Silver rally nears Rs 3.2 lakh/kg; gold futures hit record Rs 1.48 lakh/10g amid global tensions

The white metal had breached the Rs 3 lakh milestone for the first time on Monday, before closing at Rs 3,10,275 per kg.

Over the last two trading sessions, silver has zoomed by Rs 32,187, or 11.18 per cent, from Rs 2,87,762 per kg recorded on January 16.

Gold futures too continued their upward march, scaling fresh records in both domestic and international markets.

The yellow metal for February delivery increased by Rs 2,560, or 1.76 per cent, to Rs 1,48,199 per 10 grams on the MCX.

In the international trade, Comex gold futures breached the USD 4,700 per ounce level for the first time, with the February contract gaining USD 127.15, or 2.76 per cent, to USD 4,722.55 per ounce.
Comex silver futures for March delivery rose to hit a record of USD 94.74 per ounce in the overseas trade.

Gold and silver prices rose to hit fresh records on Tuesday, supported by sustained safe-haven demand amid macroeconomic ambiguity, Pankaj Singh, smallcase manager and Founder & Principal Researcher – SmartWealth.ai, said.

“The yellow metal is maintaining a constructive yet volatile trajectory in early 2026. With global growth uneven and policy visibility limited, investors continue to treat gold as portfolio insurance rather than a momentum trade,” he added.

Singh attributed the sharp rally to a confluence of geopolitical and policy factors.

“Escalating tensions around Iran, renewed US military pressure in Venezuela, and fresh NATO-related uncertainty following President Donald Trump’s remarks on Greenland have all kept global risk sentiment fragile.

“These overlapping flashpoints have elevated bullion’s relevance as geopolitical insurance. Gold has evolved into a core asset in a world of policy volatility and security stress,” he said.

Market participants’ focus now shifts to key global developments, including the postponed US Supreme Court ruling on Trump-era tariffs, India’s upcoming Union Budget on February 1 for cues on gold import duties, and any escalation in Middle East, all of which could sway currency moves, real yields, and safe-haven flows, Singh added.