Gold Price Today Highlights: Yellow metal records best annual gain since 1979 — Will it continue to shine in 2026?

Gold and Silver surged over the past year on the back of a powerful mix of macro stress, structural demand, monetary policy changes, and overall unrest. Meanwhile, silver, along with safe haven buying was also supported by industrial demand and physical tightness. We continue to believe these factors along with change in BOJ’s policy, change in Fed governor and ripple effect of tariff’s could be possible themes impacting bullion in 2026. ETF inflows could remain influential, while speculative positioning and macro drivers such as currency dynamics, and global growth prospects will dictate shorter‑term trends.

We suggest reducing the mix on Gold & Silver to 5%, suggests Geojit. It added that Gold and silver emerged as the top-performing assets in CY25, driven by USD depreciation after tariff hikes and the Fed’s halt of quantitative tightening (QT).

According to Ventura, the runway is set for the Year 2026 to have an extended rally in Gold. The cocktail could be powered by the Central bank buying, stubborn inflation, widening US deficits and concerns around the US economy and tariffs. The expectations of 75 bps FED rate cuts could keep the gold bid going. Gold's bullish story is still unfolding and possibly far from over. As a hedge against inflation institutional investors could chip in, followed by the retail and speculators participation in the market volatility seeking safety. This could result in an expected price range of $4600 - $4800

The current gold price in Mumbai stands at ₹13,588 per gram for 24-karat gold (commonly known as 999 gold) and ₹12,455 per gram for 22-karat gold.

The import duty cuts on gold and silver from 15% to 6% should have catalysed consumption; however, the unchanged 3% GST continues to limit retail demand. Meanwhile, 50% US tariffs on jewellery exports create headwinds that lower import tariffs cannot fully offset. India’s copper demand is poised to accelerate as data centre capacity expands to 4–8 GW by 2030, said Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings.

The current gold price in Chennai stands at ₹13,691 per gram for 24-karat gold (commonly known as 999 gold) and ₹12,550 per gram for 22-karat gold.

The current gold price in Delhi stands at ₹13,603 per gram for 24-karat gold (commonly known as 999 gold) and ₹12,470 per gram for 22-karat gold.

We believe that we are in the middle of a grand monetary reset where gold is playing a crucial role. Gold is no longer only a hedge against inflation. It is an anchor asset in a monetary regime change. The trust in dollar was shaken after the US & EU confiscated Russian assets post its Ukraine invasion. Central banks across the world have reduced their US treasury holdings. Central banks’ gold holdings have exceeded their US Treasury holdings for the first time in 2025. Gold prices gained momentum as ETFs inflows also pushed the prices higher. Gold vaults are opening up across the world in China, Saudi Arabia, Hong Kong and Central Asia. Gold is increasingly being used as settlement asset outside the dollar system. We believe all of this is going to push the gold prices higher in 2026.

Gold and silver are set to sustain their rally into 2026, propelled by robust central bank purchases such as China's 400+ tonnes in 2025 and silver's deepening supply deficits amid surging EV and solar demand, alongside macroeconomic supports like Fed easing, though watch for volatility from potential real rate hikes or dollar strength.

After gold's stellar +65% advance to over ₹140,000 per 10g (peaking at $4,550 spot), targets point to $4,400–$5,000 ( ₹146,700– ₹155,000), with key supports at ₹120,900 and ₹106,000, and resistances at ₹146,700– ₹155,000. Silver, following its breach of $83 spot ( ₹254,000/kg) and +120% yearly surge, eyes cluster around $50--$70 per ounce and 230,000—180,000 with potential to outpace gold, backed by supports at ₹211,600– ₹180,000 and resistances at ₹260,000– ₹295,000.

For Thursday, 1 January, according to brokerage firm Motilal Oswal Financial Services, MCX gold has support at ₹1,34,900, followed by ₹1,34,300, while resistance is at ₹1,36,100 and ₹1,36,600.

MCX silver has support at ₹2,35,000 and ₹2,33,100, while resistance is at ₹2,38,500 and ₹2,41,500, Motilal Oswal said.

Sugandha Sachdeva, Founder of SS WealthStreet, expects gold to find strong near-term support around ₹1.29 lakh per 10 grams, with major medium-term support placed near ₹1.21 lakh per 10 grams.

