Silver soars Rs 21,400, nears Rs 4 lakh mark; gold jumps Rs 4,800 to fresh record high. Is it too late to buy?

Gold and silver futures opened on a strong note on Wednesday, January 28, 2026, with both metals scaling fresh lifetime highs on the Multi-Commodity Exchange (MCX). The rally comes amid sustained safe-haven demand and heightened geopolitical tensions.

Investors will now turn their attention to the US Federal Reserve’s policy decision later today. Any signal of a rate pause or easing could influence broader market sentiment and support further gains in gold and silver, as lower interest rates typically reduce bond yields and boost the appeal of safe-haven assets.

MCX gold futures due February 5, 2026, rose Rs 4,800, or 3%, to Rs 1,62,429 per 10 grams. Meanwhile, silver futures for March 5, 2026, delivery surged Rs 21,400, or 6%, to Rs 3,77,655 per kg.


In the international market, gold prices climbed to an all-time high on Wednesday, crossing $5,200 an ounce. The rally came as the dollar slipped to a near four-year low amid persistent geopolitical concerns, ahead of the US Federal Reserve’s monetary policy decision. Spot silver rose 0.6% to $113.63 an ounce after hitting a record high of $117.69 on Monday. The white metal has already gained nearly 60% so far this year.

How should you trade gold?

Strong safe-haven buying amid rising global uncertainty is supporting gold and silver prices. The dollar index has sharply declined, slipping to nearly a four-year low. A rebound in the Japanese yen and concerns over potential dumping of US Treasuries by European countries amid the Greenland issue are adding further pressure on the dollar. This environment continues to support precious metals, although price action remains highly volatile, says Manoj Kumar Jain of Prithvi Finmart.

Despite the volatility, silver prices are expected to hold key support at $98 per troy ounce, while gold is likely to sustain support near $4,980 per troy ounce on a closing basis this week.

In today’s session, both metals are expected to remain volatile amid sharp moves in the dollar index, ahead of the Fed policy meeting and ongoing geopolitical tensions. Gold has support at $5,084-$5,055 and resistance at $5,174-$5,220 per troy ounce, while silver has support at $102.40-$98 and resistance at $112-$118 per troy ounce, Manoj added.

On MCX, gold is seen finding support at Rs 1,56,600-1,55,000, with resistance at Rs 1,59,800-1,62,000, while silver has support at Rs 3,50,000-3,44,000 and resistance at Rs 3,65,000-3,78,000.

The strategy remains to buy gold on dips as long as it holds Rs 1,56,000 on a closing basis, targeting Rs 1,65,000. Similarly, silver can be bought on declines while it sustains Rs 3,44,000 on a closing basis, with an upside target of Rs 3,70,000-3,84,000.

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) is priced at Rs 1,18,872 per 8 grams, while pure gold (24 carat) is at Rs 1,29,672 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) is priced at Rs 1,18,752 per 8 grams, while pure gold (24 carat) is at Rs 1,29,552 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) is priced at Rs 1,19,672 per 8 grams, while pure gold (24 carat) is at Rs 1,30,552 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) is priced at Rs 1,18,752 per 8 grams, while pure gold (24 carat) is at Rs 1,29,552 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)