Gold and Silver Prices Rise Today, January 3: Check 24K & 22K Rates Across Cities.
Gold and silver prices rose on Saturday, January 3. In Mumbai, 24-carat gold was priced at ₹1,36,210 per 10 grams, while 22-carat gold traded at ₹1,24,860 per 10 grams. These rates exclude GST and making charges. Silver was available at around ₹2,42,100 per kg in the spot market.
Gold Buying Trends in India
For decades, Mumbai homemaker Prachi Kadam has bought gold every festive season, usually in the form of jewellery. This year, however, record-high prices led her to purchase a 10-gram gold coin instead of necklaces or bangles.
“Jewellery is beautiful, but paying an extra 15% in making charges is hard to justify,” Kadam said. “So I opted for a coin this time.”
Her choice reflects a broader trend in India, one of the world’s largest gold markets, where consumers are increasingly favoring coins and bars over jewellery amid soaring prices.
Why Gold Prices Are Surging
Global factors driving the rally include:
- Strong demand for safe-haven assets
- U.S. interest rate cuts
- A weaker U.S. dollar
Gold hit a record $4,549.7 per troy ounce on December 26, marking a 67% rise globally this year. In India, domestic gold prices rose 77% in 2025, outpacing the Nifty 50’s 9.7% gain, aided by a 5% fall in the rupee against the dollar.
Factors Influencing Gold Prices in India
Daily gold rates in India are shaped by:
- International market prices
- Import duties and taxes
- Exchange rate fluctuations
Gold remains both a cultural and financial asset in India, widely used for weddings, festivals, and investments. Investors and consumers closely track rates to make timely purchases amid volatile market conditions.
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