The precious metals complex continued its sparkling run on Tuesday, with gold topping $4,600 an ounce and silver soaring to a new high over $88 an ounce on geopolitical crisis, particularly in the background of the brewing Iranian crisis.
In India, too, silver in the Mumbai spot market ended at a new high of ₹2,63,062 a kg, while March futures on MCX ruled at ₹2,79,419. At 2000 hours IST, silver ruled at $88.47 an ounce and February futures at $88.30.
Gold ruled at $4,625 an ounce and March gold futures were quoted at $4,635.29. In the Mumbai spot market, gold ended at ₹1,40.284 per 10 gm and February futures on MCX ruled at ₹1,42,858 per 10 gm.
Light jewelery demand up
Arthi Ramalingam, Founder & CEO, Eternz, said the current surge in gold and silver prices reinforces their role as trusted stores of value for Indian households amid geopolitical and macroeconomic uncertainty.
“At Eternz, we’ve seen a 20–30 per cent rise in demand for lightweight jewellery, while wedding and festive demand remains resilient,” she said.
Renisha Chainani, head of research at Augmont, said gold has decisively broken above its earlier resistance at $4,570, opening the door to higher levels. The next key targets are $4,745–4,750 (78.6% Fibonacci extension, ~₹1,46,000) and $4,966–4,970 (100% Fibonacci extension, ~₹1,52,500).
Complex’s gain in 2026
“Silver’s rally also looks set to extend further. Fibonacci projections point towards $88 (₹2,78,000) and $93 (₹2,93,000) in the coming weeks, while $70 remains a strong support zone,” she said.
Platinum and palladium, too, rose in line with gold and silver. Platinum was quoted at $2,388.50 an ounce and palladium at $1,919.50 an ounce.
Since the beginning of the year, the yellow metal has gained 7 per cent, the white precious metal over 24 per cent and platinum and palladium over 16.5 per cent.
Published on January 13, 2026