Gold, Silver Prices Soar on Jan 2; Indians Shift to Coins Amid Record Rally
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News18•02-01-2026, 09:33
Gold, Silver Prices Soar on Jan 2; Indians Shift to Coins Amid Record Rally
- •Gold and silver prices appreciated on January 2, with 24K gold in Mumbai reaching Rs 1,35,070 per 10 grams.
- •MCX gold prices rose 0.66% to Rs 1,36,700/10g, while silver jumped 2.3% to Rs 2,41,294/kg for future contracts.
- •High gold prices are causing a shift in India, with consumers like Prachi Kadam choosing gold coins/bars over jewelry due to making charges.
- •Global gold prices hit a record high of $4,549.7 per troy ounce on December 26, driven by safe-haven demand, US interest rate cuts, and a weaker dollar.
- •Indian domestic gold prices surged 77% this year, influenced by international rates, import duties, taxes, and exchange rate fluctuations.
Why It Matters: Gold and silver prices surged on Jan 2, prompting Indians to favor coins/bars over jewelry due to high costs.
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