Gold Price Today: MCX Gold Surges 3% to Cross ₹1.62 Lakh for First Time; Silver Hits Record High
Gold price today: Gold prices rallied sharply on the Multi Commodity Exchange (MCX) during morning trade on Wednesday, January 28, breaching the ₹1.62 lakh per 10 gram mark for the first time amid global uncertainties, a weaker US dollar, and strong spot demand.
MCX gold February futures surged by over ₹4,700, or nearly 3%, to hit a record high of ₹1,62,429 per 10 grams. Meanwhile, MCX silver March futures jumped around ₹21,400, or 6%, to a fresh lifetime high of ₹3,77,655 per kg.
Why Are Gold and Silver Prices Rising?
The rally in precious metals is being driven by a combination of global and domestic factors. The US dollar index slipped around 0.30%, making gold cheaper for overseas buyers. According to Reuters, the dollar has fallen to a four-year low against a basket of major currencies.
Rising geopolitical and trade-related uncertainties are also boosting safe-haven demand. Concerns have intensified following tariff threats by Donald Trump against South Korea and Canada, while the outlook for an India–US trade deal remains uncertain.
Adding to the bullish sentiment, investors are closely tracking the US Federal Reserve’s policy decision scheduled for January 28. Recent data showing a sharp decline in US consumer confidence to an over 11-year low has increased expectations of economic slowdown.
US Fed Outlook in Focus
Markets widely expect the US Federal Reserve to keep interest rates unchanged in January but anticipate at least two rate cuts later this year. Analysts believe a weakening US labour market could force the central bank to ease monetary policy in the second half of 2026.
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, investor focus will be on comments from Fed Chair Jerome Powell, especially amid growing political pressure to lower borrowing costs.
Trump has also hinted that interest rates may fall further once a new Fed Chair, expected to be appointed by him, takes charge.
Is It the Right Time to Buy Gold?
Market experts remain optimistic on gold’s outlook and advise investors to buy on dips, citing ongoing global uncertainties and expectations of softer interest rates.
Manoj Kumar Jain of Prithvifinmart Commodity Research said investors can consider buying gold on corrections as long as prices hold above ₹1,56,000 on a closing basis, with an upside target of ₹1,65,000. He also recommends buying silver on dips if prices stay above ₹3,44,000, targeting ₹3,70,000–₹3,84,000.
Key Support and Resistance Levels
International Market (Today’s Session):
Gold: Support at $5,084 and $5,055; Resistance at $5,174 and $5,220 per ounce
Silver: Support at $102.40 and $98; Resistance at $112 and $118 per ounce
MCX Levels (INR):
Gold: Support at ₹1,56,600 and ₹1,55,000; Resistance at ₹1,59,800 and ₹1,62,000
Silver: Support at ₹3,50,000 and ₹3,44,000; Resistance at ₹3,65,000 and ₹3,78,000
Rahul Kalantri, VP–Commodities at Mehta Equities, also highlighted strong technical support for gold near ₹1,55,050, with resistance around ₹1,61,950, while silver faces resistance near ₹3,65,470.
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