Gold, Silver Hit All-Time Highs on MCX Amid Global Trade War Fears: 19 January 2026 Recap
Gold and silver prices surged to all-time highs on MCX today, driven by escalating global trade tensions. Silver notably outperformed, hitting ₹3 lakh/kg, though a correction is anticipated.
💰 India Gold Rate on 19 January 2026
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹14,625INR | ₹1,46,250 | ↑ ₹248 |
| 22K Gold | ₹13,406 | ₹1,34,060 | ↑ ₹227 |
| 18K Gold | ₹10,969 | ₹1,09,690 | — |
Source: GoldMeter.in • Historical data for reference only
⚡ Key Highlights
- 1Gold on MCX hits new record of ₹1,45,500 per 10g.
- 2Silver skyrockets to unprecedented ₹3 lakh per kg on MCX.
- 3Global trade war fears, new US tariffs fuel precious metals rally.
- 4Silver significantly outperforms gold, delivering 30% year-to-date returns.
- 5Market anticipates potential price correction after sharp record surge.
The Indian precious metals market witnessed an extraordinary surge today, with both gold and silver prices rocketing to all-time record highs on the Multi Commodity Exchange (MCX). This rally was primarily ignited by a significant escalation in global trade tensions, particularly new tariff threats issued by the US against Europe, sparking fears of a full-blown US-Europe trade war. Investors globally flocked to safe-haven assets, with India and China notably dumping US treasuries amidst this widespread gold rush.
MCX gold prices saw a substantial increase of ₹3,000 per 10g, maintaining a strong uptrend throughout the day to hit an unprecedented ₹1.45 Lakh, even touching ₹1,45,500 per 10g. Jewellery shoppers in major cities like Delhi and Mumbai also faced significantly higher costs for 22K and 24K gold. Silver, however, was the star performer, outshining gold with a remarkable 30% year-to-date return. On the MCX, silver prices jumped an astounding ₹16,500 per kg, breaching the psychological barrier to hit a lifetime high of ₹3 lakh per kg. Despite this global record, silver in India traded at a notable ₹10,000 discount compared to overseas rates, suggesting some cooling in domestic demand even amidst the price surge.
The resurfacing of global trade tensions and the explicit tariff threats from the US on the EU were the primary catalysts for today's monumental price movements. This geopolitical uncertainty pushed investors towards traditional safe havens, driving the rally in both metals.
For Indian investors and jewellery shoppers, today's record-breaking prices present a mixed outlook. While the sharp rally has delivered significant returns for existing holders, some market analysts are already questioning if silver is getting ready for a top-out, and a major gold rate correction is expected soon. This suggests caution for those looking to enter the market or make significant purchases. The phrase "selling the shovels" on Dalal Street indicates that some smart money might be taking profits. Investors should closely monitor global trade developments and demand trends before making any fresh decisions, as volatility is likely to remain high.