COMEX gold scaled a fresh all-time high of $5,111 per ounce on Tuesday before settling near $5,067, driven by sustained safe-haven demand and central bank buying. Silver jumped to $117.75, marking its own record peak, as geopolitical tensions and US-South Korea tariff threats intensified.
On the Multi Commodity Exchange (MCX), gold rose over 1 per cent to approach ₹1.60 lakh per 10 grams, while silver surged approximately 6 per cent to trade above ₹3.5 lakh per kilogram. Both metals are trading well above their key moving averages, confirming the strength of the current bull run.
“Precious metals are firmly back in the spotlight,” said Aamir Makda, Commodity & Currency Analyst at Choice Broking. He attributed the rally to aggressive accumulation by central banks in China and Poland, along with safe-haven flows triggered by escalating US tariff threats against South Korea, which jumped from 15 per cent to 25 per cent.
ASK Private Wealth recently upgraded gold to overweight from neutral in its Quarterly Investment Policy Committee report titled “Playing with uncertainty?”, citing policy uncertainties and strong buying from central banks and consumers in China and India.
Market analysts flag technical concerns despite the bullish momentum. The Relative Strength Index (RSI) has entered overbought territory across multiple timeframes, with a daily RSI divergence appearing—typically a warning sign for long positions. However, structural support remains robust, with gold’s $5,000 level now acting as strong support and silver’s industrial demand from solar, electric vehicles and AI sectors providing fundamental backing.
Ponmudi R, CEO of Enrich Money, noted that USD/INR stability in the 91.50-91.93 zone has aided domestic gold strength. Justin Khoo, Senior Market Analyst at VT Markets, said the weak US dollar and ongoing risk aversion continue to support precious metals as portfolio hedges amid macro uncertainties.
Published on January 27, 2026
