Gold and Silver Prices This Evening: White metal hits record Rs 1,85,309—Will gold hit $5,000 next?

Gold prices continued their positive momentum on Wednesday, while white metal once again surged to a fresh record high—powered by expectations of a US Federal Reserve rate cut and tightening global supply. Experts believe the bull run in precious metals is far from over, with projecting gold to touch $5,000 per ounce by 2026.

Gold prices today

Gold on the Multi Commodity Exchange (MCX) is trading around Rs 1,27,969 per 10 grams, marking a Rs 635 intraday gain or a 0.5 per cent rise. The metal touched an intraday high of Rs 1,28,120 and an intraday low of Rs 1,27,555 per 10 grams. In the international market, gold remains firm around $4,228 per troy ounce, staying positive with a 0.87 per cent increase.

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Experts see gold at $5,000/ounce by 2026

In a conversation with Zee Business, Suvankar Sen, MD and CEO, Senco Gold, shared a strongly bullish long-term outlook. He said gold could grow about 20 per cent by 2026, rising from current global levels near $4,200 to around $5,000.

In Indian markets, prices could jump from Rs 1,30,000 levels to nearly R 1,50,000, also reflecting a 20 per cent growth.

Sen added that several global investment banks are also signalling that gold is moving toward $5,000, suggesting the bull run may continue. He further pointed out that if gold climbs by 20 per cent, silver could rally even more—potentially 30–35 per cent.

Silver rates today

Silver extended its massive rally and once again clocked a fresh all-time high. The white metal hit Rs 1,85,309 at 10:18 am IST, and is currently trading around Rs 1,83,856, up 0.92 per cent.

Compared to its previous close of Rs 1,82,187, silver has risen by Rs 1,669. International silver prices are also strong, trading around $58.77 with a 1.13 per cent rise. Silver has been making rapid new highs, and today it reached its all-time peak once again.

Is the rally in silver a "panic" rise? Expert explains

Suvankar Sen addressed concerns about whether the sharp surge in silver could be panic-driven. He noted that the gold–silver ratio has fallen sharply in the past 7–10 days, showing stronger momentum in silver.

He explained that globally, industrial demand for silver, platinum, and palladium is rising while mining supply is decreasing, which is pushing prices higher.

According to him, expectations of a dovish US Federal Reserve, with a new Fed Governor expected to begin slow, gradual rate cuts, is further boosting silver. He added that there is a 90 per cent probability of a Fed rate cut next week, and markets must be prepared.

He also mentioned that a recent SEBI technical outage contributed to the sudden spike in silver prices.

Jewellery demand in the wedding season

Sen said customers are currently demanding lightweight jewellery to stay within budget as gold prices rise. Many are exchanging old gold to make new purchases, but there is still a 10–12 per cent drop in overall volume.

Preferences differ across regions—18K jewellery is more popular in North India, while 22K remains preferred in South India, especially in heavier designs. In East India, buyers are opting for both 18K and 22K in equal measure.

Diamond jewellery demand is also rising, especially in 14K and 9K segments used for everyday wear. Jewellers are introducing curated wedding packages priced at Rs 20 lakh, Rs 30 lakh, and Rs 40 lakh, offering combinations of necklaces, bangles, mangalsutras, bracelets and chains.

Necklaces that were earlier bought at 50 grams are now preferred at 30 grams. Regionally, temple jewellery dominates in the South, antique and kundan styles in the North, and yellow-gold-heavy designs in the East. The focus is on pieces that look premium and heavy—100 to 200 grams in appearance—while keeping budgets under control.

Investment Views: Silver emerging as a stronger bet?

Commodity expert Biren Vakil (Paradym Commodity) in a conversation with Zee Business, advised investors to consider staggered buying as the market currently faces fear of missing out and supply shortages in China, London, and even in India.

A weaker rupee has also added to the price surge. He believes silver is increasingly turning into a better investment option than gold.

Bhavik Patel, Analyst at TradeBulls Securities said silver on MCX could move between Rs 1,80,000 and Rs 1,90,000, supported by expectations of aggressive Fed rate cuts. However, he also cautioned that an 800-point correction may be seen in tomorrow morning’s session.

Gold vs Silver: Which is better for investors?

Yellow metal remains a stable and secure investment, supported by inflation concerns and rupee depreciation. It is considered ideal for long-term wealth preservation.

White metal, on the other hand, offers higher returns and sharper movements. With strong industrial demand, silver is increasingly seen as a good choice for short-term or tactical allocation.