Mumbai, January 20, 2026, 12:06 IST
- MCX March silver surged to a record Rs 3,01,315 per kg, while MCX February gold climbed to Rs 1,45,500 per 10 grams
- Spot gold hovered just below $4,700 an ounce, while silver lingered near $94 after hitting new peaks
- Analysts warn of further volatility ahead, with tariff news, dollar fluctuations, and critical price points set to steer the next move
Silver futures in India surged past the Rs 3 lakh-per-kilogram threshold on Monday, marking a milestone as the rally extended to MCX gold, which also hit a fresh peak.
The surge is significant since India’s futures market usually influences the prices jewellers and industrial buyers face. It also acts as a stark warning on risk levels: investors are flocking to safe havens amid renewed trade tensions dominating market concerns.
Spot gold stayed close to $4,700 an ounce on Tuesday, just shy of its record peak at $4,701.23. Silver lingered around $94 after earlier reaching $94.72. Tim Waterer, chief market analyst at KCM Trade, described Trump’s strategy as “disruptive” and a “boon for precious metals.” (Reuters)
On the Multi Commodity Exchange (MCX), March silver surged by Rs 13,553, or 4.71%, hitting a fresh high of Rs 3,01,315 per kg. Meanwhile, February gold advanced Rs 2,983, or 2.09%, to Rs 1,45,500 per 10 grams, building on last week’s strong gains. (Ndtv)
Praveen Singh, senior fundamental research analyst for currencies and commodities at Mirae Asset Sharekhan, noted that gold is “touching new record highs” amid Trump’s tariff threats linked to his Greenland ambitions, sparking safe-haven buying. Singh identified spot gold resistance near $4,750 and advised traders to set stop-loss orders to manage the risk of sudden swings. (The Times of India)
Singh warned that tariffs might throw a wrench into silver shipments between Comex, the U.S. futures exchange, and London vaults linked to the London Bullion Market Association, squeezing near-term availability. He noted that if prices hold above $94 for a while, it could trigger a push toward $98 to $100, with support expected near $90.
A note from Kedia Advisory reported MCX gold closing up 2.19% at 145,639, attributing the gain to steady institutional demand. It referenced LBMA figures showing London vault holdings climbed 2.24% in December, reaching 9,106 tonnes. The advisory also highlighted forecasts from Commerzbank, HSBC, and UBS, which now predict gold could hit $5,000 an ounce by 2026. (Investing.com India)
The note pointed out that physical buying in India remains subdued at current levels, while Chinese prices edged closer to global benchmarks ahead of the Lunar New Year. Open interest — the tally of outstanding futures positions — dropped despite rising prices, a move traders frequently associate with short covering.
Silver has outpaced gold in recent sessions, boosted by industrial demand and concerns over supply. Meanwhile, platinum and palladium fell during the day.
This market is all about headlines. A delay, dilution, or legal challenge on tariffs, or a stronger dollar coupled with rising bond yields, could easily drag non-yielding metals down from their highs.
Traders are keeping an eye on MCX silver to see if it can stay above Rs 3 lakh, while MCX gold hovers around Rs 1.45 lakh per 10 grams. All this as Washington and Europe weigh their next steps.
