Indian Gold and Silver Futures Rally to Record Highs Amid Rupee Slide
MUMBAI, January 29, 2026 – Indian gold and silver futures surged sharply on Thursday, reaching record price levels in early trading as gains in international precious metals markets combined with a weakening Indian rupee to push domestic prices upward, market dealers and analysts reported.
Gold futures in India jumped approximately 6%, climbing to an unprecedented high of 175,869 rupees per 10 grams. Similarly, silver futures mirrored the gains, also rising by around 6% to reach an all-time peak of 407,456 rupees per kilogram.
The sharp rally reflects a continued strength in overseas gold and silver prices, which have been buoyed by various global economic factors including inflation concerns and geopolitical tensions. The depreciation of the Indian rupee to near-record lows against the US dollar added further upward pressure on domestic precious metals prices, as imported commodity costs become more expensive in local currency terms.
Dealers noted that the currency slide increases demand for gold and silver as a hedge against inflation and currency risk, especially amongst investors and consumers in India, one of the world’s largest markets for precious metals.
The surge in futures prices indicates strong speculative and investment interest in the Indian commodities market. Market participants are closely monitoring currency trends and global metals prices as key drivers shaping the trajectory for gold and silver in India.
This price movement comes amid broader uncertainty in global financial markets, reaffirming the traditional safe-haven status of precious metals during times of economic volatility.
Reporting by Rajendra Jadhav; Editing by Christopher Cushing
— Reuters