Gold prices skyrocket by ₹7,000 in historic single-day jump, silver touches ₹3.35 lakh

The Indian bullion market witnessed an extraordinary "super-spike" on Wednesday, January 21, as both gold and silver prices shattered every historical record in a single trading session. Gold prices saw a breathtaking surge of over ₹7,700 per 10 grams, pushing the precious metal to a staggering new peak of approximately ₹1.58 lakh on the Multi Commodity Exchange (MCX). This sudden and massive rally has left investors and jewellers in awe, marking one of the most volatile and high-growth days in the history of the Indian commodities market.

Silver followed an even more aggressive trajectory, gaining over ₹8,400 in a single morning to cross the monumental milestone of ₹3.34 lakh per kilogram. On the MCX, February expiry gold reached an all-time intraday high of ₹1,58,339, while April expiry contracts traded even higher, touching ₹1,65,308. Analysts suggest that this "stormy rally" is driven by intense global demand and significant market shifts, making precious metals the primary focus of the current investment landscape.

Retail prices across major Indian cities mirrored this frenzy. Chandigarh recorded the highest rates in the country, with 24-carat gold priced at ₹1,58,290 per 10 grams and silver at ₹3,34,150 per kg. Even in cities like Patna, where rates were relatively lower, 24-carat gold stood at a hefty ₹1,57,890. The Indian Bullion and Jewellery Association (IBJA) also reported massive jumps, confirming that 24-carat gold has officially entered a new price era, leaving the previous ₹1.50 lakh mark far behind.