Gold, Silver Stay Elevated Amid Global Uncertainty and Market Caution

On February 30, 2026, gold prices hovered close to record highs, supported by continued demand for safe-haven assets as geopolitical risks intensified and uncertainty lingered over global economic and monetary policy paths.

In global markets, spot gold recovered after a brief dip, staying near its recent peak levels. The metal had slipped to around $5,333 an ounce, its first setback in nearly two weeks, but investor sentiment remained constructive. Risk-averse positioning increased as market participants trimmed exposure to equities and government bonds.

Meanwhile, US Treasury prices strengthened, and the dollar posted modest gains. Even so, gold showed notable resilience, underscoring sustained demand for defensive assets amid geopolitical tensions and policy uncertainty. Earlier in the week, the yellow metal had surged to a fresh record of ₹5,595.02 per ounce, registering its biggest-ever intraday jump.

Strong Momentum in Silver

Silver also maintained strong momentum in overseas markets, touching an all-time high of $120.45 per ounce, buoyed by persistent investor interest in precious metals.

Domestic bullion prices mirrored the global uptrend. In Delhi, gold prices climbed to a new record of ₹1.83 lakh per 10 grams (inclusive of taxes) on Thursday (January 29), according to the All India Sarafa Association. Silver breached the ₹4 lakh per kilogram threshold for the first time, rising to a historic high of ₹4.04 lakh per kg.

So far this year, silver has surged more than 69 %, significantly outperforming gold, aided by both strong investment demand and its growing industrial applications.

Demand Cools amid Soaring Prices

Despite elevated price levels, physical demand has shown signs of moderation. The World Gold Council reported that India’s gold demand declined 11% in 2025 to 710.9 tonnes, pressured by record prices and changing consumer preferences. Demand is expected to remain subdued in 2026 as well.

However, higher prices substantially boosted the overall value of demand. In rupee terms, India’s gold consumption rose 30 % year-on-year in 2025, highlighting the impact of rising prices despite lower volumes.

Also Read: India Projects 6.8%–7.2% Growth In FY27 As Economic Survey 2026 Highlights Macro Stability

On a global scale, total gold demand exceeded 5,000 tonnes in 2025, largely driven by investment flows as investors sought a hedge against economic uncertainty and geopolitical instability.

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