Despite the strong rally, market participants caution that intermittent profit booking is likely, given prices are at record highs. Experts advise traders and investors to wait for corrective dips before initiating fresh long positions.
January 6, 2026, copper prices had surged to nearly $13,000 a tonne in international markets, with analysts pointing to a widening supply gap as a key driver of further upside. In India, the rally was just as striking. On the Multi Commodity Exchange (MCX), copper prices jumped close to 50% in 2025, rising from Rs 796 to Rs 1,197 per kg.
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Silver prices: Tapse said there is a mismatch in demand and supply and the demand is too high, which cannot be supplied immediately.
Silver has emerged as the standout performer of early 2026, surging nearly 15% in just the first week and crossing the crucial $83-an-ounce mark—levels few experts anticipated so soon. The rally is being driven by a sharp demand-supply mismatch, where rising industrial and investment demand cannot be met immediately. Geopolitical tensions have further added support, lifting sentiment across precious metals. While gold continues to benefit from global uncertainty, silver is clearly outperforming, backed by strong technical momentum. Analysts see a decisive breakout above $82 as a key trigger, opening the door to a rapid move towards $90–$100 in the near term. For 2026, silver appears better positioned than gold, with momentum, fundamentals and geopolitics all aligning in its favour.
The rally followed a positive assessment from Antique Stock Broking, which reiterated its 'Buy' rating on the jewellery retailer and raised its target price to Rs 600 from Rs 560.
Markets are entering 2026 with sharply divergent trends across gold, silver and equities, making asset allocation more critical than ever. With central banks easing and global risks still elevated, investors in 2026 face tough choices across precious metals and equities. Shriram Wealth’s new report highlights where stability, risk and growth are likely to emerge this year.
Antique noted that growth during the quarter was led by a strong wedding season, with retail revenue rising 49 per cent year on year and same-store sales growth of 39 per cent.
The DSP report noted gold is not a substitute for equities. Five-year rolling return data shows that stocks have outperformed gold roughly half the time in India and the US, and even more often in markets such as Europe and Hong Kong.
Renewed geopolitical concerns have once again shifted investor focus to commodities, with gold and silver gaining support as safe-haven assets after recent declines. While precious metals have seen renewed buying interest, the outlook for crude oil remains uncertain. Despite rising geopolitical tensions, oil prices have shown no sharp reaction so far, with some softness seen in recent sessions. Energy experts suggest that even if additional oil supply enters global markets, including from Venezuela, prices may remain capped due to strategic controls by major producers. For India, a softer oil price environment would be positive as a net importer. Meanwhile, gold is seen as being in a structural bull phase, supported by sustained central bank buying, though near-term consolidation cannot be ruled out amid elevated levels.
The event is a 'tactical accelerator' for gold but it does not change the core medium-term thesis, which remains tied to the Federal Reserve, Makda said.
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