Gold and silver prices began the 2026 season on a soft note, as both precious metals are trading with modest gains after posting their biggest annual jump in over four decades in 2025. Volumes in both metals were also thin on 1 January, as most international markets remained closed for New Year's Day.
The February gold contract on MCX rebounded marginally by ₹443 per 10 grams to reach the day's high of ₹1,35,890. While March silver contracts showed early momentum, it soon diminished as the day progressed.
Silver prices jumped ₹3,210 per kilo to reach the day's high of ₹2,38,911. However, as of 7:30 PM, they are trading with a minor gain of ₹172 at ₹2,35,873.
Gold, silver supported by supply constraints, industrial demand
Ponmudi R, CEO of Enrich Money, said that precious metals are entering 2026 on a steady to mildly softer note, with gold and silver consolidating near recent closing levels following the sharp year-end corrective phase.
According to Ponmudi, this pause comes after the extraordinary rally witnessed throughout 2025. But the broader long-term bullish structure remains intact, supported by persistent supply constraints, particularly in silver, robust industrial demand from solar, EV, and AI-linked sectors, continued central-bank accumulation of gold, and expectations of further global rate cuts.
"A decisive move above ₹1,35,700 in gold could open the path toward ₹1,36,000– ₹1,36,500, while immediate support is placed at ₹1,34,500, followed by a stronger base near ₹1,33,500. The broader bias continues to favour buying on declines," Ponmudi said.
On silver, he added that the metal remains well-supported by both safe-haven demand and accelerating industrial usage.
"Immediate support is seen in the ₹2,33,000– ₹2,30,000 zone, while upside potential remains open toward ₹237,000 - ₹238,000 in the near term as global participation normalises," he notes.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
