Gold and silver extended their powerful rally on Wednesday, approaching record levels in Indian markets. With global uncertainty deepening and the rupee weakening, both metals are attracting strong buying interest, prompting investors to ask how much higher prices can go.

Gold trends higher: COMEX gold traded near $4,840 after hitting a lifetime high of $4,849. Analysts say the trend remains firmly upward, supported by safe-haven flows and technical momentum. Ponmudi R, CEO of Enrich Money, noted that a sustained move above $4,900 could propel prices toward $5,000–$5,050. In India, MCX gold continues to hold above Rs 1,49,300–1,50,300, with a potential breakout above Rs 1,58,000–1,59,000 paving the way toward Rs 1,62,000–1,65,000.

Silver shows even stronger momentum: On COMEX, silver is consolidating between $92.57–$95.73, supported by strong industrial demand from solar, EV batteries, AI infrastructure, and electronics. A breakout above $95.73–$96.50 could lift silver toward $99–$100, with a medium-term target of $110–$120 in 2026. On MCX, silver is closing in on Rs 3.3 lakh, with support near Rs 3,17,000 and immediate targets at Rs 3,30,000–3,32,000, potentially extending to Rs 3,35,000–3,50,000.

Analysts say safe-haven demand, geopolitical tensions, central bank buying, and a weak rupee continue to fuel the rally. While volatility may increase at record levels, the bias for both gold and silver remains strongly upward.