Gold, Silver Rates Today: Precious Metals Extend Bull Run as Prices Hit Record Highs
Gold and silver prices continued their strong upward momentum on Friday, underlining a structurally bullish phase for precious metals amid rising global uncertainty and robust safe-haven demand.
Spot silver surged as much as 6.9% to $102.87 an ounce, pushing its year-to-date gains beyond 40%. The rally comes after prices more than doubled in 2025, with silver crossing the $100-an-ounce mark for the first time. Gold also climbed to a fresh all-time high, moving closer to the $5,000-per-ounce milestone.
Market participants say precious metals remain fundamentally strong despite elevated prices and intermittent pullbacks, with underlying momentum holding steady.
The ongoing rally in silver has been fuelled by a combination of strong retail buying and rising safe-haven demand across major markets, from Shanghai to New York. Analysts point to tight supply conditions and heightened geopolitical risks as key drivers behind the surge.
Back home, MCX silver prices jumped 4% to hit a record high of ₹3,39,927 per kg on Friday, January 23. MCX gold prices also scaled new peaks, rising to ₹1,59,226 per 10 grams, reflecting sustained investor demand for safe assets.
Investor sentiment toward precious metals strengthened further during the first year of US President Donald Trump’s second term, amid growing uncertainty around global trade, geopolitics, and monetary policy. Concerns over potential US tariffs on silver had earlier triggered a rush to move metal into New York, culminating in a historic short squeeze in London last October.
According to market experts, the current phase represents healthy consolidation rather than exhaustion, with long-term fundamentals continuing to outweigh short-term volatility.
What’s driving gold and silver prices?
The recent rally has been supported by strained relations between the US and its European allies, while diplomatic efforts to end the Ukraine conflict have yet to yield a breakthrough. Additional concerns around the independence of the US Federal Reserve have further boosted demand for precious metals.
Renewed criticism of the Fed, along with escalating geopolitical tensions and military actions, has reinforced the so-called debasement trade, prompting investors to shift away from government bonds and currencies toward alternative safe havens such as gold. Bullion is up around 15% so far this year, following its strongest annual gain in nearly four decades in 2025.
Silver prices have also been supported by persistent supply deficits in the global market over the past five years. Rising prices have triggered strong retail participation, particularly in China, where silver is increasingly seen as a more affordable alternative to gold. In the US, demand has surged to levels that have strained dealer inventories.
Beyond investment demand, silver’s industrial use—especially in the solar energy sector—continues to provide strong structural support due to its high electrical conductivity.
Should you buy gold or silver ahead of Union Budget 2026?
Market experts remain optimistic about the outlook for precious metals ahead of the Union Budget 2026, which will be presented on February 1. Analysts expect tight supply conditions, sustained investment demand, and supportive global liquidity to keep prices on an upward trajectory in the medium to long term.
While near-term corrections cannot be ruled out due to overbought conditions or short-term currency movements, such dips are expected to attract fresh buying interest. Silver is seen as having strong relative upside potential, while gold continues to be viewed as a reliable hedge against macroeconomic uncertainty.
From a technical perspective, MCX gold prices are consolidating within a well-defined upward channel after hitting lifetime highs. Key support levels lie around ₹1,54,000–₹1,55,000 per 10 grams, while a decisive breakout above ₹1,59,000–₹1,60,000 could open the door to further gains in the coming months.
MCX silver prices remain volatile but firmly bullish, trading within the ₹3,30,000–₹3,40,000 per kg range. Strong support is seen near ₹3,10,000–₹3,20,000, with a sustained move above ₹3,45,000–₹3,50,000 potentially accelerating the rally further.
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