Silver prices, which delivered sharp gains through 2025 and early 2026, lost momentum on January 7. At the time of writing, silver was trading around₹2,53,100 per kg on the MCX, down nearly2.25%. This marked a decline ofover ₹5,000 per kg in a single trading session.
The correction followed silver’s recent surge to record highs, supported by strong investor interest and firm global demand.
Despite the sharp pullback, market experts believe silver’s broader trend remains intact.Ponmudi R, CEO of Enrich Money, said the metal continues to hold its bullish structure.
“MCX Silver is trading near ₹2,58,836 and remains within a bullish channel, with every dip attracting aggressive buying interest. Holding above ₹2,55,000 keeps the upside momentum firmly intact,” he said.
He added that sustained strength above key resistance levels could trigger another upward move.
“A sustained move above ₹2,59,000 could push prices toward ₹2,64,000–₹2,75,000, while the ₹2,55,000–₹2,52,000 zone remains a strong accumulation area,” Ponmudi noted.
Gold prices also moved lower alongside silver on January 7. The yellow metal declined by around0.82%, becoming cheaper bymore than ₹1,100, and was trading near₹1,37,936 per 10 grams. The dip came after gold had touched fresh record highs earlier in the week.
According to Ponmudi R, gold remains in a broader uptrend despite the current correction.
“MCX Gold is trading around ₹1,39,083 and continues to form higher highs and higher lows within a well-defined rising channel,” he said.
He added that price dips could attract buying interest.
“The preferred accumulation zone remains ₹1,37,000–₹1,38,000, with the broader trend favouring a buy-on-dips approach amid limited signs of exhaustion.”
Weakness was also visible in global bullion markets. In early Asian trade,spot gold slipped 0.7% to $4,466.19 per ounce, after hitting a record high of$4,549.71on December 26. US gold futures for February delivery were also trading lower.
International silver prices declined by around1.2% to $80.34 per ounce, after touching an all-time high of$83.62on December 29. Despite the recent pullback, silver ended2025 with annual gains of 147%, marking one of its strongest years on record.
Looking ahead, experts remain optimistic about both metals despite near-term volatility.InCred Moneysaid the overall outlook for gold and silver in 2026 remains supportive.
“Gold and silver could remain bullish despite interim volatility,” the platform said, citing strong long-term fundamentals.
It highlighted continued buying by central banks and investors.
“Central bank purchases and ETF demand continue to absorb physical supply, supporting gold prices.”
On silver, InCred Money pointed to strong industrial demand.
“Silver’s industrial demand and supply deficits, particularly from technology and renewable energy sectors, remain key positives.”
However, it advised caution in the short term.
“While the medium- to long-term outlook remains constructive, consolidation and pullbacks are normal after an extended rally. Short-term corrections may persist before fresh trends emerge.”
The recent decline in gold and silver prices may appear sharp, but experts view it as ahealthy correction following a strong rally. While short-term volatility may continue, the long-term outlook for both metals remains positive, supported by global uncertainty, sustained investment demand, and growing industrial usage.
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