Mumbai, Jan 28, 2026
Gold and silver prices continue to scale record highs on Wednesday, amid strong buying demand, weakening dollar, and rising geopolitical tensions, raising safe haven demand.
MCX gold February futures rose 2.97 per cent to Rs 1,62,387 per 10 grams around 11.30 am. Meanwhile, MCX silver March futures rose 6.21 per cent to Rs 3,78,401 per kg.
International markets also saw gold and silver touching records as caution grew due to ongoing policy uncertainty, fresh tariff threats, and criticism of the Federal Reserve from the US administration.
US gold futures April contracts rose above $5,200 an ounce, supported by a sharp decline in the US dollar. The dollar fell to its weakest level in four years after President Donald Trump played down worries about the currency’s strength, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Central bank buying and steady ETF inflows have helped gold gain nearly 20 per cent this year, with silver rising even faster, he added.
Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices.
Silver has surged toward $115.42 and is now consolidating in the $106.55–$113 range after marginal profit-taking. Demand from solar, EVs, AI/data centres, and electronics remains exceptionally strong, alongside safe-haven and inflation-hedge flows, as per analysts.
MCX Silver continues to display high-beta outperformance after a powerful breakout, absorbing every minor correction with ease.
The white metal’s sharp price surge in the near-term sees bouts of profit-booking and consolidation, but the broader bias remains positive as long as the dollar remains under pressure.
The two-day Federal Open Market Committee (FOMC) is expected to hold interest rates steady, but traders expect at least two rate cuts later in the year.
“Gold has support at Rs 1,55,050 to Rs 1,53,310 zone, while resistance is at Rs 1,59,850 and Rs 1,61,950. Silver has support at Rs 3,44,810 and Rs 3,37,170 while resistance is at Rs 3,61,810 and Rs 3,65,470,” the analyst said.(Agency)
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