Gold at Rs 1.43 lakh, silver at Rs 2.9 lakh: Is it safe to invest in precious metals right now?
On Wednesday, MCX gold touched an all-time high of Rs 1,43,590 per 10 grams, while silver surged to a lifetime peak of Rs 2,91,406 per kg. In domestic trade, gold settled about 0.67 per cent higher at Rs 1,43,201 per 10 grams, while silver jumped nearly 5 per cent to Rs 2,89,000 per kg.
- Jan 15, 2026,
- Updated Jan 15, 2026 2:06 PM IST
Gold and silver prices on the Multi Commodity Exchange (MCX) continued their relentless rally this week, scaling fresh record highs as strong investor demand, geopolitical tensions and global policy uncertainty pushed safe-haven buying to new levels. On Wednesday, MCX gold touched an all-time high of Rs 1,43,590 per 10 grams, while silver surged to a lifetime peak of Rs 2,91,406 per kg. In domestic trade, gold settled about 0.67 per cent higher at Rs 1,43,201 per 10 grams, while silver jumped nearly 5 per cent to Rs 2,89,000 per kg.
The rally has been mirrored in global markets, where precious metals have remained in sharp focus despite bouts of profit-booking. Spot gold eased 0.6 per cent to $4,594.66 an ounce after hitting a record $4,642.72 in the previous session, while US gold futures slipped 0.8 per cent to $4,599.50. Silver also cooled after its dramatic surge, falling 5.3 per cent to $87.88 an ounce after touching an all-time high of $93.57. Even after the pullback, silver has gained more than 20 per cent in just four sessions, underlining the intensity of the recent momentum.
On MCX, the pace of gains has been striking. Gold has delivered a year-to-date return of over 5 per cent in just the first fortnight of 2026, while its one-year return stands at nearly 80 per cent. Silver has outperformed even more sharply, rising more than 15 per cent so far this year and posting an extraordinary one-year return of over 190 per cent.
Market participants attribute the sustained surge to a mix of geopolitical and macroeconomic triggers. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions and President of the India Bullion and Jewellers Association, said the rally reflects mounting concerns over global political stability and institutional credibility. “Rising uncertainty over the independence of the US Federal Reserve, escalating geopolitical tensions and renewed trade-related risks have unsettled investors. With the US increasing its involvement in Venezuela and President Donald Trump warning of possible military action amid unrest in Iran, safe-haven demand for bullion has strengthened,” Kothari said.
A recent report by Motilal Oswal Financial Services titled Commodities Review 2025 & Preview 2026 echoes this view, describing 2026 as a year of transition rather than disruption. The brokerage expects gold and silver to retain their strategic relevance in the early part of the year, supported by continued central bank buying, steady investor demand, limited mine supply growth and relatively inelastic scrap flows. “Physical market tightness is likely to persist, reinforcing precious metals as long-term portfolio anchors,” the report said.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association and Executive Chairperson of Aspect Global Ventures, noted that gold’s rally has also been aided by seasonal demand and safe-haven flows. “Gold is touching new record peaks on the back of global uncertainty and festival-led buying. While some profit-booking is visible, the broader sentiment remains supportive, and prices are expected to stay firm barring any major global shock,” she said.
Silver outlook
Silver, meanwhile, has emerged as the star performer. Its dual role as an industrial metal and a monetary asset has amplified its gains, particularly after the US designated it an “essential mineral” and sovereign investors increased allocations. Analysts point out that silver typically moves 1.5 to two times as much as gold in bull markets, a pattern clearly visible in the current cycle.
SAMCO Securities has projected that MCX silver prices could climb as high as ₹3.94 lakh per kg over time. Apurva Sheth, Head of Market Perspectives & Research at SAMCO, said technical indicators suggest further upside. “The earlier resistance zone near ₹2,59,574 has now turned into a strong support. Fibonacci extensions indicate medium-term targets around ₹2,96,737 initially, followed by ₹3,56,871. In a strong momentum environment, prices could even approach ₹3,94,034,” she said.
Not all voices, however, are uniformly bullish. Author and investor Robert Kiyosaki has cautioned that silver may be nearing a short-term peak. In a recent post, he warned that speculative excess could trigger a sharp correction before the metal resumes its longer-term uptrend, urging investors to remain cautious amid the euphoria.
