Mumbai, January 12: Gold and silver prices shattered all-time records on Monday, January 12, 2026, as a perfect storm of geopolitical instability and an unprecedented domestic crisis at the US Federal Reserve triggered a massive flight to safe-haven assets. In India, 24-carat gold surged past the INR 1,42,000 mark per 10 grams, while silver made a historic leap, nearing the psychological milestone of INR 3 lakh per kilogram. Below is the city-wise gold rate breakdown for 22K and 24K gold (per 10 grams) as of today.

The rally was primarily fueled by news of a criminal investigation into US Federal Reserve Chair Jerome Powell and escalating tensions in the Middle East, leaving investors scrambling for protection against a volatile global economy. Gold Bull Run to Extend into 2026, Silver to Stay Supported: Report.

Record-Breaking Prices in India

The domestic bullion market witnessed one of its most significant single-day jumps in recent history. According to data from the India Bullion and Jewellers Association (IBJA) and the Multi Commodity Exchange (MCX):

  • 24-Carat Gold: Prices hit a record high of INR 1,42,150 per 10 grams, up by approximately INR 1,690 from the previous close.

  • 22-Carat Gold: Retail rates climbed to INR 1,30,300 per 10 grams.

  • Silver: The "white metal" outperformed gold in terms of percentage gains, jumping by INR 10,000 to reach a lifetime high of INR 2,70,000 per kg.

Gold Rate Today, January 12, 2026

City 22-Carat Gold (per 10g) 24-Carat Gold (per 10g)
Delhi INR 1,30,450 INR 1,42,300
Mumbai INR 1,30,300 INR 1,42,150
Chennai INR 1,31,200 INR 1,43,130
Hyderabad INR 1,30,300 INR 1,42,150
Bengaluru INR 1,30,300 INR 1,42,150
Ahmedabad INR 1,30,350 INR 1,42,200
Kolkata INR 1,30,300 INR 1,42,150
Lucknow INR 1,30,450 INR 1,42,300
Jaipur INR 1,30,450 INR 1,42,300
Noida INR 1,30,450 INR 1,42,300
Gurugram INR 1,30,450 INR 1,42,300
Ghaziabad INR 1,30,450 INR 1,42,300
Bhopal INR 1,30,350 INR 1,42,200
Jodhpur INR 1,30,450 INR 1,42,300
Srinagar INR 1,30,450 INR 1,42,300

The 'Powell Probe' and Global Triggers

The catalyst for today’s record jump was a series of shocking developments in the United States. Federal prosecutors reportedly opened a criminal investigation into Fed Chair Jerome Powell regarding the renovation of the Federal Reserve's Washington headquarters - a project previously criticized by the Trump administration.

This move has raised urgent questions about central bank independence, causing the US Dollar Index to slip and boosting the appeal of non-yielding assets like gold. Furthermore, geopolitical "red lines" in Iran and ongoing conflicts in Latin America have intensified the "risk-off" sentiment among global traders.

Silver’s Industrial and Investment Double-Whammy

While gold is being driven by fear, silver is benefiting from a combination of safe-haven demand and a severe supply deficit.

  • Industrial Demand: Heavy use in solar panels, electric vehicles (EVs), and AI hardware is keeping the market tight.

  • Investment Flows: Silver futures on the MCX jumped nearly 5% today, with analysts suggesting that if the momentum continues, the metal could test the INR 3,00,000 mark before the end of the quarter.

Market Outlook: Should You Buy the Peak?

Despite the bullish momentum, market analysts are advising caution for retail buyers. "The current levels are in a 'price discovery' phase," noted one senior commodity analyst. "While the long-term trend remains positive due to expected interest rate cuts later in 2026, we may see intermittent profit-booking." Experts suggest that investors wait for a 3-5% correction before initiating fresh long-term positions, as the current RSI (Relative Strength Index) indicates the metals are in "overbought" territory.

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(The above story first appeared on LatestLY on Jan 12, 2026 05:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).