Gold at Record Highs in India
Gold prices in India breached ₹1,62,000 per 10 grams on March 10, 2026 — a new all-time record — driven by a combination of surging global safe-haven demand from the Iran conflict, a weakening rupee (now at ₹92.35 per dollar), and strong domestic retail buying ahead of the upcoming wedding season. The previous record was ₹1,56,400 per 10 grams set in late February.
Global Gold Dynamics
International gold prices touched $3,180 per troy ounce on March 10, the highest ever recorded. The precious metal has risen approximately 18% since the US-Israel-Iran conflict began on February 28. Traditional safe-haven flows — from equities, emerging market currencies, and high-yield debt — have found their way into gold at an unusually rapid pace, reflecting the severity of geopolitical uncertainty.
Central banks remain large net buyers. The Reserve Bank of India added 8 tonnes to its gold reserves in February 2026, bringing total RBI gold holdings to 876 tonnes. China's People's Bank added 12 tonnes, and the Bank of Poland added 5 tonnes, according to World Gold Council data.
Silver Also Rallies
Silver prices have tracked gold higher, with domestic prices reaching ₹1,02,000 per kg — a new record. Silver has additional industrial demand drivers from the solar panel and EV battery sectors, making its rally more multi-faceted. The gold-silver ratio currently stands at 86:1, below the historical average of 70:1, suggesting silver may have further to run if gold's bull market continues.
Investment Implications
Certified Financial Planner Meera Krishnamurthy advised investors to treat gold as a portfolio hedge rather than a speculative trade at current prices. "At ₹1,62,000 per 10 grams, the question is not whether gold is valuable — it obviously is. The question is whether you are buying it for the right reasons. As 5–10% of a portfolio, it makes sense as insurance. As 30% or more, you are taking on significant price reversal risk when geopolitical tensions eventually ease."
