Gold, silver trends explained: What’s supporting prices at elevated levels

Gold and silver prices remained elevated on Tuesday, January 6, reflecting a market caught between intensifying geopolitical risks and a heavy slate of upcoming US economic data. While safe-haven demand kept precious metals well supported, investors also turned cautious ahead of key macro signals that could influence interest-rate expectations and currency movements.

In international markets, gold hovered close to all-time levels

after a rally in the previous session. Prices steadied around the $4,420–$4,440 per ounce range after jumping nearly 3% on Monday, when news around the detention of Venezuelan leader Nicolás Maduro heightened political uncertainty in Latin America.

Comments from US President Donald Trump that the US intends to “run” Venezuela added to concerns over regional instability, pushing investors towards traditional safe-haven assets.

However, the immediate geopolitical impulse began to share space with macroeconomic considerations. Market participants are now closely tracking a series of US economic releases due this week, including employment data, jobless claims and the December non-farm payrolls report scheduled for Friday (January 9).

These indicators are expected to shape expectations around the US Federal Reserve’s policy path, making bullion prices sensitive to any surprises.

In India, domestic prices mirrored global trends while also reflecting currency movements and local demand. On January 6, 24-carat gold was priced at ₹13,621 per gram, while 22-carat gold stood at ₹12,486 per gram. Silver prices traded around ₹2.42 lakh per kilogram.

Traders said both metals continued to draw support from safe-haven buying amid global uncertainty.

“Gold and silver advanced, buoyed by geopolitical risks that continue to underpin safe-haven demand, particularly following heightened US actions against Venezuela,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.

He added that confrontational rhetoric involving Colombia and Mexico has further raised concerns about regional instability in Latin America.

According to Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, gold remained supported near the $4,420 level as geopolitical risks dominated near-term sentiment.

Silver’s strength, meanwhile, reflected a broader mix of investment demand and structural factors. “Silver prices are trading higher due to strong industrial and investment demand, ongoing supply concerns, and global geopolitical tensions,” said Satish Dondapati, Vice President and Fund Manager at Kotak Mutual Fund.

He noted that recent volatility was amplified by higher margin requirements announced by the CME Group and China’s silver export restrictions that came into effect from January 1.

Renisha Chainani, Head of Research at Augmont, pointed to policy-driven support for silver. She said government actions across the global supply chain have strengthened silver’s long-term outlook, particularly after the US designated silver as a key mineral due to its widespread use in electronics, batteries, solar panels and medical applications.

According to her, this move has enhanced silver’s strategic relevance and encouraged long-term investment demand.

Chainani noted that silver prices rallied sharply from around $45 per ounce in October to a peak of $82.7 in December 2025, and said the uptrend could extend further in the coming months of 2026, though volatility is likely to persist.

-With agencies inputs