Gold, Silver Touch New Lifetime Highs In Indian, Global Markets; Experts Eye Higher Targets
Precious metals scaled record peaks on MCX and global exchanges, driven by geopolitical tensions, trade fears and safe-haven buying.
Published : January 20, 2026 at 5:15 PM IST
By Saurabh Shukla
New Delhi: Gold once again scaled to a new lifetime high on Tuesday. The precious metal touched Rs 1,52,260 per 10 gm on the Multi Commodity Exchange (MCX) February at around 2.30 pm. On the other hand, MCX silver also hit a fresh record of Rs 3,27,998 per kg.
In the global markets, both precious metals also mirrored this strength. Gold climbed to a new high of US$ 4,728 per ounce, while silver touched US$ 95.49 an ounce, marking their highest levels so far.
Gold and silver have surged to unprecedented levels reflecting heightened global uncertainty and renewed safe-haven demand. Rising geopolitical tensions, escalating trade-war concerns, and sharp currency movements have driven strong investor interest in precious metals across global and domestic markets.
With prices at historic highs on both international and Indian exchanges, market participants are closely tracking the potential for further upside amid volatile macroeconomic and political developments.
Next Target For Gold
Rajesh Rokde, Chairman of the All India Gem & Jewellery Domestic Council (GJC), told ETV Bharat that amid the ongoing trade war and global uncertainties, gold prices are expected to rise further. He added that silver has even greater potential to rise, as its industrial use has increased significantly.
Rokde also predicted that gold prices would cross Rs 2 lakh this year and could touch Rs 3 lakh within the next three years. He described these as very conservative estimates, saying prices could exceed these levels. He also advised buyers to keep in mind a possible 10-15 per cent correction when purchasing gold for investment purposes.
Expert's View
Noted commodity market expert Anuj Gupta told ETV Bharat that today, silver tested a high of Rs 3,27,000 per kilo, while gold tested a high of Rs 1,52,500 per ounce — both the highest-ever in history — on the back of geopolitical tensions and trade-war uncertainty. He added, “We expect silver to rise further from here, possibly testing Rs 3,50,000, and gold to test Rs 1,65,000 levels very soon.”
N S Ramaswamy, Head of commodity at Ventura, said gold and silver have climbed to record highs amid mounting global tensions. Markets have been unsettled by Donald Trump’s renewed push to acquire Greenland, alongside US plans to impose 10 per cent tariffs from February 1 on eight European countries, including France, Germany and the UK, with the threat of rates rising to 25 per cent by June.
According to him, Europe is weighing retaliation against more than US$ 100 billion in US goods, raising fears of a trade war between North Atlantic Treaty Organization (NATO) allies and reviving safe-haven demand as investors lean into the “Sell America” trade.
President of France Emmanuel Macron has signaled he may invoke the EU’s anti-coercion instrument, though Chancellor of Germany Friedrich Merz has called for a softer approach.
He added that beyond Europe, ongoing geopolitical risks from lingering uncertainty in Venezuela and fragile US-Iran relations despite recent calm, as well as the still unresolved Russia-Ukraine conflict, are keeping investors cautious and gold well supported.
Ramaswamy added that the Indian Rupee has also weakened sharply since the start of 2026. On the National Stock Exchange (NSE), USD:INR January futures are currently trading at above Rs 91 to the US$, marking a depreciation of over one rupee so far this year. Domestic participants are benefiting from two simultaneous drivers: Rising global gold prices and rupee depreciation, together amplifying returns.
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