Gold, silver rates today: Precious metals continue to remain in a fundamentally strong bull phase, with underlying momentum holding steady despite occasional pullbacks and elevated prices.

Silver crossed the $100-an-ounce mark for the first time, prolonging a blistering rally driven by soaring safe-haven demand and aggressive retail buying from Shanghai to New York.

Spot silver jumped as much as 6.9% to $102.87 an ounce on Friday, taking year-to-date gains beyond 40%, after prices more than doubled in 2025. Gold also rose to a new all-time high, inching closer to the $5,000-an-ounce level.

Meanwhile, back home, MCX silver prices jumped 4% to hit a record high of ₹3,39,927 per kg on Friday, January 23. MCX gold prices also climbed to their record high of ₹1,59,226 per 10 grams, reflecting strong safe-haven demand.

Investor sentiment for precious metals strengthened during the first year of US President Donald Trump’s second term, amid rising uncertainty around trade, geopolitics, and monetary policy.

Concerns that silver could face US tariffs sparked a rush to move metal into New York, eventually leading to a historic short squeeze in London in October.

“ Precious metals continue to trade in a structurally strong bull market as we move deeper into 2026, with momentum firmly intact despite intermittent corrections and elevated price levels. The current phase reflects healthy consolidation rather than exhaustion, with long-term fundamentals continuing to dominate short-term volatility,” said Ponmudi R, CEO of Enrich Money.

What’s driving the gold and silver prices?

The rally in precious metals this week was driven by strained ties between Washington and its European allies, while recent efforts to broker an agreement to end the Ukraine war have yet to deliver a breakthrough. Concerns over the Federal Reserve’s independence have further boosted demand.

Renewed criticism of the Fed by Trump, alongside US military action in Venezuela and threats to annex Greenland, has reinforced the so-called debasement trade—where investors shift away from government bonds and currencies toward alternative safe havens such as gold. Bullion is up about 15% so far this year, building on last year’s strongest annual gain in nearly four decades.

At the same time, the global silver market has been running a supply shortfall for the past five years. Rising prices have sparked a surge in retail buying. In China, investors have flocked to silver as a cheaper substitute for gold, while in the US, intense demand has overwhelmed dealers.

Silver’s gains have come despite a US decision in January to delay imposing import tariffs on critical minerals. Trump said bilateral agreements would be negotiated to secure adequate supplies, including the possibility of price floors, while keeping the option of tariffs open.

Beyond its role as an investment, silver is also vital to industry due to its high electrical conductivity, with the solar sector emerging as a major source of demand.

Should you buy gold or silver ahead of the Union Budget 2026?

According to market experts, the outlook for both precious metals is likely to stay decisively bullish. Union Finance Minister Nirmala Sitharaman will present the Union Budget 2026 on Sunday, February 1.

“ Looking ahead into the remainder of Q1 2026 and beyond, the outlook for precious metals stays decisively bullish. Tight supply, dual demand engines, and supportive global liquidity conditions favour continued medium-to-long-term upside. Near-term pullbacks, driven by overbought conditions or temporary dollar strength, are likely to remain shallow and should attract fresh accumulation. Silver, in particular, retains strong relative-performance potential, while gold continues to serve as the most reliable hedge against macro uncertainty,” said Ponmudi.

Speaking on the technical outlook of MCX Gold prices, Ponmudi said that the yellow metal is trading near ₹1,57,000– ₹1,58,000 per 10 grams, consolidating within a well-defined upward channel after lifetime peaks.

“ Key support rests at ₹1,54,000– ₹1,55,000. A decisive breakout above ₹1,59,000– ₹1,60,000 could open the path toward ₹1,62,000– ₹1,65,000 and higher in the medium term,” he added.

Meanwhile, on the MCX Silver prices outlook, he added, “ The white metal trades in the ₹3,30,000– ₹3,40,000 range per kg, maintaining bullish channel dynamics amid heightened volatility. Strong support is placed at ₹3,10,000– ₹3,20,000. A breakout above ₹3,45,000– ₹3,50,000 may accelerate prices toward ₹3,60,000– ₹3,80,000 and beyond, supported by supply tightness and industrial tailwinds.”

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.