Gold Prices Surge on Strong Demand & Festival Buzz: What Happened on 10 January 2026

The Indian gold market witnessed a robust rally on January 10, 2026, as the precious metal rebounded sharply after a three-day losing streak. Prices for 24-carat gold surged by a notable ₹1,150 per 10 grams, pushing rates closer to their recent peaks. This significant upward movement was largely attributed to strong domestic demand across major Indian cities, including Delhi, Mumbai, Chennai, and Kolkata, as consumers and investors flocked to buy gold.

Today's rally saw 24-carat gold rates climbing to reported figures like ₹1,40,460 per 10 grams in some markets. This surge has contributed to a year-to-date rise of 2.50% in gold prices for 2026, indicating a strong start to the new year for the yellow metal. The momentum is further fueled by the approaching Makar Sankranti festival, a period traditionally associated with increased gold purchases for auspicious reasons and gifting. Jewelry shoppers and investors are keen to secure their holdings ahead of this festive season, driving up demand and consequently, prices. Silver prices also saw a rebound, moving back above ₹242,000 per kilogram after a period of volatility.

Beyond domestic factors, market participants are also closely watching international developments. A looming decision from the US Supreme Court regarding tariffs is on the radar, with some analysts pondering if now is the opportune time to buy gold as a hedge against potential global economic shifts. Furthermore, the Nifty-gold ratio currently sits at depressed levels, a situation that often prompts Indian stock market investors to consider diversifying into gold, viewing it as a safer haven or an attractive alternative investment during periods of equity market uncertainty.

For investors and jewelry buyers, the current upward trend, driven by both strong local demand and potential global economic uncertainties, suggests continued volatility but also potential for further gains. While prices are nearing their peak, the festive season and ongoing geopolitical factors could provide sustained support. It remains crucial for buyers to monitor daily rate fluctuations in their respective cities and consider their investment goals, especially with the US tariff decision on the horizon, which could introduce new dynamics to the market.