Silver soars 6%, gold up over 1% to scale new peak and this may just be the start. Check where the bullion is headed now

Gold and silver futures opened on a strong note on Tuesday, January 27, 2026, with both metals scaling fresh lifetime highs on the Multi-Commodity Exchange (MCX). The surge comes amid sustained safe-haven demand and heightened geopolitical tensions.

Gold futures for February 5 delivery were trading at Rs 1,58,559 per 10 grams, up Rs 2,522 or 1.62%, after hitting an all-time high of Rs 1,59,820 in early trade. The rally follows gold’s breakout above the $5,100/oz mark in global markets during the previous session.

Silver futures for March 5 delivery were last seen at Rs 3,54,530 per kg, up Rs 19,831 or 5.93%, after briefly touching a fresh lifetime high of Rs 3,54,780 earlier in the session. The strength in domestic prices aligns with the global uptrend, where spot silver climbed over 6% to a new record of $117.69 an ounce.

Internationally, gold prices edged higher on Tuesday, extending their upward momentum after breaching the $5,100 level for the first time in the previous session. Safe-haven demand remained robust amid global geopolitical uncertainty, with silver also hovering close to its recent record peaks.

As of 0121 GMT, spot gold was up 1.1% at $5,068.05 per ounce, after Monday’s all-time high of $5,110.50. Meanwhile, US gold futures for February delivery gained 0.4% to $5,063.00 per ounce.

The white metal continued to shine as spot silver surged 6.3% to $110.39 an ounce, a day after marking a historic high of $117.69. With that, silver has now clocked a 55% gain so far in 2026.

Geopolitics remained at the forefront of market sentiment. On Monday, US President Donald Trump announced plans to impose a 25% tariff on imports of South Korean automobiles, lumber and pharmaceuticals, citing Seoul’s failure to finalise a trade deal with Washington. This came in the wake of recent tensions with Canada, following Prime Minister Mark Carney’s visit to China, which reportedly led to a cooling of ties between Ottawa and Washington.Currency movements also played a role. The US Dollar Index (DXY) fell to a four month low, dipping below the 97 mark. As of the latest reading, the index hovered at 96.92, registering a decline of 0.12 points or 0.12%, amid a rebound in the Japanese yen. A softer dollar typically makes dollar denominated gold cheaper for foreign investors, enhancing its appeal.

Manoj Kumar Jain of Prithvifinmart Commodity Research commented that strong safe haven demand is continuing to support gold and silver prices. He attributed the gains to both rising global uncertainty and positive US consumer confidence data, paired with continued dollar weakness.

He also remarked on the ongoing volatility in precious metals. “We are experiencing very high price volatility in both precious metals,” Jain noted. “Silver prices could hold support near $98 per troy ounce, and gold may remain firm above $4,840 per troy ounce on a closing basis this week.”

How to trade gold and silver

Jain provided detailed technical levels for traders tracking the domestic market:

Gold Support: Rs 1,54,800 to Rs 1,53,300
Gold Resistance: Rs 1,58,800 to Rs 1,61,500

Silver Support: Rs 3,26,000 to Rs 3,16,600
Silver Resistance: Rs 3,48,000 to Rs 3,65,000

According to him, buying on dips is recommended, provided gold sustains above Rs 1,53,500 on a closing basis and silver remains above Rs 3,26,000.

In terms of price targets, Jain expects gold to potentially rise to Rs 1,65,000, while silver may also approach Rs 3,65,000 in upcoming sessions.

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Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,18,632 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,27,976 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,17,728 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,26,944 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,17,352 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,26,544 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,17,600 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,26,824 per 8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)