Gold and silver prices surged sharply in India’s futures market on January 28. MCX gold jumped over ₹3,500 per 10 grams, while silver gained more than ₹20,000 per kg, making precious metal purchases costlier for buyers.
Gold Extends Rally, Silver Jumps as Market Uncertainty Grows
New Delhi: Gold and silver prices witnessed a strong upward movement in India’s domestic futures market on Wednesday, January 28, reflecting rising demand and bullish sentiment in precious metals. Despite broader market fluctuations, investors continued to show confidence in gold and silver as safe-haven assets.
On the Multi Commodity Exchange (MCX), gold futures with a February 5, 2026 expiry opened at ₹1,59,900 per 10 grams. This marked a significant jump from the previous trading session, when gold closed at ₹1,57,699 per 10 grams. As trading progressed, the momentum strengthened further.
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By around 10:15 am, February gold futures were trading at ₹1,61,232 per 10 grams, registering a rise of nearly ₹3,500 compared to the previous close. During early trade, gold even touched an intraday high of ₹1,62,429 per 10 grams, highlighting strong buying interest and positive market sentiment.
The surge in gold prices indicates increased investor inclination towards the metal, possibly driven by global economic uncertainties, currency movements, and expectations around interest rates.
Silver prices mirrored gold’s rally and showed an even sharper rise in percentage terms. MCX silver futures with a March 5, 2026 expiry were trading at ₹3,76,923 per kilogram, which was around ₹20,500 higher than the previous day’s closing price. In early trade, silver touched a high of ₹3,77,655 per kilogram, signaling robust demand in the white metal as well.
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Silver’s strong performance is often linked to both investment demand and its extensive industrial usage, making it sensitive to global economic trends.
Alongside futures prices, spot gold rates across major Indian cities also remained elevated. According to market data, 24-carat gold prices hovered around ₹1,65,000 to ₹1,67,000 per 10 grams in cities such as Delhi, Mumbai, Kolkata, Ahmedabad, and Lucknow. Chennai recorded slightly higher prices, reflecting regional variations in taxes and demand.
Similarly, 22-carat and 18-carat gold prices were also higher across cities, making gold purchases more expensive for consumers on Wednesday.
For those planning to buy gold or silver today, the rising prices mean higher costs compared to recent days. Market experts advise buyers to check the latest city-wise rates before making a purchase, especially during periods of sharp price movement.
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The current rally in gold and silver suggests continued strength in precious metals amid global and domestic factors. While prices remain volatile, investor interest in these metals as a hedge against uncertainty remains strong.
