Gold Prices Soar: Bullion Fever Grips India on 2 January 2026

The Indian gold market kicked off the new year with a significant surge, as prices soared today, once again crossing the crucial ₹1 lakh mark. This strong upward momentum continued the winning streak for MCX gold, with futures trading near record high levels, reflecting robust investor confidence and demand for the precious metal across the nation. Silver also joined the rally, witnessing a substantial jump in its prices.

Today's trading saw gold jump by ₹948, pushing the price to ₹1,36,752 per 10 grams. Silver experienced an even more dramatic ascent, soaring by ₹7,107 to reach ₹2,42,980 per kilogram. This "bullion fever" was evident in the market activity, as reports indicated that the turnover for gold and silver futures on the Multi Commodity Exchange (MCX) impressively overtook that of NSE stock futures. This shift highlights a growing preference among investors for precious metals, possibly as a hedge against economic uncertainties or simply riding the current upward trend.

A notable development for Indian jewelry shoppers and investors is the end of gold discounts. Following a pullback from previous record highs, prices in India are now trading at a premium to spot rates, aligning with trends observed in other major markets like China. This marks a significant change from past practices and underscores the strong domestic demand. The current rally comes on the heels of an extraordinary 2025, when gold and silver prices skyrocketed by up to 166%, laying a strong foundation for the present upward trajectory, further fueled by positive global cues.

As the market enters 2026, experts are already weighing in with their predictions for gold prices, offering insights into what the year might hold. For Indian investors and jewelry buyers, this continued upward movement suggests that vigilance remains key. While the appeal of gold as a safe-haven asset and a store of value persists, the current premium pricing and record-high levels mean that careful consideration and staying informed about market dynamics will be crucial for making informed decisions in the days ahead.