rows of rendered silver bars and one goldbar
| Photo Credit:
wydynd
Precious metals vroomed to fresh highs in the domestic market on Tuesday, supported by bullish global cues.
In the global market, gold eased below $5,075 an ounce, while silver took a pause after soaring to a new high of $112 an ounce. The platinum group of metals, too, toed gold and silver.
In the Mumbai spot market, gold opened at a record high of ₹1,59,027 per 10 g before settling slightly lower at ₹1,58,901. Silver closed at an all-time high of ₹3,44,564 per kg, while platinum was quoted at ₹84,992.
On the Multi Commodity Exchange (MCX), gold February futures touched a fresh peak of ₹1,59,899 per 10 g before easing to ₹1,58,632. Silver March futures surged to a record ₹3,64,821 per kg before paring gains to ₹3,59,415.
Global precious metal prices showed some consolidation after the sharp rally. In the global market, gold dipped at $5,060 an ounce and silver to ₹108.62 am ounce. Platinum slipped to ₹2,618.10 and palladium to $1,963. Gold February Futures on COMEX declined to $5,099.46 am ounce and silver. March futures to $108.70 an ounce.
Market participants attributed the rally to strong safe-haven demand, supply constraints and continued uncertainty in global macroeconomic conditions.
Key drivers
A weaker US dollar, geopolitical risks and concerns over trade tariffs have kept precious metals well supported, analysts said.
Kaynat Chainwala, AVP – Commodity Research at Kotak Securities, said silver remained extremely volatile, having risen about 50 per cent so far in January after gaining nearly 170 per cent in 2025. The rally is being driven by tight physical supplies, reflected in elevated Shanghai premiums over COMEX prices.
Gold, meanwhile, continues to hold firm near record highs. “COMEX gold is trading above $5,080 after touching an all-time high of $5,111 in the previous session. On the domestic front, MCX gold hit a fresh record, supported by a weaker dollar, tariff-related risks and uncertainty surrounding the US Federal Reserve leadership, which continue to underpin safe-haven demand,” Chainwala added.
Published on January 27, 2026