Mumbai, January 20, 2026, 12:06 IST
- MCX March silver hit a new high at Rs 3,01,315 per kg, with MCX February gold rising to Rs 1,45,500 per 10 grams
- Spot gold stayed just under $4,700 an ounce, with silver holding close to $94 after setting fresh highs
- Analysts caution that volatility is likely to persist, driven by tariff updates, shifts in the dollar, and key price levels shaping the next phase.
Silver futures in India cracked the Rs 3 lakh-per-kilogram mark on Monday, pushing past a key milestone. The rally spilled over to MCX gold, which climbed to a new high as well.
The spike is notable because India’s futures market typically sets the tone for prices jewellers and industrial buyers encounter. It also signals rising risk: investors are turning to safe havens as trade tensions flare up again, dominating market worries.
Spot gold hovered near $4,700 an ounce Tuesday, slightly below its all-time high of $4,701.23. Silver traded near $94, following an earlier peak at $94.72. Tim Waterer, chief market analyst at KCM Trade, called Trump’s approach “disruptive” and a “boon for precious metals.” 1
March silver on the Multi Commodity Exchange (MCX) jumped Rs 13,553, or 4.71%, reaching a new peak of Rs 3,01,315 per kg. At the same time, February gold climbed Rs 2,983, or 2.09%, to Rs 1,45,500 per 10 grams, extending last week’s strong rally. 2
Praveen Singh, senior fundamental research analyst for currencies and commodities at Mirae Asset Sharekhan, pointed out that gold is “touching new record highs” as Trump’s tariff threats tied to his Greenland plans fuel safe-haven demand. He flagged spot gold resistance around $4,750 and recommended traders use stop-loss orders to guard against sharp moves. 3
Singh cautioned that tariffs could disrupt silver shipments between Comex, the U.S. futures exchange, and London vaults tied to the London Bullion Market Association, tightening short-term supply. He added that if prices stay above $94 for some time, a move up to $98-$100 might follow, with support likely around $90.
Kedia Advisory noted MCX gold ended up 2.19% at 145,639, driven by solid institutional buying. They pointed to LBMA data showing London vault holdings rose 2.24% in December, hitting 9,106 tonnes. The advisory also cited forecasts from Commerzbank, HSBC, and UBS, which now see gold reaching $5,000 an ounce by 2026. 4
The note highlighted that physical buying in India is still weak at current levels, even as Chinese prices moved nearer to global benchmarks ahead of the Lunar New Year. Open interest — the count of outstanding futures positions — fell despite prices climbing, a pattern traders often link to short covering.
Silver has surged past gold in recent trading, driven by strong industrial demand and worries about supply shortages. On the other hand, platinum and palladium slipped lower throughout the day.
Headlines are driving this market. Any sign of a delay, dilution, or legal challenge on tariffs—or a stronger dollar alongside climbing bond yields—could quickly pull non-yielding metals off their highs.
MCX silver is under close watch to hold above Rs 3 lakh, with MCX gold lingering near Rs 1.45 lakh per 10 grams. This comes as Washington and Europe consider their next moves.
