Precious metals delivered another powerful session on Thursday, January 29, 2026, with silver futures smashing through the Rs 4 lakh per kilogram level for the first time on domestic exchanges. The white metal climbed 6.34% to settle at a record Rs 4,09,800 per kg for March delivery on the MCX, extending its remarkable five-day rally that added nearly 29% in value. In just eight trading sessions, silver vaulted from Rs 3 lakh to beyond Rs 4 lakh, posting an extraordinary 74% return so far this year, propelled by persistent supply tightness and strong investor interest.
Gold followed closely, surging almost 9% to establish fresh lifetime peaks. February futures reached Rs 1,80,779 per 10 grams, while the April contract advanced to Rs 1,93,096 per 10 grams. On the international front, Comex gold broke above USD 5,600 per ounce, touching USD 5,626.8 intraday, and silver futures crossed the USD 120 per ounce threshold to hit USD 120.56, reflecting robust safe-haven buying alongside industrial demand.
Market participants attribute the sharp rally to rising geopolitical tensions in the Middle East. Recent statements from US President Donald Trump urging Iran to resume nuclear negotiations—coupled with warnings of harsher military action—prompted a firm response from Tehran threatening retaliation against the US, Israel, and allies. These developments have intensified fears of wider regional conflict, driving risk-off flows into gold and silver as classic safe-haven assets.
Also Read: 17-Year-Old Kashmiri Shawl Seller Beaten With Iron Rods in Uttarakhand
Renisha Chainani of Augmont noted that the moves in both metals signal a genuine buildup of macro and geopolitical risk premiums rather than fleeting speculation. Manav Modi from Motilal Oswal emphasized silver’s decisive breakout above USD 120, supported by ongoing supply constraints in the global market.
As the Middle East situation remains fluid, any further escalation is likely to sustain upward momentum in bullion prices, keeping traders and investors on high alert.
Also Read: Trump's Shadow Drives Major Asia-Europe Trade and Strategic Deals