New Delhi, Jan 27: Silver prices soared to a historic ₹3.59 lakh per kilogram in futures trade on the Multi Commodity Exchange (MCX), while gold touched a lifetime high of ₹1.59 lakh per 10 grams on Tuesday, fueled by strong safe-haven demand amid geopolitical uncertainties and economic volatility.
March silver futures jumped ₹25,101 or 7.5% to ₹3,59,800 per kg, following last week’s 16.3% surge that first breached ₹3 lakh. Gold February contracts climbed ₹3,783 or 2.42% to ₹1,59,820 per 10 grams, extending a 9.5% weekly gain.
Analysts cited heightened geopolitical risks, including President Donald Trump’s tariff threats on South Korean imports, and concerns over fiscal policy credibility as key drivers pushing investors toward bullion. Rahul Kalantri of Mehta Equities noted eroding confidence in bonds and currencies amid trade tensions.
Traders now eye Finance Minister Nirmala Sitharaman’s Union Budget 2026 on February 1 for potential import duty changes impacting domestic prices. Internationally, Comex silver fell 6.27% to $108.26/ounce after hitting $117.26, while gold dipped 0.51% to $5,096.05/ounce following a record $5,107.9. Domestic markets reopened after Republic Day closure.
