Gold, Silver Extend Bull Run on MCX as Buyers Rush in on Every Dip

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Gold, Silver Extend Bull Run on MCX as Buyers Rush in on Every Dip

Gold and silver prices continue to surge on the MCX, with strong buying interest keeping momentum firmly on the upside. Experts say the rally is being supported by bullish technical structures, strong investor conviction and sustained industrial demand, particularly for silver, though caution is advised at elevated levels.

Published by Somesh | January 23, 2026

Gold and silver are extending their powerful rally on the Multi-Commodity Exchange (MCX), with buyers aggressively stepping in at every minor dip and momentum showing little sign of exhaustion. While domestic prices remain firmly in bullish territory, market experts say the broader macro and technical backdrop explains why the rally continues to attract investors.

According to Ponmudi R, CEO of Enrich Money, MCX gold is trading within a strong rising channel, with the Rs 1,57,000–1,58,000 range acting as a solid support zone. He notes that every decline is being quickly absorbed, highlighting buyer dominance. A sustained move above the Rs 1,59,000–1,60,500 zone could push prices toward Rs 1,63,000–Rs 1,65,000, with the overall structure remaining decisively bullish.

Silver has outperformed gold in terms of momentum, holding comfortably above Rs 3,40,000 per kg on the MCX. Its rising channel is steeper, supported by the 20-day EMA near Rs 3,24,000. Ponmudi sees immediate upside targets at Rs 3,50,000–Rs 3,60,000, with further potential toward Rs 3,70,000–Rs 3,75,000 in the months ahead. Any pullback toward Rs 3,28,000–Rs 3,20,000 is being viewed by traders as a buying opportunity rather than a trend reversal.

Analysts tracking the broader precious metals cycle say the rally reflects more than short-term speculation. In 2025, gold and silver posted some of their strongest annual returns in decades, with silver crossing the Rs 3,00,000 per kg milestone domestically. The momentum has carried into 2026, supported by safe-haven demand and strong industrial consumption in sectors such as solar power, electric vehicles and electronics.

Market participants note that while silver typically delivers higher returns during strong upcycles, it also carries higher volatility compared with gold. Fund managers suggest that a balanced exposure to both metals can help manage portfolio risk. While the technical setup remains constructive, experts caution against chasing prices at elevated levels, as sharp rallies are often followed by consolidation phases before the next leg higher.