What is the story about?
Spot gold climbed more than 1% to an all-time high of $4,563.61 per ounce on Monday, January 12, marking its first record peak of 2026, as investors sought safety amid heightened geopolitical risks and growing expectations of interest rate cuts by the US Federal Reserve.
Silver also scaled a new record, rising to $83.50 per ounce, supported by a strong investment and industrial demand.
Analysts said bullion prices were buoyed by rising geopolitical uncertainty, including concerns around the US Supreme Court’s impending decision on US President Donald Trump’s tariff policy, as well as ongoing global flashpoints.
Market participants are also closely tracking a busy macro calendar this week, with inflation data due from major economies such as the US, India and Germany, along with trade and investment numbers from China and commentary from Federal Reserve officials.
“The bullion markets are expected to continue their positive momentum, and any corrective moves should be seen as a buying opportunity,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd.
“Despite the volatility, the broader trend remains positive," said Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One.
He added that movements in the US dollar, the Federal Reserve’s policy outlook, and key inflation and employment data are likely to drive bullion prices in the near term.
From a technical perspective, Mallya expects gold to test levels of ₹1.41 lakh per 10 grams this week in India.
Mer said safe-haven demand amid mixed economic data and geopolitical tensions continued to support prices, although intermittent strength in the US dollar capped gains at times. He also noted sustained inflows into gold and silver exchange-traded funds, reflecting investors’ preference for portfolio protection.
Mer added that silver’s bullish structure could see prices testing ₹2.80 per kg–3 lakh per kg over time.
Looking ahead, bullion markets are expected to remain closely aligned with macroeconomic data releases and policy-related developments, particularly the outcome of the US Supreme Court’s tariff hearing, which could influence global risk sentiment in the short term.
Separately, Motilal Oswal Financial Services, in its Commodities Review 2025 & Preview 2026, said gold and silver are likely to remain structurally supported through 2026, underpinned by persistent macro uncertainty, policy shifts and supply-side constraints.
The report noted that gold continues to benefit from sustained central bank accumulation, providing a durable price floor, while silver’s strength is driven by prolonged supply deficits and rising structural demand from energy transition and infrastructure-related sectors.
-With agencies inputs
Silver also scaled a new record, rising to $83.50 per ounce, supported by a strong investment and industrial demand.
Analysts said bullion prices were buoyed by rising geopolitical uncertainty, including concerns around the US Supreme Court’s impending decision on US President Donald Trump’s tariff policy, as well as ongoing global flashpoints.
Market participants are also closely tracking a busy macro calendar this week, with inflation data due from major economies such as the US, India and Germany, along with trade and investment numbers from China and commentary from Federal Reserve officials.
“The bullion markets are expected to continue their positive momentum, and any corrective moves should be seen as a buying opportunity,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd.
“Despite the volatility, the broader trend remains positive," said Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One.
He added that movements in the US dollar, the Federal Reserve’s policy outlook, and key inflation and employment data are likely to drive bullion prices in the near term.
From a technical perspective, Mallya expects gold to test levels of ₹1.41 lakh per 10 grams this week in India.
Mer said safe-haven demand amid mixed economic data and geopolitical tensions continued to support prices, although intermittent strength in the US dollar capped gains at times. He also noted sustained inflows into gold and silver exchange-traded funds, reflecting investors’ preference for portfolio protection.
Mer added that silver’s bullish structure could see prices testing ₹2.80 per kg–3 lakh per kg over time.
Looking ahead, bullion markets are expected to remain closely aligned with macroeconomic data releases and policy-related developments, particularly the outcome of the US Supreme Court’s tariff hearing, which could influence global risk sentiment in the short term.
Separately, Motilal Oswal Financial Services, in its Commodities Review 2025 & Preview 2026, said gold and silver are likely to remain structurally supported through 2026, underpinned by persistent macro uncertainty, policy shifts and supply-side constraints.
The report noted that gold continues to benefit from sustained central bank accumulation, providing a durable price floor, while silver’s strength is driven by prolonged supply deficits and rising structural demand from energy transition and infrastructure-related sectors.
-With agencies inputs
