On Wednesday, silver surged to $91.48 before slipping below $90. At 1230 hours IST, silver ruled at $89.82 an ounce | Photo Credit: istock.com
The precious metal complex continued to sparkle with silver heading towards a historic ₹3 lakh per kg, and gold towards ₹1.5 lakh per 10 gm as prices in the global market continued to soar.
According to Ponmudi R, CEO of Enrich Money, the precious metals are being driven by a powerful combination of haven demand, geopolitical uncertainty, and supportive macro conditions.
“The rally has been fueled by heightened concerns around US central bank independence following reports of a US criminal probe into Federal Reserve Chair Jerome Powell, which has unsettled markets and weakened confidence in monetary policy neutrality,” he said.
Bloomberg Said investors avoiding government bonds and currencies due to worries over ballooning debt levels has supported the rally. A relatively weak US dollar makes dollar-denominated commodities cheaper for many buyers.
On Wednesday, silver surged to $92.16 an ounce at 1950 hours IST. Silver futures for February delivery ruled at $92.15 an ounce on COMEX. In India, the Mumbai spot market price zoomed to end at ₹2,77,512 a kg. On MCX, silver rose to as high as ₹2,91,406 a kg before easing to ₹2,90,200.
Gold was up a percent to $4,632.54 an ounce, and February gold futures ruled at $4,643.74 an ounce. In the Mumbai spot market, gold closed at ₹1,42,015 per 10 gm. On MCX, February futures were quoted at ₹1,43,384 per 10 gm.
Other precious metals, platinum and palladium, surged in tandem with the yellow and white precious metals. Platinum surged to $2,430 an ounce before it pared gains to $2,405. Palladium was up at $1,903 an ounce.
Since the beginning of 2026, gold has gained over 7 per cent, silver 29 per cent, platinum 16 per cent and palladium 15 per cent.
Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities, said silver consolidated in the range between ₹2,22,502 and ₹2,54,174 a kg and there was a clear upside. The white precious metal has stayed above the key range for the third day in a row.
“The structure continues to show a sequence of higher highs and higher lows, reinforcing the strength of the ongoing trend. The earlier resistance zone around ₹2,59,574 has now turned into an important support area in the event of any interim pullbacks,” said Sheth.
The major medium target would be ₹2,96,737, while an extended move in a strong momentum environment could even open up levels closer to ₹3,94,034 over time, the SAMCO official said.
“It’s not just precious metals; the entire commodity basket is going through a supercycle,” said Sheth.
Ponmudi said beyond macro uncertainty, structural demand remains strong, led by continued central bank gold accumulation and rising industrial consumption of silver driven by solar, EVs, AI infrastructure, and electronics, even as supply constraints persist.
Published on January 14, 2026