What sent gold & silver soaring to record highs: Key things to track in precious metals

Gold and silver have surged to fresh lifetime highs, grabbing strong attention from investors and traders. The white metal has been breaking records for several sessions, and the yellow metal has now joined the rally by touching its all-time high value of Rs 1,42,500 per 10 grams on MCX.

In the domestic market, gold is currently trading around Rs 1,42,127 per 10 grams or up by 2.38 per cent. Whereas in the international market, the yellow metal is trading at $4,613.43 per troy ounce with a rise of 2.32 per cent today.

With prices climbing sharply, market participants are closely tracking movements in both gold and silver as the precious metals market continues its strong upward momentum.

Add Zee Business as a Preferred Source

Experts say global uncertainty, strong momentum, and expectations around interest rates are the key drivers behind the rally.

In a conversation with Mrituenjay Jha of Zee Business, market experts shared their views on the current situation.

Why are gold and silver prices rising sharply?

Bhargava Vaidya, BN Associates, said geopolitical tensions are playing the biggest role in the current rally.

“Nearly 90 per cent of the current market movement is being driven by geopolitical tensions,” Vaidya said. He added that further price movement will depend on decisions taken by the US Federal Reserve and developments related to Iran.

Harshal Barot, Metals Focus, also pointed to renewed concerns around the US central bank. He said the pressure on the Federal Reserve, which eased last year, has become active again in 2026. According to Barot, political influence over interest rate decisions could raise inflation fears and widen the US fiscal deficit, pushing investors towards safe-haven assets like gold and silver.

Silver price today: how high has it climbed?

Silver has clearly outperformed gold in this rally. On the MCX, silver touched an all-time high of Rs 2,71,352 per kg, prices jumped by more than Rs 18,000 in a short period.

Currently, the white is trading around Rs 2,69,599 per kg with a rise of 6.68 per cent. Whereas in the global market, silver is trading at $85.73 per troy ounce with an increase of 7.18 per cent.

Navneet Damani, Motilal Oswal, said silver prices have delivered an upside of nearly 200 per cent over the past 13 months.

“At this stage, investors are expecting some correction and are looking for opportunities to re-accumulate,” Damani said. He added that while silver’s momentum remains extremely strong, short-term corrections of 5–10 per cent are possible.

Should investors buy gold or silver at current levels?

On buying at current levels, experts advise caution and discipline.

Bhargava Vaidya said investors can consider gold even at current prices, but buying should be done in small and staggered quantities. “It is advisable to stay away from silver for now due to its sharp volatility,” he said, adding that the Union Budget could also impact domestic prices.

Harsh Barot echoed a similar view. “Investors who are systematically allocating to their portfolios can continue buying gold,” he said. Barot sees gold moving towards $5,500, indicating an upside potential of 15–20 per cent from current levels.

What should traders do in such market conditions?

Prathmesh Mallya, Head of Non-Agri Commodities and Currencies at Angel One, said traders should move with the momentum.

“There is no comfort in selling right now. The prevailing momentum remains strongly bullish,” Mallya said. He added that even if silver moves towards Rs 2,70,000, it should not be a cause for concern.

Why are gold and silver prices soaring to new all-time highs?

The key things mentioned below are the reasons for the strong rally in gold and silver prices:

• Protests in Iran have continued for a third consecutive week, with more than 500 deaths reported.
• US–Iran tensions have escalated, with Donald Trump issuing threats of military action.
• Rising geopolitical tensions have boosted safe-haven demand for precious metals.
• Markets are expecting at least two Fed rate cuts in 2026.
• The Trump–Fed standoff has increased uncertainty in the markets.
• A grand jury notice issued to the Fed Chair has raised questions over the central bank’s independence.
• Weak US jobs data has also weighed on market sentiment.
• The US dollar has slipped from its one-month high.
• Markets are closely watching the US CPI data due on Tuesday.
• Investors are awaiting the US Supreme Court’s decision on tariffs.

How much higher can gold and silver go from here?

Navneet Damani said gold has gained strength after forming a base over a long period. “As long as gold sustains above the $4,500 level, we could eventually see it moving towards $5,000,” he said.

On silver, Harsh Barot said prices could move towards $100 over the next three months due to global uncertainty, though sharp corrections of up to 20 per cent cannot be ruled out.