24-carat gold is trading at ₹1,49,920 per 10 grams, while 22-carat gold is priced at ₹1,37,460 and 18-carat gold at ₹1,12,480. In Mumbai, 24-carat gold stands at ₹1,49,790 per 10 grams, with 22-carat gold at ₹1,37,310 and 18-carat gold at ₹1,12,350. Prices in Kolkata are at similar levels to Mumbai.
Chennai continues to report the highest gold prices in the country. There, 24-carat gold has reached ₹1,51,650 per 10 grams, while 22-carat gold is trading at ₹1,39,010 and 18-carat gold at ₹1,15,910.
In Bengaluru and Hyderabad, 24-carat gold is priced at ₹1,49,790 per 10 grams, with 22-carat gold at ₹1,37,310 and 18-carat gold at ₹1,12,350. In cities such as Lucknow and Jaipur, 24-carat gold is trading at ₹1,49,920, 22-carat at ₹1,37,460 and 18-carat at ₹1,12,480 per 10 grams. In Patna and Ahmedabad, prices stand at ₹1,49,820 for 24-carat gold, ₹1,37,360 for 22-carat gold and ₹1,12,380 for 18-carat gold.
The recent surge in gold prices is attributed primarily to global geopolitical tensions. Uncertainty in international markets has increased following tariff threats issued by US President Donald Trump toward European countries. Historically, periods of heightened global stress lead investors to reduce exposure to risk assets such as equities and increase allocations to safe-haven assets like gold and silver.
Silver prices have also continued to rise alongside gold. After one day of stability, silver has gained for the third consecutive day. In Delhi, silver prices have increased by ₹25,100 per kilogram over the past three days. Over the last 10 days, despite one day of stability and one day of a ₹3,000 decline, silver prices have risen by a cumulative ₹60,100 per kilogram.
On January 21, silver in Delhi is trading at ₹3,20,100 per kilogram, up ₹100 from the previous session. Prices in Mumbai and Kolkata are at the same level, while Chennai reports the highest silver price at ₹3,40,100 per kilogram.
Demand for gold and silver has strengthened as investors seek stability amid global economic and political uncertainty. President Trump has announced a 10 percent tariff on European countries that opposed US control over Greenland. The tariff is scheduled to take effect from February 1, 2026, and may increase to 25 percent by June 2026.
Following this announcement, members of the European Union Parliament are preparing to block approval of a trade deal with the United States. The development has raised concerns over global trade disruptions and contributed to heightened volatility across financial markets.
