Key Points
- 24-carat gold jumps to a record ₹1,64,635 per 10 grams in the spot market
- Silver hits an all-time high of ₹3,58,267 per kilogram
- MCX gold and silver futures rally sharply, tracking global prices
- US tariff uncertainty and Fed rate outlook support bullion prices
- Analysts warn of rising volatility after an extended rally
Gold and silver prices continued their sharp upward momentum on Wednesday, scaling historic highs in both spot and futures markets. According to data released by the India Bullion and Jewellers Association (IBJA), spot gold prices crossed the ₹1.60 lakh mark for the first time, while silver surged beyond ₹3.58 lakh per kilogram.
The price of 24-carat gold jumped by ₹5,734 in a single session to an all-time high of ₹1,64,635 per 10 grams, compared with ₹1,58,901 per 10 grams in the previous session. Reflecting the broader rally, 22-carat gold rose from ₹1,45,553 to ₹1,50,806 per 10 grams, while 18-carat gold climbed from ₹1,19,176 to ₹1,23,476 per 10 grams.
Silver prices witnessed an even sharper spike. The precious metal gained ₹13,703 to hit a lifetime high of ₹3,58,267 per kilogram, up from ₹3,44,564 per kilogram, highlighting strong investor interest amid global economic uncertainty.
MCX Futures Mirror the Rally
The surge was equally visible on the Multi Commodity Exchange (MCX). The gold contract expiring on February 5, 2026, jumped 3.80 percent to ₹1,63,697, while the silver contract for March 5, 2026, soared 6.13 percent to ₹3,78,109.
International markets provided strong support to domestic prices. Spot gold prices rose 3.24 percent to around $5,287 per ounce, while silver gained 5.78 percent to trade near $112 per ounce, reflecting heightened demand for safe-haven assets worldwide.
What Lies Ahead for Gold and Silver
Gold prices on MCX have risen by nearly 4 percent recently. Market participants are closely watching the upcoming US Federal Reserve meeting, where interest rates are expected to remain unchanged, a factor that continues to support gold prices.
He added that uncertainty surrounding US tariffs and persistent global risk concerns have intensified investment flows into bullion. However, after such a steep and sustained rally, gold is entering an overheated zone, increasing the likelihood of short-term volatility. Technically, resistance is seen near ₹1,66,000 per 10 grams, while strong support is placed around ₹1,60,000 per 10 grams.
Experts advise investors to remain cautious in the near term, as sharp price swings may occur even as the broader trend for gold and silver remains positive.
