Gold prices hit new heights in early 2026 — and many consumers have rushed to buy and sell pieces of the precious metal.

Gold and silver have continued a major price rally throughout 2026 so far, with gold recording its largest single-day dollar increase on Wednesday.

Here are the 1 February gold rates in key cities, such as Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, and Mumbai.

The usual explanation for such strong rises is that gold is considered a safe bet for investors when other options look a little shaky. High inflation for example, when cash quickly loses value, is often linked to gold price rises. Trade wars and actual wars usually have a similar effect.

The price of gold hit a new all-time high Wednesday morning as the precious metal surged more than 20% this year.

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As gold hits record highs and the dollar weakens, here's what investors should know about the shifting dynamics.

Gold has done well for three clear reasons: geopolitical tensions, inflation, and mounting U.S. debt. Whether it's been ongoing wars across the world or President Donald Trump's tariffs, investors tend to move into gold when there is geopolitical tension or events that could shake up the world order.

Financial markets churned on Friday as investors tried to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates. U.S. stocks fell, with the S&P 500 down 0.