Gold and silver prices have broken records on the Multi Commodity Exchange (MCX), reflecting growing global uncertainty and increased demand for safe-haven assets. In 2026 alone, gold has delivered over 5% returns, while silver has surged more than 15%, signaling strong prospects for both metals.
Record-Breaking Rally
This week, gold reached an all-time high of ₹1,43,590 per 10 grams on MCX, while silver soared to ₹2,91,406 per kilogram. In the domestic market, gold rose 0.67% to ₹1,43,201 per 10 grams, and silver jumped nearly 5% to ₹2,89,000 per kilogram.
Global markets mirrored this trend. Spot gold briefly touched a record $4,642.72 per ounce before settling at $4,594.66, while US gold futures fell 0.8% to $4,599.50. Silver, after touching $93.57 per ounce, declined 5.3% to $87.88, yet has gained over 20% in just four trading sessions.
Drivers of the Rally
Experts attribute the surge to geopolitical and economic uncertainties. Prithviraj Kothari, Managing Director of Riddhi Siddhi Bullions and President of the India Bullion & Jewellers Association (IBJA), notes, “Rising concerns over the US Federal Reserve’s independence, increasing geopolitical tensions, and new trade risks have prompted investors to seek safety in gold. Escalating US involvement in Venezuela and unrest in Iran, with potential military action, have further boosted demand for precious metals.”
Former US National Security Advisor John Bolton also warned that military action in Iran is a real possibility, aimed at the country’s ruling regime rather than symbolic support for protesters.
Market Outlook
A recent report by Motilal Oswal Financial Services, Commodities Review 2025 & Preview 2026, described 2026 as a “year of transition,” with gold and silver maintaining strategic importance. Limited supply from mines, steady scrap supply, and continued central bank purchases are expected to support the market.
Silver, in particular, is showing exceptional momentum. Aksha Kamboj, IBJA Vice President and Executive Chairperson of Aspect Global Ventures, explained, “Silver benefits both as an industrial and monetary asset, attracting sovereign and institutional investors. Historically, silver rallies outperform gold by 1.5 to 2 times, and this pattern is evident today.”
SAMCO Securities forecasts silver prices could reach ₹3.94 lakh per kilogram. Apurva Seth, Head of Market Perspectives & Research at SAMCO, said, “Technical indicators point to further upside. Resistance levels that once capped silver at ₹2,59,574 have turned into strong support, with Fibonacci extensions indicating medium-term targets of ₹2,96,737 and ₹3,56,871. Sustained bullish momentum could take prices to ₹3,94,034.”
Caution Amid Euphoria
However, not all opinions are bullish. Investor and author Robert Kiyosaki cautioned that silver may soon peak in the short term, warning that speculative excess could trigger a sharp correction before long-term trends resume.
With gold and silver trading at unprecedented levels, investors face the dilemma of taking profits or holding positions. Analysts generally agree that short-term volatility is likely, but the fundamental drivers—geopolitical risks, monetary uncertainty, and demand for safe-haven assets—remain strong.
Discover more from SD NEWS agency
Subscribe to get the latest posts sent to your email.