Gold and silver prices in India surged to fresh highs on Wednesday (January 28), mirroring strong gains in international markets. The rally was driven by rising geopolitical tensions, a softer US dollar, and sustained demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), February gold futures jumped nearly 2% to around ₹1.60 lakh per 10 grams, while March silver futures soared over 5% to approximately ₹3.76 lakh per kilogram, reflecting robust momentum overseas.
The domestic rally closely followed global trends, with spot gold breaking past the $5,200-per-ounce mark for the first time, and silver hovering near record highs after a sharp run-up earlier this year.
Analysts attributed the surge to continued central bank purchases, lingering policy uncertainty in the US, and currency depreciation, all of which have bolstered investor interest in bullion. Market watchers also highlighted ongoing unpredictability under the US administration as a major factor supporting safe-haven demand.
In India’s physical markets, prices tracked the futures trend. In Mumbai, 24-carat gold was trading above ₹1.65 lakh per 10 grams, while 22-carat gold hovered near ₹1.51 lakh per 10 grams, according to local bullion dealers.
Also Read: Dubai Gold Rate: What Is the Price of 22K and 24K Gold in Dubai Today, January 28, 2026?
Experts noted that domestic bullion prices are expected to remain closely linked to global developments, including currency fluctuations and geopolitical risks. Volatility is likely to continue as international markets set new benchmarks for gold and silver.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 28, 2026, 12:15 PM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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