With gold and silver trading at unprecedented levels, investors are now weighing whether to book profits or stay invested. While experts broadly agree that near-term volatility is likely after such a steep run-up, most also believe that the fundamental case for precious metals remains intact, anchored in geopolitical risk, monetary uncertainty and the continuing search for safety in an unpredictable global landscape.
Gold and silver prices on the Multi Commodity Exchange (MCX) continued their relentless rally this week, scaling fresh record highs as strong investor demand, geopolitical tensions and global policy uncertainty pushed safe-haven buying to new levels. On Wednesday, MCX gold touched an all-time high of Rs 1,43,590 per 10 grams, while silver surged to a lifetime peak of Rs 2,91,406 per kg. In domestic trade, gold settled about 0.67 per cent higher at Rs 1,43,201 per 10 grams, while silver jumped nearly 5 per cent to Rs 2,89,000 per kg.
The rally has been mirrored in global markets, where precious metals have remained in sharp focus despite bouts of profit-booking. Spot gold eased 0.6 per cent to $4,594.66 an ounce after hitting a record $4,642.72 in the previous session, while US gold futures slipped 0.8 per cent to $4,599.50. Silver also cooled after its dramatic surge, falling 5.3 per cent to $87.88 an ounce after touching an all-time high of $93.57. Even after the pullback, silver has gained more than 20 per cent in just four sessions, underlining the intensity of the recent momentum.
On MCX, the pace of gains has been striking. Gold has delivered a year-to-date return of over 5 per cent in just the first fortnight of 2026, while its one-year return stands at nearly 80 per cent. Silver has outperformed even more sharply, rising more than 15 per cent so far this year and posting an extraordinary one-year return of over 190 per cent.
Market participants attribute the sustained surge to a mix of geopolitical and macroeconomic triggers. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions and President of the India Bullion and Jewellers Association, said the rally reflects mounting concerns over global political stability and institutional credibility. “Rising uncertainty over the independence of the US Federal Reserve, escalating geopolitical tensions and renewed trade-related risks have unsettled investors. With the US increasing its involvement in Venezuela and President Donald Trump warning of possible military action amid unrest in Iran, safe-haven demand for bullion has strengthened,” Kothari said.
A recent report by Motilal Oswal Financial Services titled Commodities Review 2025 & Preview 2026 echoes this view, describing 2026 as a year of transition rather than disruption. The brokerage expects gold and silver to retain their strategic relevance in the early part of the year, supported by continued central bank buying, steady investor demand, limited mine supply growth and relatively inelastic scrap flows. “Physical market tightness is likely to persist, reinforcing precious metals as long-term portfolio anchors,” the report said.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association and Executive Chairperson of Aspect Global Ventures, noted that gold’s rally has also been aided by seasonal demand and safe-haven flows. “Gold is touching new record peaks on the back of global uncertainty and festival-led buying. While some profit-booking is visible, the broader sentiment remains supportive, and prices are expected to stay firm barring any major global shock,” she said.
Silver outlook
Silver, meanwhile, has emerged as the star performer. Its dual role as an industrial metal and a monetary asset has amplified its gains, particularly after the US designated it an “essential mineral” and sovereign investors increased allocations. Analysts point out that silver typically moves 1.5 to two times as much as gold in bull markets, a pattern clearly visible in the current cycle.
SAMCO Securities has projected that MCX silver prices could climb as high as ₹3.94 lakh per kg over time. Apurva Sheth, Head of Market Perspectives & Research at SAMCO, said technical indicators suggest further upside. “The earlier resistance zone near ₹2,59,574 has now turned into a strong support. Fibonacci extensions indicate medium-term targets around ₹2,96,737 initially, followed by ₹3,56,871. In a strong momentum environment, prices could even approach ₹3,94,034,” she said.
Not all voices, however, are uniformly bullish. Author and investor Robert Kiyosaki has cautioned that silver may be nearing a short-term peak. In a recent post, he warned that speculative excess could trigger a sharp correction before the metal resumes its longer-term uptrend, urging investors to remain cautious amid the euphoria.
With gold and silver trading at unprecedented levels, investors are now weighing whether to book profits or stay invested. While experts broadly agree that near-term volatility is likely after such a steep run-up, most also believe that the fundamental case for precious metals remains intact, anchored in geopolitical risk, monetary uncertainty and the continuing search for safety in an unpredictable global landscape.