Gold prices also scaled fresh peaks domestically. Gold futures for February delivery rose 8.8% to a lifetime high of ₹1.80 lakh per 10 grams on the MCX, tracking strong gains in overseas markets.
The rally mirrored sharp moves internationally. On Comex, gold futures crossed the $5,600-per-ounce mark for the first time, with April contracts settling near $5,626.8 an ounce. Comex silver futures also hit a fresh record, climbing close to $120 an ounce.
Analysts said silver benefited from a combination of industrial demand and a weaker US dollar, while gold continued to draw safe-haven flows amid heightened geopolitical and economic uncertainty.Manav Modi, commodities analyst at Motilal Oswal Financial Services, said precious metals gained as investors sought safety following persistent inflation concerns, heavy central-bank buying and expectations that US monetary policy may remain accommodative for longer.
Market participants also reacted to signals from the US Federal Reserve, which left interest rates unchanged at its latest meeting. Fed Chair Jerome Powell flagged ongoing inflation pressures and concerns around the US fiscal position, reinforcing the appeal of bullion as a hedge, analysts said.
Geopolitical tensions further supported prices after fresh strains emerged around Iran’s nuclear programme, keeping risk sentiment fragile and boosting demand for safe-haven assets.
Offering a longer-term view on gold, Sandip Raichura, CEO of Retail Broking and Distribution at PL Capital, said the metal appears to be in a structural bull phase, driven by a fractured global order and rising demand for gold as a strategic reserve asset. He cautioned, however, that prices could remain volatile in the near term due to event-driven risks.
–With agencies inputs
First Published: Jan 29, 2026 10:58 AM IS
