Gold and silver prices have continued their upward trend in 2026, driven by increased safe-haven and industrial demand, as per analysts. Gold futures for February delivery saw a significant rise, reaching Rs 1,38,875 per 10 grams from Rs 1,35,752 the previous week. The price of 24-carat gold closed the week at Rs 1,37,122, up from Rs 1,34,782 the week before, according to data from the India Bullion and Jewellers Association (IBJA).
MCX Silver contracts for March delivery also surged during the week, reaching Rs 2,52,002 per kg, marking a clear breakout from its recent consolidation range and re-entering a strong bullish channel. “COMEX gold maintained its strength near $4,500 per ounce, showing a gain of over 1 percent and consolidating just below record highs following its strong multi-week rally,” stated Ponmudi R, CEO of Enrich Money.
Additionally, COMEX silver futures rose by over 6 percent to approximately $79.79 per ounce, bouncing back from $75, supported by a revival in industrial demand and renewed safe-haven buying, according to Ponmudi R. Investor sentiment in silver remains positive, driven by persistent supply deficits, increased central bank purchases, and rising demand in green-energy sectors such as solar, electric vehicles, and AI infrastructure.
Looking forward, analysts suggest that near-term volatility may occur due to profit-taking, fluctuations in the dollar, and the release of high-frequency macro data from the US and other major economies. Recent corrections in precious metal prices have been viewed as healthy profit-taking rather than a sign of trend exhaustion, with subsequent rebounds reinforcing confidence in the long-term upward trend.
In the previous year, gold surged by nearly 66 percent in CY25, surpassing $4,500 per ounce, while silver outperformed with a 171 percent increase. Analysts emphasize that the current rise in gold and silver prices is being fueled by sustained structural demand rather than short-term speculation. Factors such as continuous central bank gold purchases, heightened geopolitical uncertainties, and expectations of global monetary easing are reinforcing gold’s position as a key portfolio hedge.
