On Thursday morning, silver March futures soared to ₹4.20 lakh a kg on MCX before easing to ₹4,13,200.
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Silver’s spectacular rally continued with its prices surging to a new record, while futures topped ₹4 lakh a kg in India. Gold exceeded $5,500 an ounce in the global market before paring gains. But late in the evening, the precious metals complex began paring its gains.
Thursday’s rally was fuelled by the dollar falling to 4-year low and investors shifting from sovereign bonds and currencies to precious metals. Geopolitical crises with the US threatening Iran over leadership change. Teheran upped the ante by denouncing President Donald Trump’s comments as “violation of Iraq’s sovereignty”.
Over the past few weeks, geopolitical crises, US’ tariff disputes with various nations, Washington locking horns with the EU and the current Iranian situation have buoyed precious metals with prices of silver doubling in a month-and-a-half and of gold in 100 days.
Silver, gold prices today
At 2040 hours IST, gold was quoted at $5,423.66 an ounce, and gold April futures ruled at $5,445.24. In India, gold in the Mumbai spot market ended at ₹1,75,340 per 10 gm. On MCX, gold April futures quoted at ₹1,88,790 gm after surging to ₹1,93,096.
Silver soared over $120 an ounce before pulling back to $113.69, and silver March futures on COMEX were quoted at $113.739 an ounce. In the Mumbai spot market, silver ended at ₹3,79,988 a kg, while on MCX, March futures soared to ₹4,20,048 a kg before easing to ₹4,06,800.
Platinum rose, but slipped to $2,636.20 an ounce, and palladium declined to $2,034 an ounce.
Gold has increased by nearly 30 per cent since the beginning of the year, silver by 66 per cent, platinum by 33 per cent and palladium by 29 per cent.
Safe-haven rush crowds trades
Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, said though the US Fed kept the interest rates unchanged, the market shrugged off its credibility. “The rally, especially in gold, indicates some sense of concerns about Fed’s independence and counterparty risk. The S&P500 to gold ratio dropped 20 per cent this month and hit its lowest levels since October 2013. This indicates that trust in financial assets is eroding rapidly,” said Sheth.
Renisha Chainani, head of research at Augmont, said gold is increasingly viewed not just as a crisis hedge, but as a neutral, reliable store of value across macro regimes
In a note, White Oak Capital said gold and silver are essential insurance. “But we don’t buy more insurance after the house has already been saved. The ‘screaming’ in the silver market is the signal that the exit door is getting crowded. It may be prudent to move your capital to an asset that builds wealth, not one that simply waits for a disaster,” it said.
Published on January 29, 2026
