Gold and Silver prices have started 2026 on a bullish note. As the wedding season peaks and Budget 2026 approaches, investors are asking one question: Is it time to buy or wait for a correction?
Key Highlights
- Current Rate: 24K Gold trading at ₹1,36,490 per 10 grams in major cities.
- Srinagar Update: 22K Gold (Jewellery) priced at ₹1,25,140 per 10 grams.
- Silver Surge: Silver prices stable but high at ₹2.42 Lakh per kg.
- Budget Impact: Experts predict a record high of ₹1.50 Lakh if import duties are not slashed on Feb 1.
Gold Rate Today (City-Wise List)
Prices have remained largely steady today with a slight upward bias following global cues and a weakening Rupee.
| City | 22K Gold (10g) | 24K Gold (10g) |
| Srinagar | ₹1,25,140 | ₹1,36,490 |
| Delhi | ₹1,25,140 | ₹1,36,490 |
| Mumbai | ₹1,25,000 | ₹1,36,350 |
| Chennai | ₹1,26,000 | ₹1,37,460 |
| Bangalore | ₹1,25,080 | ₹1,36,430 |
(Note: Prices are indicative and exclude 3% GST and making charges.)
Why are Gold Prices Rising?
The yellow metal has seen a massive hike compared to last year. Here are the three main drivers:
- Budget 2026 Anticipation: Historically, gold prices rise before the Union Budget as investors hedge against potential tax changes.
- Central Bank Buying: The RBI and other central banks globally are buying gold at record levels (targeting 70+ tonnes), which keeps the floor price high.
- Wedding Season Demand: In India, physical demand for 22K jewellery remains “resilient” despite the high prices, as the peak wedding season is currently underway.
The ₹1.50 Lakh Prediction
Market analysts, including experts from the World Gold Council, suggest that gold is on a “super-cycle.” If geopolitical tensions persist and the US Federal Reserve goes for further rate cuts, domestic gold could easily breach the ₹1.50 Lakh per 10g mark by mid-2026.
Should you buy now?
“Wait for the Budget,” suggests Amit Jha, a commodity expert. “There is a 10-15% correction possibility in early February if the government announces an import duty cut. However, for long-term investors, buying in small quantities (SIP) in Gold ETFs remains the best strategy.”
FAQs
A: Local taxes, transportation costs, and high demand during the local wedding season often lead to a ₹100–₹500 difference per 10 grams.
A: Silver has outperformed gold recently due to high industrial demand in Solar and EV sectors. Analysts expect silver to give 20%+ returns this year.
A: Indirectly, yes. Increased salaries for 1 crore+ govt employees usually lead to higher physical gold purchases in India.
Disclaimer
Gold and Silver investments are subject to market risks. Please consult your financial advisor before making large purchases.