Looking ahead into 2026, gold prices are seen heading towards the ₹1.85 lakh– ₹2 lakh per 10 grams zone, supported by a confluence of powerful macro tailwinds, said Sachdeva.

MCX gold rates slipped in the morning trade on Thursday, 1 January, on profit booking amid a rise in the US dollar. However, increased expectations of further rate cuts by the US Fed this year limited the losses for the yellow metal. MCX gold February futures were 0.13% down at ₹1,35,267 per 10 grams around 10 am. MCX silver March contracts were 0.06% up at ₹2,35,842 per kg at that time.

Gold enters 2026 against a backdrop of continuing geo political uncertainty, sticky inflation in US, rate cut cycle and weak dollar echoing the dynamics of 2025. While recent price movements have elevated the risk, several macroeconomic and geopolitical factors continue to point towards a supportive environment for gold rather than headwinds. Central bank buying, uncertainty over trade disputes, and unresolved geopolitical tensions are expected to reinforce gold’s role as a safe-haven asset and support gold prices. Investment demand, which was a key driver of gains in 2025, retains significant potential. Even in a bearish scenario, investors are likely to maintain exposure to gold as a hedge against unpredictable global dynamics and elevated equity valuations, said Mirae Asset MF

Gold prices are expected to consolidate in the range of $4320 (~ ₹134,000) and $4420 (~ ₹137,000) after this sharp rally and sell off this week, predicts Renisha Chainani, Head - Research at Augmont.

According to the CBDT Instruction No. 1916, dated 11th May 1994, "In the case of a person not assessed to wealth tax, gold jewellery and ornaments to the extent of 500 gm per married lady, 250 gm per unmarried lady, and 100 gm per male member of the family need not be seized."

It was also clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under section 132, where the same have been duly declared in the wealth tax returns filed by the taxpayer or where such ornaments are within the prescribed limits of 100 gm, 250 gm or 500 gm as stated in the said instruction.

Samir Arora's in a post on the social media platform X that stated that gold has beaten Indian equities and even the broader market over the long run, citing currency depreciation and questioning whether gold SIPs now make more sense. The post highlighted that the Nifty 50 in US dollar terms rose from about 1,000 in 1994 to 10,500, implying a CAGR of 7.8%, while gold prices surged from $345 to $4,550 over the same period, delivering a higher CAGR of 8.6%.

On January 1, 2026 (New Year's Day), US gold futures markets will be closed for regular trading hours, while spot gold trading will be very light as most global markets are shut. Some commodity exchanges, like the MCX in India, will have partial operations in the morning.

Gold and silver prices traded lower during the final session of 2025, yet both precious metals are on track for their biggest annual surge in over four decades.

Gold February futures slipped ₹1,825 per 10 grams to the day’s low of ₹1,34,841, though the month-to-date return still stood at 7%. Earlier this week, gold prices also crossed ₹1.4 lakh per 10 grams to reach a new peak of ₹1,40,465 on MCX.

Gold’s performance in 2025 reflects a structural shift in how investors and central banks are positioning portfolios. The rally is not driven by short-term speculation but by sustained investment flows into ETFs, alongside continued central bank buying as part of long-term reserve diversification. Elevated geopolitical risks, stretched equity valuations, rising sovereign debt and currency volatility have reinforced gold’s role as a strategic hedge rather than a tactical trade.

Even as inflation moderates, real yields are expected to remain constrained, which is historically supportive for gold. While some consolidation is natural after a sharp run-up, the medium-term outlook remains positive, with gold continuing to play a critical stabilising role in diversified portfolios heading into 2026, said Inderbir Singh Jolly, CEO, PL Wealth.

Gold prices have surged roughly 80% this year — its steepest annual rise since 1979 — fueled by US interest rate cuts, expectations of further monetary easing, geopolitical tensions, heavy central bank purchases, and robust ETF inflows. Prices eased from recent peaks as traders booked profits following a margin hike on precious metal futures by the CME.

Looking ahead to 2026, the key question is whether central banks’ sustained gold purchases can uphold valuations if a technical reset emerges. Nevertheless, the underlying drivers — inflation, currency weakness, and geopolitical uncertainty—remain strong enough to overcome any correction, keeping gold prices anchored in the USD 4,500–5,000 range, said Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings.