Gold and silver prices jumped sharply once again on Tuesday, extending their strong rally across global and domestic markets. Gold touched fresh record highs, while silver continued its upward march and moved closer to the ₹4 lakh mark on the MCX, keeping precious metals firmly in focus.
In the global markets, gold surged to a record $5,100 per ounce, supported by aggressive buying from central banks, particularly China and Poland. Silver climbed to $117 per ounce as safe-haven demand strengthened amid rising tariff tensions between the US and South Korea.
On the MCX, gold hit a new peak near ₹1,62,500, supported by steady USD-INR levels and sustained investor demand. Analysts said gold remains in a strong uptrend, with solid support seen in the ₹1,57,000–₹1,59,000 range. A breakout above ₹1,65,000–₹1,67,500 could open the door for a move toward ₹1,70,000–₹1,73,000 in the coming months.
Silver has also shown strong momentum and is trading firmly above ₹3,80,000 on the MCX. Experts believe that if the current trend holds, silver could soon test ₹3,90,000–₹4,00,000 levels, with potential to reach ₹4,10,000 over the medium term.
While the long-term outlook for both metals remains positive, analysts caution that prices are currently in overbought territory. Investors are advised to avoid chasing the rally and instead consider staggered buying, as volatility may rise after the sharp run-up.
