Gold and silver prices registered a sharp upward movement on January 9, reflecting sustained momentum in precious metals driven by global economic and geopolitical factors. According to data from the India Bullion and Jewellers Association, gold prices climbed significantly while silver witnessed an even steeper single-day jump, taking both metals closer to their recent record highs. The surge has reinforced the role of gold and silver as preferred assets during periods of uncertainty, while also highlighting strong industrial and investment demand, particularly for silver.
The latest rise comes after an already remarkable year for precious metals, with both gold and silver delivering exceptional returns through 2025. Market participants continue to track daily price movements closely, as factors such as a weaker US dollar, central bank buying, geopolitical tensions, and supply concerns continue to influence bullion markets in India and globally.
Gold prices rise steadily as safe-haven demand and global factors support momentum
Gold prices moved higher on January 9, with the rate of 24-carat gold increasing by ₹1,422 to ₹1,37,195 per 10 grams, compared to ₹1,35,773 a day earlier. The rise adds to a broader upward trend that has defined gold’s performance over the past year. Gold had previously touched a record high of ₹1,38,161 per 10 grams on December 29, 2025, underscoring the strength of the ongoing rally.
The price data released by the India Bullion and Jewellers Association represents benchmark rates that are widely used across the country. These rates, however, do not include the additional 3 percent goods and services tax, making charges, or jewellers’ margins. As a result, the final retail price of gold can vary across cities and individual outlets. Factors such as local demand, transportation costs, and retailer mark-ups contribute to differences in city-level prices.
IBJA rates play a crucial role beyond retail pricing. They are used by the Reserve Bank of India to determine prices for Sovereign Gold Bonds and by banks to assess gold loan valuations. This makes IBJA data a key reference point for both consumers and financial institutions.
Gold’s strong performance has been supported by multiple global factors. One of the most significant drivers has been the weakness of the US dollar. As the US Federal Reserve moved toward rate cuts, the opportunity cost of holding non-yielding assets like gold declined, making the metal more attractive to investors. At the same time, persistent geopolitical tensions across several regions have increased demand for safe-haven assets, with gold benefiting directly from heightened uncertainty.
Central bank buying has also played a major role in supporting gold prices. Several countries, including China, have been adding substantial quantities of gold to their reserves, with annual purchases exceeding 900 tonnes. This steady institutional demand has provided a strong floor for prices and reinforced long-term bullish sentiment.
The rally in gold during 2025 was particularly notable. Prices rose by ₹57,033, representing a gain of around 75 percent over the year. Gold climbed from ₹76,162 per 10 grams on December 31, 2024, to ₹1,33,195 per 10 grams by December 31, 2025, marking one of the strongest annual performances in recent history.
Silver outpaces gold with sharp jump as industrial demand and supply concerns intensify
Silver prices saw an even more dramatic move on January 9, surging by ₹4,168 in a single day to reach ₹2,39,994 per kilogram, up from ₹2,35,826 on January 8. The sharp jump highlights silver’s heightened volatility compared to gold, as well as the strong forces currently driving demand. Silver had recently touched an all-time high of ₹2,48,000 per kilogram on January 7, indicating that prices remain near peak levels.
Unlike gold, which is primarily driven by investment and central bank demand, silver benefits from a dual role as both a precious metal and an industrial commodity. One of the key reasons behind silver’s strong rally has been robust industrial demand, particularly from sectors such as solar energy, electronics, and electric vehicles. As global investment in renewable energy and advanced technologies accelerates, silver consumption has risen sharply, tightening supply-demand dynamics.
Concerns over global trade and tariffs have also contributed to silver’s surge. Fears of potential trade disruptions have prompted manufacturers and industrial users to stockpile silver, leading to advance buying and additional upward pressure on prices. At the same time, worries about supply shortages have encouraged market participants to secure material early, further fuelling the rally.
Silver’s performance over 2025 has been extraordinary. Prices surged by ₹1,44,403 per kilogram, translating to a gain of approximately 167 percent over the year. The metal rose from ₹86,017 per kilogram on December 31, 2024, to ₹2,30,420 per kilogram by the end of 2025, significantly outperforming gold in percentage terms.
Market experts believe silver’s momentum could continue if current trends persist. Ajay Kedia, director at Kedia Advisory, has said that silver demand remains strong and prices could potentially touch ₹2.75 lakh per kilogram during the year if industrial consumption and investment interest stay elevated. Gold, too, is expected to maintain its upward bias, with the possibility of crossing ₹1.50 lakh per 10 grams if supportive global conditions remain in place.
For consumers and investors, the sharp movements in precious metal prices underscore the importance of informed buying decisions. When purchasing gold, buyers are advised to opt only for certified gold with proper hallmarking to ensure purity. Checking daily prices across reliable sources can help avoid overpaying, given frequent fluctuations.
Similarly, for silver purchases, simple checks can help identify genuine metal. Real silver is non-magnetic, causes ice to melt faster due to high thermal conductivity, has no odour, and leaves a black mark when rubbed on a white cloth. These basic tests can offer additional assurance when buying physical silver.
As gold and silver continue to trade at elevated levels, market attention remains focused on global economic signals, currency movements, and industrial demand trends. With both metals having delivered exceptional gains over the past year, their performance in the coming months will be closely watched by investors, consumers, and industry participants alike.
