Gold and Silver Prices Rise Again On January 23

New Delhi: Gold and silver prices in the country touched record highs on Friday, with both metals trading near record levels in key Indian cities, due to global factors like shift in demand, geopolitical tensions, and currency movement.

On Friday, Multi Commodity Exchange (MCX) gold prices hit a record high, opening at Rs 1,58,889 per 10 grams, up from Thursday’s close of Rs 1,56,341.

How much have the rates changed?

According to MCX price listings on Friday, the 24-carat gold was trading at Rs 1,54,300, 22 carat gold at Rs 1,41,440, and 18 carat gold at Rs 1,15,720 in many cities. In many centres, silver was trading at over Rs 3,24,900 per kilogram, though some places like Chennai and Hyderabad showed slightly stronger rates per kg.

On Thursday, gold opened lower than the previous close and traded with losses through much of the day. At one point, 24-carat gold was seen around Rs 1.54 lakh per 10 gram. Silver meanwhile saw mixed action, with some reports showing benchmark contracts near Rs 3.19 lakh per kg after heavy swings earlier this week. 

What's the reason of change in prices?

The price of metal is largely influenced by international rates and the movement of the rupee against the US dollar. The demand for gold and silver boost due to the rising inflation, interest rate adjustments, and broader economic uncertainty. Geopolitical developments further influence investor sentiment.

What does this mean for buyers?

For regular customers, the higher prices mean heavier bills at the jeweler. Many buyers who planned purchases for festivals, weddings or investment might rethink timing as rates stay elevated. The trend also underscores how closely Indian rates follow global metals markets and domestic demand.