Mumbai, 27 January – Gold and silver prices soared to new record levels on Tuesday, driven by the persistent weakness of the US dollar and growing expectations of interest rate cuts by the US Federal Reserve.
In early trading, gold surged 2.4 percent, reaching ₹1,59,820 per 10 grams, marking its highest level ever recorded. However, prices dipped slightly later due to profit booking.
Silver broke all previous records, climbing to ₹3,59,800 per kilogram, also the highest level seen so far.
At around 10:47 AM, gold futures for February delivery on MCX rose by 1.45 percent or ₹2,270 to ₹1,58,307 per 10 grams. Meanwhile, the March silver contract gained 4.84 percent, or ₹16,197, reaching ₹3,50,896 per kilogram.
The international markets mirrored this trend, with both metals hitting all-time highs as investors sought safe-haven assets amid growing geopolitical tensions worldwide.
Concerns over a possible US government shutdown and President Donald Trump’s threat of imposing 25 percent tariffs have added to market uncertainty. Trump announced potential tariffs on South Korean cars, lumber, and medicines. He also warned Canada of a 100 percent tariff if it strikes a deal with China.
US gold futures for April delivery climbed nearly 1 percent to $5,113.70 per troy ounce, while the dollar index weakened by 0.1 percent, making gold cheaper for foreign investors.
The rising demand for safe investments, gold purchases by central banks, and expectations of continued accommodative monetary policies worldwide have supported these price gains.
Silver on COMEX surpassed the $99 level, setting new records as well.
This week, the US Federal Open Market Committee (FOMC) is scheduled to hold a two-day meeting. While no change in interest rates is expected immediately, at least two rate cuts are anticipated by the end of the year.
Rahul Kalantri, commodity expert at Mehta Equities Ltd, commented that the market is closely watching the Fed’s decisions. He noted that political uncertainties have increased investment interest in precious metals like gold and silver.
Experts suggest that gold may find support between ₹1,55,310 and ₹1,57,050, with resistance levels near ₹1,59,850 and ₹1,62,950. For silver, support is expected around ₹3,22,170 and ₹3,38,810, while resistance may be at ₹3,55,810 and ₹3,62,470.
Another analyst forecasts that gold could reach ₹1,65,000 per 10 grams and silver ₹3,65,000 per kilogram in the coming sessions.
Recent reports indicate that after the sharp rise, silver prices may stabilize or see a slight decline as investors engage in profit booking.
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My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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